Did you catch the travel bug going around? It’s probably not the first time. You might have got the itch during the pandemic. But like most people, your only escape was picturesque accounts on Instagram.
But there’s a better cure for your travel bug. It’s called a travel budget.
Granted, it’s not as attractive as Pinterest boards. But with a travel budget, you can stop living vicariously through other people and start to enjoy your adventures in real life.
With a travel budget, you:
- Minimize stress and maximize fun because you’re in control of your finances from start to finish
- Have enough money set aside for every trip expense and can spend without worry or anxiety
- Protect funds in your checking or savings accounts and always have enough for other expenses back home, like rent, car payments, groceries, etc.
Whether you’re just researching flights or you’ve already booked your Airbnb, don’t leave without a travel budget.
You need it just as much as you need a phone charger or SPF.
But what is a good travel budget? Which budget app is best? Keep reading to learn how to calculate your travel budget and stay within budget with Braid Money Pools.
It’s not a traditional budget app, but it’s so flexible that you can use it as one and enjoy benefits that other budget apps don’t offer.
Intrigued? Keep reading to see exactly how to set up your travel budget with Braid.
Travel budgets bring on the fun
Budgets and budget-friendly options tend to have a kill-joy connotation. Sure, budget-friendly deals save you money, but no one wants to feel like their budget is making them miss out on the fun.
But your budget shouldn’t give you FOMO. It’s simply the amount of money you collect for a specific opportunity. And “budget-friendly” includes everything that fits your budget. You get to decide how splurgy or savvy you want to be.
When you create and spend your travel budget with Braid, you can reach your savings goals, stay within budget on your trip, and avoid financial stress while you’re away.
Click here to set up your free Braid Money Pool and start your travel budget today.
What is a good travel budget?
A good travel budget covers the expenses of your trip. So, if you’re asking yourself “How much should I budget for travel expenses?” start with the biggest expenses. That usually includes:
- Airfare, along with luggage, seat selection, flight insurance, etc.
- Lodging, like hotels, Airbnb, Vrbo, etc.
Remember that airfare and accommodation prices vary greatly depending on where and when you travel.
For example, trips to Southeast Asia are more affordable than getaways in the Maldives. And you can score better deals during the off-season compared to the high season.
Once you know how much you need for major expenses, consider your non-negotiables, like:
- AAA membership
- Visa or passport fees
- Travel insurance (Check to see if your credit card company offers this)
- Health insurance, immunizations, or Covid-19 tests
Finally, estimate how much will you likely spend on the following:
- Meals, drinks, or groceries (Will you eat out or prepare most of your meals?)
- Sightseeing and excursion tickets or reservations
- Transportation, like rental cars, public transport, bike rentals, etc.
How do you calculate your travel budget?
Calculating your travel budget might sound fun if spreadsheets are your happy place. But if you’re not a “numbers person” this can be daunting.
But no matter who you are, this equation is all you need to calculate your travel budget:
(Your savings) minus (your major/non-negotiable expenses) divided by (the number of days traveling) equals (your daily budget).
Your daily budget is the amount you have for food and drink, sightseeing, and transportation. It’s also flexible.
For example, if you know you will exceed your budget on the day you visit an amusement park, go on a free hike and enjoy a homemade lunch the next day.
When you calculate your daily budget, consider conversion rates and how that might impact your daily budget.
Is there a free budget app?
Are you looking for a free budget app for your travel budget? Then, you probably considered Mint.
It’s a free budget app that syncs to different accounts, like checking and savings accounts, credit cards, loans, bills, and more.
It creates spending categories, too, which you can personalize and set limits for. Mint then notifies you if you’re approaching a limit to keep you within your budget.
But you’re not looking for an app that tells you how much you spend after the fact. You want to take a more active role in your travel budget.
Mint has another drawback.
Mint tells you how much you’re spending or saving in your bank accounts, but it doesn’t provide a dedicated place to save and spend your travel budget. It has to mix with funds in either your checking or savings accounts. That makes it hard to keep track of it.
You can take a more active role in your travel budget and enjoy a dedicated place to save with Braid. Check it out.
Set up your travel budget with Braid Money Pools today! Click here to get started.
