One of the most important thing you will need to do when planning a trip is budgeting for your trip. When budgeting, I tend to put more back for the trip then I will need. I always end up bringing money back from my trips no matter where I travel. And that is not to say, I don’t go out and do what I want to do. If you put more money back then you will need then you won’t end up running short on your trip. Plus, you never know when an emergency will arise and you will need some of the money you brought with you while travelling.
You will want to pay for as much of your trip as you can before you leave home. Saves on having to worry about added expenses while on the road.
Expenses you can pay before leaving home:
Plane ticket – $1,000 – $1,500 (depending on what season you are travelling. Remember travelling during the high season will cost you more in airfare)
Transportation – $1,500 – $2,000; Rail or Bus (again depends on where you are travelling and for how long). I didn’t use the train as much as I did the bus. I ended up using Busabout which was perfect since I wanted to be as flexible as I could be when I backpacked through Europe. It is better to budget more for transportation then not to budget enough for it.
These are estimates of how much money you can put back for daily expenses.
Food – $50 (This would include drinks if you go out to a pub and snacks from street vendors). Many hostels include breakfast in the price of the bed so you would only need money for lunch and dinner. Unless you decide you want to spend some of the money put back for food and not eat breakfast at the hostel everyday.
Hostels – $25 – $30 (You should be able to find a bed for this price range or less. But staying in some cities could cost you a bit more depending on the location and the popularity of the hostel). Stay in a room with more beds because the price of the bed will be less then if you stay in a room with less beds.
Local transportation – $10 or less a day. Taking the metro in each city you visit would be the way to go. Taxis cost too much unless you plan on sharing the ride with a couple of people. You can also get the train or bus from many airports into the city center.
Entrance Fees – $20 – $40. Depends on what you want to see each day you are out
Spending Money – $25 – $50. I know this is alot in terms of spending money and I know I wouldn’t spend this much per day. Again it is always better to put back so much money for those souvenirs you just have to have. Or if you are thinking in the long term then I would suggest at least $500 for your entire trip. Or to cut down on costs, you can do what another site I found suggested doing for souvenirs. Well for yourself that is. Take photos of all the places you visit because photos are memories that will last a lifetime while some souvenirs can become faded with time and don’t hold the memories as well.
I estimated on the local transportation, entrance fees and spending money because it depends on where you are going, how long you will be gone and what you want to see. All of this ties into how much you may need to put back for your trip.