After over a year of travel restrictions due to the pandemic, people around the world are getting ready to explore once again. If you’re one of the millions of Americans planning a trip this summer or beyond, it’s time to start working on your travel budget. To help you make solid financial choices and have the trip of a lifetime, DHPL Travels offers a simple-to-use travel budget calculator.
How to Make the Most of the DHPL Travels Budget Calculator
Our travel budget calculator is user-friendly and designed to enhance your next adventure. Here’s how to use it:
- Choose Your Trip Type: Select between flying, driving, taking a cruise, or any other mode of transportation.
- Enter Your Total Trip Allowance: Input the amount you plan to spend on your entire trip.
- Estimate Your Travel Expenses:
- Number of Travelers: Specify how many people will be joining you.
- Travel Tickets Cost: Enter the total price of airline tickets, gas, or cruise tickets.
- Baggage Fees: Include any anticipated fees for baggage.
- Calculate Your Lodging Costs:
- Number of Nights: Indicate how many nights you plan to stay at your destination.
- Cost per Room: Enter the estimated cost per room, considering variations in rates during your stay.
- Consider Your Food and Drink Expenses:
- Number of Travelers: Specify the number of people in your group.
- Meals per Day: Input the number of meals you plan to have each day during your vacation.
- Duration of Vacation: Enter the number of days you will be away.
- Account for Medical Expenses:
- Number of Travelers: Specify how many people will be traveling.
- COVID-19 Testing Costs: Some destinations require negative test results before entry.
- Anticipated Doctor Fees: Include any fees associated with COVID-19 testing.
Planning Your Travel Budget: Key Steps to Consider
Creating a travel budget requires a bit of upfront planning, but it’s essential for ensuring that you enjoy your vacation to the fullest. Here are the key steps to consider as you start planning:
1. Determine Your Vacation Budget
Before calculating your total travel costs, it’s crucial to determine how much you can realistically spend on your vacation. If you need help figuring this out, consider using DHPL Travels’ 50/30/20 budget calculator. This approach recommends allocating:
- 50% of your after-tax income to necessities like housing and utility bills.
- 30% of your after-tax income to wants, such as vacations.
- 20% of your after-tax income to savings, like retirement funds or paying off debt.
Once you determine the 30% allocated for your vacation, you can proceed to plan accordingly.
2. Estimate Your Travel Costs
Once you have a total budget in mind, list all the significant expenses you anticipate during your trip, such as accommodations, food, and activities. Collect estimates from various sources, either through Google searches or dedicated travel search engines like Expedia or Travelocity.
Gather ballpark estimates for accommodations (hotels, Airbnbs, hostels, etc.), transportation (flights, car rentals, or public transportation), and activities (guided tours, museums, etc.). Use the information to get a rough idea of your total trip costs by entering them into DHPL Travels’ free travel budget calculator.
3. Enter Your Estimates into the DHPL Travels Budget Calculator
Take the estimates you gathered and input them into the travel budget calculator. Follow the step-by-step instructions provided above to guide you through the process.
4. Compare and Adjust Your Budget
After using the DHPL Travels budget calculator, compare the estimated costs with your vacation budget. If your expenses exceed your intended budget, consider making adjustments. This might involve finding lower airfare by changing your travel dates, opting for budget-friendly accommodations, or choosing less expensive activities during your trip. You can even allocate more money to your vacation by minimizing local spending on “fun” expenses like movie tickets or dinners out. Boosting your savings quickly could also be an option by taking on a side gig.
Once you finalize your vacation budget, transfer the money to a separate savings account. This will help you track your spending and stay within your budget constraints.
Traveling on a Budget: Frequently Asked Questions
How Did COVID-19 Impact Travel in 2020?
In 2020, as the world grappled with the COVID-19 pandemic, travel spending took a significant hit. The total travel spending for the year amounted to just $679 billion, reflecting a 42% decline (almost $500 billion) compared to the previous year.
International travel was particularly affected, with many countries closing their borders to foreign visitors to contain the spread of the virus. International travel spending dropped by 76%. However, as countries start reopening and domestic travel becomes more accessible, numerous Americans are venturing out once again.
How Much Should I Budget for a Vacation?
The amount you should budget for a vacation can vary depending on factors like your destination, the number of travelers, accommodation preferences, and planned activities. To help you figure this out, utilize DHPL Travels’ budget calculator, which takes these considerations into account.
What’s the Average Cost of Travel in 2021?
According to the U.S. Bureau of Labor Statistics’ Consumer Expenditure Survey, a typical four-day vacation within the United States costs approximately $581 for a U.S. citizen – equivalent to around $144 per day. However, the cost may vary considerably depending on your specific vacation plans.
How Can I Stay Within Budget While Traveling?
To make it easier to stick to your travel budget, follow these tips:
- Break down your total budget into daily spending allowances.
- Use a budget app to track your expenses.
- Opt for local establishments instead of pricey chains.
- Explore multiple options before spending money. For example, choose the more affordable guided tour option to save money – it all adds up!
With the DHPL Travels budget calculator, you can plan your dream vacation without worrying about the financial aspects. Take advantage of our free calculator, and make the most of your upcoming adventure. Happy travels!
(Note: The image is for illustrative purposes only and does not necessarily represent the actual DHPL Travels logo.)