How Much Should You Spend on Travel?
The amount that a person spends on travel varies depending on several factors. For instance, the destination that you to travel to will influence the amount that you spend on travel. Similarly, your accommodation choice, food and drinks that you enjoy as well as the transportation means will influence the amount.
Average Cost of a Family Trip
On average, a trip should not exceed 1% of the total annual budget of a household. However, this varies depending on households. Some people do not spend a night away from home with their families. Others have made going on family vacation a priority when it comes to budgeting. As such, it all depends on the household and what it considers a priority. But, when a family goes on vacation, factors like transportation cost, lodging costs, entertainment and food costs influence the amount spent on travel.
Average Cost of Individual Vacation
The cost of traveling alone can vary significantly because an individual can be more versatile. Essentially, solo travels provide the benefits of making decisions without consulting anyone. For instance, you can decide to eat at a high-end or ordinary restaurant when you travel alone. Instead of renting a car, you can opt to use public transport when you travel alone while this can be tricky when traveling with kids. Thus, it’s hard to determine the percentage of money that an individual can spend on solo travels.
It’s important to note that transportation is just a portion of the total amount that you should spend on travel. Lodgings, entertainment, foods, drinks, and entrance fees charged for attractions can increase the cost of travel higher. Therefore, take time to conduct an extensive research and budget accordingly. Proper preparation and budgeting will enable you to avoid frustration that can arise if you run out of money away from home.