Why you can (and should) make a travel budget.

Are budgets your B*&%$ or your BFF? For most of my adult life budgets have been a B*&%$. In 2022 I made the decision to make a major shift, and step by step, I've been turning that B*&%$ into my BFF.

So what have I learned?

Well, first of all, I've got a spreadsheet. (Thanks to my amazing financial advisor and friend Harriet Chase!) If you're curious about what it looks like, you can check it out here.

Secondly, budgets help set clear boundaries. And these, have ultimately, provided me with greater freedom. When you have a foundation you can free flow from there. I'm not sure why it took me so long to realize this for myself, but I see it now and am using my budget to set clear goals and make sound decisions with the intention of adding more adventure and joy to my life.

So obviously, a big part of my budget is and will continue to be travel. Travel is something I truly prioritize, and prioritizing travel is prioritizing myself. But a travel budget, especially for solo travel, is not just financial in nature. It also includes budgeting time. I see this as well with the Darlings who choose to retreat with me. They are prioritizing self. They are choosing to travel not with family or with friends, and instead putting time and money away for themselves.

This is amazing. But it is also really hard to do on the fly.

So how do I do it? Here are my tips for creating a travel budget:

Outline your regular monthly expenses, like mortgage payments, utilities, groceries, etc., and establish your monthly run rate.
Track your miscellaneous expenses for 3 months at a minimum and understand where your "extra" dollars go. This isn't always easy. It can be uncomfortable because this exercise reveals where you fall off track with savings and/or spend beyond your means. This is, however, the most important step.
Identify your sources of income, like salary, alimony, investment, dividends, etc.
Download a budget app onto your smartphone. My son introduced me to Smart Spend. I like Smart Spend because it doesn't link to my bank accounts but instead forces me to enter my financial standing, my income sources, and my daily/weekly/monthly/annual expenses. I've found that by entering the information myself, and not letting an app do the work for me, I have a much better understanding of where my money is going, which is HUGE.
KNOW your expendable income.
Make a list of the places you want to travel to and outline top-level expenses for each trip like airfare, gasoline, lodging, dining, and entertainment/experiences. Don't forget things like entrance fees, service charges, and tips - these can sneak up on ya! And then plan for trip momentos so you know what you can afford.
Decide if you want to travel alone, or with family and friends. I highly recommend at least one solo trip a year.

And one more thing. Besides just setting aside the budget and time to travel, it's also about prioritizing moments that focus on PLAY. We don’t do enough playing as we get older. Whether that is e-biking through Italy, sampling spices in the markets of Morocco, or living out your inner cowgirl dreams and riding horses in Montana!

Travel = Play. And yes, you should totally have a budget for that.