Which budget app is best?
Braid is not a traditional budget app but if you’re looking for a dedicated place to build and spend your travel budget for free, Braid has your name on it.
But if Braid isn’t a traditional budget app, what is it and how does it work? We’re so glad you asked.
What are Braid Money Pools?
A Braid Money Pool is a dedicated place to collect, manage, and spend money. It’s free to download and free to use.
With Braid, you never have to upgrade to a premium membership to access more functions. You enjoy VIP treatment from the get-go, including a free Braid debit card.
We’ll get to that soon. First, here’s how to set up your Braid Pools and how to grow and spend your travel budget.
How to set up your travel budget with Braid
Some people like to set aside a certain amount every week or month for a “someday” trip. When they’re ready to plan their getaway, their savings determine where they can go and for how long.
Other people choose their destination and travel dates first and set savings goals second.
No matter which avenue you choose, Braid gives you the option to grow your travel budget exactly as you want.
For example, you can collect money in one pool if you’re in the early stages of planning your getaway.
Or, you can set up one pool for each budget category, like “British Airways”, “Notting Hill Airbnb”, “London Food Market Fund”, etc.
To get started with Braid, all you need is to sign up and verify your identity. It’s quick, safe, and confidential and you can have your pools up and running in a few minutes.
How to increase your travel budget with Braid
Braid Pools are a dedicated place to save for your trip. You can add money into your pool via bank transfer or debit card without any fees. Or, you can contribute with a credit card for a 3% fee.
If you’re celebrating your birthday or the holidays before your trip, you can invite your friends and family to contribute to your Money Pool as a gift via the Pool Link.
Simply customize your Pool Link so they know what they’re contributing to. For example, your Pool Link might be braid.co/p/Katies-London-Trip or braid.co/p/London-Food-Market-Fund.
You can share your Pool Link via text message, group chat, social media post, QR code, or email. Then, everyone can contribute with a debit card for free or by credit card for a 3% fee. They don't need to download Braid.
People like Braid because it gives you a dedicated place to grow your travel budget separately from your checking or savings accounts.
Once you add funds to your pool, you won’t accidentally spend them on anything else. They’re safe and sound in your Braid Pool until you spend them with the Braid card.
Show me how to start a free Money Pool for my travel budget.
How to manage your travel budget with other people
Are you traveling with your partner or splitting up trip expenses with your bestie? You can easily manage the travel budget together.
First, send them an invitation link. Once they download Braid, they can join the pool with this link. From there, they can track pool transactions and balances, spend with the Braid card, and more.
This takes the pressure off of you to do all the pre-trip spending. For example, you don’t have to go out of your way to purchase items. If your bestie drives past the store every day, they can do it for you.
Having a collaborative travel budget keeps your trip relaxed, too. You don’t have to keep wondering, Am I paying? Are they paying? because your pool is paying.
How to spend your travel budget with the Braid card
What sets Braid apart as a budget app is that every pool comes with a free digital debit card. If you want to carry the Braid card in your wallet, you can order a physical card, too.
With the Braid card, you can spend pool funds directly without transferring them to your bank account. No matter where you are in the world, you can use your card wherever Mastercard is accepted.
The Braid card ensures greater peace of mind, too. If you accidentally lose your physical card or need to prevent further spending with the digital card, you can freeze them from the app. There’s no need to call the bank and the funds in your bank accounts stay safe.
How can I track my trip expenses?
Even if you’re a budgeting pro, sticking to a budget while traveling is challenging.
When you travel, you’re out of your routine and probably spending more frequently than usual. And sometimes, when push comes to shove, you’re spending more than you normally would. It’s easy for purchases to get lost in the shuffle.
Don’t worry. You’ll have a successful time sticking to your travel budget with Braid.
You can check your pool balance whenever you want. Just open the app and view every transaction in your pool. It’s that easy.
And if the pool balance is getting low, you can easily add money via bank transfer or debit card for free, or with your credit card for a 3% fee.
Are you ready for your getaway? Make it happen with a travel budget.
With Braid Money Pools, you can save for each trip expense in a separate place and never mix them with your personal funds. You can manage your travel budget alone or with others. And you can spend your pool funds all over the world.
