Having a travel budget helps you understand how much money you need to save for an upcoming trip. Then, you can calculate how much you need to save each month or paycheck to reach your travel goals. You can also create a general travel budget from which you can pull funds as needed for family trips.
In this episode, we’ll discuss the difference between general and trip-specific budgets, the benefits of having a travel budget, and how to build each type of budget.
You’ll learn the following:
Why having a travel budget is important
How to set up a general travel budget
How to create a travel budget for your next trip
Learn the steps to create a travel budget
1. Choose a destination
2. Research trip costs
3. Set your budget
4. Determine your time frame
5. Set a monthly savings goal
Must-listen moments
[00:04:04] Why we keep our travel budget in a sinking fund
[00:06:01] How to fund your travel budget
[00:16:26] Tips for creating a travel budget that works
Resources to check out
How Sinking Funds Can Help You Reach Your Savings Goals
Why You Need A High-Yield Savings Account
Best Budgeting Apps For Families In 2023
Our Favorite Rewards Credit Cards
Get Our Free Travel Budget Planner
Connect on Social Media
Facebook: FMAdventure
Twitter: @TheFMadventure
Instagram: @familymoneyadventure
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Kevin Payne is the budgeting and family travel enthusiast behind FamilyMoneyAdventure.com. He’s also the host of the Family Money Adventure Show podcast, where he helps families learn to manage their money better so they can afford to do the things they love.
Kevin is a freelance writer specializing in personal finance and travel. He is a regular contributor to USA Today, Forbes Advisor, Bankrate, Fox Business, Credible, and CreditCards.com.
