Budget

Before leaving for your meaningful travel experience, our number one advice is to create a budget. A budget is great tool to make sure you aren’t spending all your funds so you still have money at  the end of your trip. When creating a budget, be sure to plan for these seven common things everyone forgets when budgeting. 

1. Gifts

Whether you are buying souvenirs for yourself or for someone else, gifts are a very common thing to forget to budget for. When you are abroad, you will probably buy a souvenir here or there to remember your experience. So don’t forget to set aside some money to buy keepsakes for yourself and others! Another item that you may consider a gift is a postcard. However, even though postcards are an overall cheaper souvenirs, don’t forget to account for the price of international stamps.

2. Taxis
Taxi

Transportation is a large expense when going abroad. From taking the bus to subway tickets, these expenses can add up. While you may be able to estimate how much bus or subway tickets will be in a certain city, taxi rides are a little harder to estimate. Walking is always a great substitute for taxis, especially in European cities. Don’t forget to set aside some money for taxi rides that may help you get around the cities you will be visiting, especially if you’re alone and need to get back at night!

3. Emergencies

A very important thing to budget for is emergencies. Whether you lose your passport and need to replace it or injure yourself, you will want money set aside for when it happens. While you can’t predict if you will need the money or not, it’s better to be safe than sorry.

4. Card Fees

While traveling internationally, your bank may charge you card fees every time you swipe it. Make sure you check if your bank charges card fees because this may affect your budget and make you spend a large part of it. There are cards that don’t charge you international fees, so be sure to check those out! Keep in mind that your bank may charge you every time you take money out of an ATM – sometimes it’s better to get a lot of cash up front and keep it somewhere safe rather than make several stops for small amounts of cash.

5. Forgotten Items

Packing for your trip abroad can be hard, especially if you plan to travel for months at a time! Even if you are like me and packed and repacked your bags about seven  times, you may still end up forgetting something you need when you are abroad. For example, a phone charger, toothbrush, or warm scarf. So  you may want to set aside a part of your budget for items you forgot to pack.

6. Bag Fees

Airlines have started charging customers for their bags if  you are taking more than one bag or your bag is overweight. While traveling you may run into this problem. Some airlines don’t charge bag fees at all, others let you take on a free carry-on, and others have different checked baggage prices based on size. Make sure you investigate  with the different airlines you are flying to see if they charge you for your bags and to budget for these hidden fees.

7. Medicine

Medicine is one thing I forgot to budget for when I was abroad. While abroad you may end up getting sick, and you will have to purchase medicine. Medicine is a tricky expense because you might not get sick, however it is an expensive thing not to budget for. My advice is better be safe than sorry, budget that you will get sick at least one time and needing to buy some form of medicine.

 

So when creating your budget for your time abroad, don’t forget about these seven expenses that may sneak up on you. In some cases it is better to over budget then under budget especially if money is tight. However, while abroad don’t forget to stick to your budget! Happy Travels!

About the Author:

MeganBMegan is a senior at Colorado State studying Marketing and Media Studies. Megan recently got back from studying abroad in Torino, Italy where she had the chance to travel to 10 countries and 28 cities. Megan loves a good book and gelato that is bigger than her head; however, her favorite thing is traveling and she can’t wait to see where her next adventure will take here. Megan is currently a FundMyTravel Marketing Coordinator with GoAbroad.com.