<Guides
  • >
  • Travel Money>
  • Guides>
  • How much money do you need to go travelling?

How much money do you need to go travelling?

Martin Lane Photo

Written by Martin Lane, Managing Editor

21 January 2019

Wherever you plan to go in the world you will need to work out how much money to take on your travels. Here is what to consider before your trip.

girl in city holding red umbrella

What to budget for

There are several costs you need to budget for before you travel, they include:

Accommodation

This can vary hugely depending on where you stay and the type of accommodation you choose.

While hostels and campsites can be an affordable solution, if you would prefer a little more privacy or creature comforts you will need to budget accordingly.

Food and drink

If you will need to buy food while you are away, do not forget to budget for at least 3 meals a day and consider if you will cook for yourself or eat out.

Transport

Getting around on a day to day basis will eat away at your travel money unless you plan for it in advance.

Check out the public transport facilities at each of your locations, as well as taxi and private transport rates, to get an idea of how much money you will need to set aside.

Activities and entertainment

Research each of your destinations, list any must-do activities at each and set a daily budget for entertainment.

Paying for activities and entertainment while you are travelling can provide you with some fantastic experiences and memories so make sure you budget carefully so you don't miss out.

Save an extra 10%

When you work out how much you need, add an extra 10% to your budget because there are always unplanned expenses that arise.

This will not only give you a little breathing space while you are away but can also be used as an emergency fund.

You could also save a lot of money by reviewing the way you spend overseas, this guide shows you how choosing the right account can help cut your costs abroad.

Work abroad for extra cash

If you are away for a long period, a part-time job could help support you financially while abroad and still give your enough time to explore and enjoy the places you want to visit.

Although the jobs will in most cases be low-paid and menial they could make a big difference to your spending power during your stay.

The Alliance Abroad Group website can help you look for work and internships overseas and put you in touch with exchange companies.

The BUNAC Working Adventures Worldwide website can give you information on working exchange packages, summer jobs and volunteering schemes around the world.

Are there any extra costs?

Not usually, but some countries charge an entry (or visa) fee before they let you in the country. Fees change on a regular basis but can easily be as much as £100 or more.

To qualify for some visas you will need to prove you have a set amount of money in your bank account.

Find out more about visas on the Visa HQ website

Spending abroad can be costly, so make sure you compare the market for the best exchange rates available on your travel money before jetting off.

Compare travel money

You may also like

  • What is the best way to spend abroad
  • Travel Money: dealing with leftover currency
  • Travel money: How to get the best deal
  • Travel Money: The Basics
  • How to avoid Europes biggest travel rip offs