How to Create a Travel Budget

family travel budget
family travel budget

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

Tripit App

Our Favorite Rewards Credit Cards

 

Connect on Social Media

Instagram: @familymoneyadventure

Facebook: FMAdventure

Twitter: @TheFMadventure

 

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How To Create A Travel Budget

How to Create a Travel Budget

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