Here's How to Budget for International Travel
Setting a travel budget is one of the steps towards making your international trip a comfortable experience. It does not matter if you are a first-timer or a frequent traveler; estimating your vacation costs not only saves you from being cash-strapped but also helps you curtail unwanted expenditure on your journey abroad.
Besides accommodation costs and airfares, the cost of international travel insurance must also be included in your travel budget. Availing an insurance policy for your international trip is the best way to protect yourself from all the medical and non-medical expenses that can arise due to unexpected events.
Imagine being short of money in the middle of your vacation and all the hassles you might have to face in getting foreign currency. Clearly, you would like to avoid such situations.
Therefore, by preparing a travel budget after considering the major and miscellaneous expenses, you can be at ease about spending and enjoying your vacation better.
Continue reading as we share with you some useful tips to plan your international travel budget.
Think About your Destination
Undoubtedly, the destination is the biggest factor that decides how much money you would require for your overseas journey. If you are visiting countries in Asia, there are plenty of affordable places like Thailand, Vietnam, Singapore, and Malaysia, to name a few. Nevertheless, if you prefer indulging in luxury, you can still make it an expensive tour by opting for high-end resorts to stay. So, be clear about what you seek from your vacation and set a budget that suits your needs.
However, if you are planning to visit Europe, it is likely to be expensive. The cost of your international travel insurance premium will also be higher, in addition to the foreign currency exchange rates.
Also, do remember to check the visa requirement for the country you are traveling to and the fees for the visa application.
Pick Affordable Airfares
Airfares form a significant portion of your trip budget. You can choose the cheapest flight tickets. Sometimes, airfares are cheaper on weekdays as compared to those on weekends. Make the best use of reward points on credit cards.
Also, booking return flights will be affordable than opting for a separate one-way ticket. Similarly, getting round-the-world (RTW) flight tickets are relatively affordable and convenient if you are traveling across continents.
These are some of the ways by which you could minimize your expenses on airfares. Always keep airfares in mind when planning your travel budget.
Consider Getting Travel Insurance
Travel insurance plans are growing in importance among overseas travelers. There many options available ranging from a single-trip plan to a multi-trip plan and from travel plans for individual travelers like a student or a senior citizen to group travel insurance plans. Identify your requirements and buy the plan that is most suitable for you.
Opt for online travel insurance as you will save your time and efforts. Insurance for your overseas trip will take care of any unforeseen expenditures due to any medical or non-medical emergency.
For instance, if you suddenly fall ill and are hospitalized, you would not want to experience the pain of arranging finances to pay hospital bills. Your insurance policy will do that for you. Similarly, in an event when your flight is delayed or you lose your luggage or any of your belongings, you will be compensated under your insurance policy. Your travel insurance cost will be lesser compared to the unexpected expenses that you might incur without insurance.
Calculate Other Major Expenses
Accommodation, food, and local transportation are important factors to consider when planning a travel budget. Carry out research for the cheapest hotels or rented apartments before embarking on your journey. Evaluate your overall per day costs for room fares, meals, and local transport.
Opting for a tour package is a good idea as it will cover accommodation and transportation expenses along with airfares. This way you will have better control over the expenses and prevent them from exceeding your budget range.
Estimate your expenses with a travel insurance cost calculator and buy the best among the various travel insurance policies offered by Religare Health Insurance.