How to Budget for Traveling in Your Twenties

You know the classic saying, “your money will return but your time won’t”. Your early twenties are a time of boundless energy, wide-eyed wonder for what the world has to offer, and a constant thirst for exploration.

Your twenties are the perfect age to travel while you’re young. Traveling in your twenties across the globe will lead to memories that will not only fill your camera roll but also your heart with memories that last a lifetime.

But how do you go about saving for that epic adventure while still managing your everyday expenses? There are plenty of ways to travel on a budget, but for now, I’m here to guide you through how to budget travel expenses and travel planning, tailored specifically for those in their twenties or the beginning stages financial literacy.

Setting Clear Goals for Traveling in Your Twenties

Every grand adventure begins with a clear destination in mind. Ask yourself: where do you want to go, what experiences do you want to have, and how much will it cost?

Start by creating a “travel bucket list”. Get on Pinterest and plan out different places you’d like to see and what makes you excited to hop on a plane. If you’re wondering where you should travel in the fall months, read this blog post! Once you have a few destinations planned out, do some research on how much it would cost for the absolute basics: plane ticket, housing, and food.

Group Travel

If you’re planning to travel solo or are new to planning trips, try using a travel group site either to plan your trip or to get an idea of what the cost may be. Some great sites that I’ve heard great things about from family and friends are EFUltimate Break and Contiki.

These groups are often filled with like-minded twenty year olds who value travel and exploring the world. You may even make some new friends to go on another adventure with later down the line.

Duration

You’ll also want to consider if you’re traveling for a week or a longer time frame like a month or two. Will you have one destination or multiple? These answers may all factor into how much money you’ll need to save as well as requesting vacation days from work.

Travel can be exhausting, especially if you don’t plan the right amount of time. If you don’t have enough time, you may struggle to fit all the sightseeing in and burn out. If you stay too long, you may begin to feel stir crazy and get travel fatigue from living out of a suitcase for a prolonged period.

Think about your personal travel style and the amount of time you’d need to feel comfortable throughout your trip.

Budgeting Basics

Regardless of your age, budgeting is the cornerstone of any successful travel plan. In your twenties, you’ve likely just began working and are starting to build financial literary through experience. Budgeting for your travel will save you from the stress of buying first and worrying second.

Start by tracking your income and expenses, distinguishing between essential (rent, groceries, utilities) and non-essential (dining out, entertainment) costs. Identify your priorities and decide on areas where you can cut back and allocate those savings towards your travel fund. If getting takeout twice a week brings more value to you than the week-long trip to Bali, then you’ll have to make up the funds somewhere else in your spending.

With some ballpark numbers in mind for your trip, break down your savings goals into manageable steps, such as saving a specific amount each month, and creating a timeline for when you want to take your dream trip.

Use Apps to Monitor Your Finances

Budgeting can be seen as a burden especially if you don’t already do it in your weekly or monthly routine. Use budgeting apps like Rocket Money to monitor your finances. You’ll see the things you often spend a lot on and figure out ways you could potentially cut down on expenses.

YOUR MONEY WILL RETURN, YOUR TIME WON’T

Automate Your Travel Savings

Once you’ve established a budget, make saving a seamless part of your routine. Set up an automatic transfer from your checking account to a separate savings account dedicated solely to your travel fund. You’ll be inspired as you watch the sum grow over the months and you won’t feel inclined to spend that money because it’s already separated from your living expenses.

Embrace the Art of Frugality

Being Frugal on Vacation

Budget travel doesn’t mean compromising on quality; it’s about making savvy choices. You can still travel to the most sought after locations and stay in nice places, but you’ll have to be smart about your choices. It’s all about prioritizing your must haves and being extremely frugal when it comes to aspects of your trip that you’re less concerned about.

If you’re a big foodie, you may want to eat at a Michelin star restaurant on your vacation which may mean staying in a hostel. If you really prioritize experiences and sightseeing, you may opt for bus travel to and from nearby countries versus taking a plane.

Everyone has different ideas of the perfect vacation. Once you define that for yourself, you can make plans for how you’ll spend money at your destination. Save on things you don’t care for and spend on things that will make your experience incredible.

Being Frugal While Saving For Vacation

Consider cooking at home, exploring free activities, and taking advantage of student or youth discounts. You’ll be amazed at how these small changes can add up over time. This is not your typical, “you’ll be rich if you stop buying coffee”. This is simply taking a step back and figuring out what in your daily spending can you reduce so that you can take the trip you’ve always wanted.

It’s all about priorities.

In your early twenties, it’s easy to get caught up in the consumerist culture. Instead of splurging on material possessions, redirect your funds towards a trip that has the opportunity to enrich your life. Remember, it’s the memories and stories that will stay with you, not the latest gadget.

Travel Hacking and Rewards Programs

Maximize your savings through travel hacking and rewards programs. Sign up for travel rewards credit cards, accumulate points through everyday purchases, and use them to offset flight and accommodation costs. With careful planning, you can end up with free or discounted stays and flights.

You’d be surprised by how many points you accumulate with your everyday spending and bills. You might as well have those dollars continue working in your favor through points.

Stay Motivated and Flexible

Saving for a dream trip requires discipline, but it’s essential to maintain a healthy balance. Reward yourself for meeting milestones along the way, and remember that it’s okay to adjust your plans if unexpected opportunities or challenges arise. Being clear on your goals will help you stay motivated, especially if your trip is a long-term goal.

Build Lasting Memories, Not Debt

As you approach the takeoff for your trip, remember to make wise financial choices while on your trip. While traveling in your twenties, it’s easy to get caught up in the excitement and stray from all of your travel plans. Make sure you do your research and create a reasonable plan with a contingency budget included in case you spend more than expected. After all, the best adventures are the ones that leave you with stories to tell, not bills to pay.

Traveling while you’re young is an investment in self-discovery, cultural enrichment, and lifelong memories. By following these budget travel tips and travel planning strategies, you’ll not only get to live out you traveling dreams but also develop a foundation for a lifetime of mindful and adventurous travel. Time to pack, and let the journey begin!