How Much Should You Budget For Your Next Vacation?

Budgeting for your next vacation can take a bit of research before you board your flight. First of all, you should know where you are going and how long you will be away. Let's see what else you need to know.

First things first: Airfare and Transportation

This takes up the biggest part of your vacation budget. Try doing your research on different sites to find out a ballpark figure for the cost of your plane ticket and car rental, which will usually take up about 30% of your budget. You can also consider driving if possible, but keep in mind it's not always cost effective.

Hotels

Lodging will take another big part of your budget, about 25% of it. Make sure to look around to find the best rates possible without sacrificing on the quality of the hotel you are looking for.

Food

One thing you can't do without when you're on vacation is food. Even if you forfeit restaurants and make your own every day of your stay you should still set aside at least $60 per person per day so you don't go hungry.

Activities, Souvenirs and Additional Expenses

The amount you save for these will depend on what you plan on doing at your destination. Things like going to the beach are free, but amusement parks can cost a pretty penny, so find out the cost of tickets and leave some extra for that little memento you fall in love with.