HOW TO BUDGET FOR A TRIP AS A COUPLE

One of my most common asked questions is, "How do I afford all of the trips I go on?". I answer with a simple response which is a budget. Whether I am traveling alone, with friends or a significant other, budgeting for any type of trip is critical. From figuring out the type of trip, whose paying for what can help reduce the stress and make sure everyone is on the same page.

Here are my quick tips to budget for a trip when traveling as a couple

WHAT TO BUDGET FOR A TRIP

The easiest way to create a budget for a trip is breaking down each of your travel styles and figuring out where you want your dollar to go. My biggest tip is to create a rating system for the main components of any trip — food and drink, accommodation, tours/experiences, etc. You will then rate each of these items from 1-3 with 1 being the most important. If each person does this from the start, it can create a way for you and your partner to communicate how you want to divivde your budget.

SAVING FOR THE TRIP AS A COUPLE AHEAD OF TIME

After deciding what kind of trip you and your partner want, it is time to start budgeting for the trip based off where your priorities lie. Creating a budget for the trip in advance will help you figure out what to save for each month. You will be figuring out a game plan to know exactly where you would like your dollars to go to get things paid for ahead of time. I like to use an excel sheet to break down everything but there are tons of apps that you can use as well when budgeting for a trip.

WHO COVERS WHAT

Even if both people saved independently and are planning on paying their own with their own respective account, it may be better to split expenses at time. When traveling, I typically cover everything on my travel credit card then have my friends, significant other pay me back. This allows me to earn more points while saving money doing it. However, if you are trying to keep things even, make a plan ahead of time.

CUTTING EXPENSES BEFORE A TRIP

Once you have your budget created it is a good idea to decide what extra expenses you have each month and if anything can be removed from the list. Here are my top tips on cutting down unnecessary expenses:

• Determine any monthly subscriptions you currently have and if you can opt out for a few months or reduce the amount you have.

• Eat at home and meal prep as much as possible. I know it can be hard with a busy lifestyle but it can make the world of difference.

• How often are you going to Starbucks? Going out on the weekends with friends? Consider the frequencies of these purchases. They add up.

• Sales and discounts does not mean that it is a need to purchase. I can't even count how many companies I have unsubscribed to just to avoid temptation.

CUTTING EXPENSES DURING A TRIP

There are also numerous ways you can cut back on expenses during your trip. Here are some of my top tips:

• Take advantage of free things to do - beaches, yoga, festivals etc.

• Look for budget activities within the location that offer city passes for a discount on popular attractions. Some will even provide transportation and a meal for the day.

• Focus on the experience rather than souvenirs for memories

• Take public transportation (trains, metros, buses, scooters) over rideshare or rentals

• If you work within a specific field, ask if places offer discounts (military, healthcare, teachers, etc. )

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