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Creating A Travel Budget

Traveling is seen as a luxury that can be afforded only by some and necessitates saving over several months in order to get the holiday that you want. This does not have to be the case. With a bit of careful thought and a lot of planning, it really is possible to travel on a budget.

Of course, traveling on a budget means different things to different people. Some would consider a budget holiday to involve backpacking and camping. This type of holiday can be done on a budget relatively easily; the real skill arises when you are trying to get a ‘luxury’ holiday for a budget price.

The Travel Industry Association of America estimated that the average family spends over $2,200 a year on an extended vacation. This is an enormous amount. If you save just 10% of that amount, think how it will add up over the years.

Interestingly, paying more does not necessarily guarantee you a better holiday. Whenever you are on vacation, you will probably be surrounded by other families, some of which have paid more than you for the vacation and others which have paid significantly less.

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Even creating a travel budget can be overwhelming. I’m starting with this simple spreadsheet which may be helpful to you.  Different parts of the world cost different amounts of money. One day in Europe may cost you the same amount as one week in India.

The amount of money you have can be a major factor in the amount of time you can spend on the road. However, money can also equate to comfort. Spending more will usually get you better hotels and food. You’ll need to think about your priorities and compare your willingness to “rough it” with your desire to travel for a longer period of time.