How Much Travel Money Should You Take?

1. How long will you be traveling?

It’s all too easy to burn through half your nest egg during the first portion of the trip thinking you still have plenty of money at your disposal for the rest of your trip. Designing a daily budget based on the number of days, weeks or months you’ll be traveling and keeping and adjusting it as you go is essential to keeping your savings intact.

2. What destinations are you visiting?

Some places are far more expensive than others. Europe and Japan are both far more expensive (per day) than say Cambodia, Central America or India. If you’re on a budget and want to spend as much time traveling as possible, developing nations will stretch your dollar farther. If money’s not an issue then go ahead, spend more time in Western Europe, Australia and New Zealand.  For the rest of us, here are some hints on where your dollar will go the farthest.

3. How long are you stopping in each destination?

Transfers to and from airports can add up, not to mention trying to find budget-friendly accommodations in each new unfamiliar city. Found something good? Stick around. Also being unfamiliar with the local currency will probably have you spending a lot more of it. Take longer stops (and less of them) to keep these wastes to a minimum.

How much money you should bring for your trip is a tricky question