I'm a miser and I have attempted to travel to Paris in the past, but I have often avoided it due to the costs and unexpected costs. I had a whole savings just for a trip to Paris in 2008, but I talked myself out of it in the end because it was nice to see that chunk of change in my bank account. Anyway, my question is: how do you financially prepare for a trip to Europe, for example? Do you have a set amount and then add $500 to it as a just in case measure? All responses welcome!
For my first trip to Cape Town in 2007, I planned it way ahead of time, but my savings were never enough because I would end up spending some money on clothes Since I really wanted to go there, I applied for a credit card, which was approved on time. I bought my return ticket and booked a guest house to stay in. When I arrived home from my trip, I paid off my credit card and then, I cancelled it. The second time around, I was more prepared because I knew what to expect. So, I saved about MYR500 (+/- USD160) a month and 10 months later, I was on my way for my second trip. In addition, any month that I could spare extra hundred or two, I put it in the account, so I had a lot to spend when I went there the second time. I think it was easier in my case, because South Africa's rand is weaker than Malaysia ringgit, so I didn't feel like I had to budget.
I try to set a budget for each aspect of the trip. For instance, now, I would unfortunately probably have to budget 1000 for airfare if I wanted to fly to Paris. I'd set a hotel budget, a food budget, and a transportation while there budget too. Then I'd get to saving if I couldn't already afford it. My goal when I am ready to start booking the trip is to always try to spend a little less on each thing than I've budgeted. That way, you find you have some leftover cash at the end and that can go toward next month's rent or something else useful (or just a really pretty souvenir) and I always feel like I've accomplished something. Having some slack built in is also a good way to make sure you can afford any emergencies that may crop up when you're there. My advice if you want to go away and don't have a lot of money is always just to save, save, save. I put 10% of my paycheck each month into a travel account since travel is very important to me, and then when I am ready to use it I just go for it.
I find the easiest way to do it is to set up a price per day. Research what you'll have to pay for accommodation - in Paris, that'll be one of the biggest expenses. So let's say you budget 100 Euros per night for accommodation, 50 Euros per day for food (might not be enough), 30 Euros a day for entertainment, and 20 Euros a day for transportation - that means you'll need a budget of 200 Euros a day, or 1400 Euros a week. Et voila! Your budget! One tip would definitely be to tack on at least 2 extra days' budget, just because unexpected travel expenses often arise - ie. airport departure fees, travel insurance, etc.
Whenever I travel overseas, I always set a budget and increase it by 10-30% after I research where I am travelling too. Researching your destination is a great way to learn approximately how much your trip is going to cost. I tend to visit most travel sites and look at various hotel prices and flights. Since you are attempting to go to Paris, I would suggest researching the cost of food as well as transportation cost along with everything else I have mentioned above.
Thanks for all of the good tips. I also would like to visit Paris and need to set a budget and start saving. I have some research to do so that I can get started.
