Wednesday, April 25, 2012
Guest Post: I sat down today to try to sketch out a budget for the trip I am planning for this summer. I find it is helpful to give myself some realistic parameters to work within so that I am not unprepared for the amount of money I might need to be spending, but also so that once I am there I do not go crazy and spend an unnecessary amount of money. Of course it is impossible to account for every expense, as many unforeseen costs can arise once you are actually abroad, but it certainly helpful to give yourself a ballpark estimate. I figured out the costs for the two biggest expenses--the flights and hotels. Then I decided on approximately how much I expect to spend on food and drinks. I alloted a small amount of funds for souvenirs and shopping. I have an activity expenses category for things like water sports, museums, and shows. The last expense that I decided should be included in the budget was actually a precautionary expense to make sure I don't end up losing out on all the of the money I will be investing into this vacation. I needed to spend sometime looking into travel insurance prices, because I have learned from experience how much this small expense can make a difference. I decided to compare travel insurance from Moneysupermarket to get a good estimate of how much money I should include in my budget for the travel insurance. It was really easy to compare a number of rates using the site, and to make sure that the policies I was looking into were right for my trip. Now that I have my budget etched out I can start to put away a little bit of money to make sure I have a cushion and then just relax and get excited for my trip!