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Snippet of Murphy on Money: Budgeting for Travel

From Audio: Ep20 - Budgeting for Travel - Best Practices To Reduce Stress

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station description Welcome to Murphy on Money. The podcast where I, Michael Murphy, get to talk with... read more
Murphy On Money
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Duration: 04:44
Murphy talks about how to budget for travel and save some money during your trip in this snippet from Murphy on Money.
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Murphy talks about how to budget for travel and save some money during your trip in this snippet from Murphy on Money. Listen to the full episode for more tips on saving some money and enjoying your stay.
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So what my wife and my wife and I ended up doing is what we'll do is we actually plan our trips. So everybody, typically what you want to do, for sure is playing your travel. So think about the things that you're gonna be spending money on during that travel. Do that before. What you want to do is having a little account that you are putting that travel money into, so that when you go on that travel, you've got that all of the finances already allocated so it doesn't make a big impact on your budget that month. One of the things that really drives people to end up having to use a lot of debt or credit cards. You know, that sort of thing during their travel is they? It's this this massive, um, unusual increase in spending. It's not. I need to have all this extra money. And unless you've planned for that, the only way to have those resource is is to use a credit card, use debt, not a great situation because you end up coming back to a city, you end up coming back and having to clean all that up over the next couple months. Over the next couple months, you may be planning another trip, and then those things kind of compound you could never really get ahead of. It was one thing. Why always suggest trying to get out of debt and kind of clean that up and then live on a cash lifestyle? Well, not necessarily cash me. I use debit, but, um, use use a lifestyle where you're not having to use credit cards to kind of, um, spend money that you don't have in your life yet. And that's been one thing that's been pretty helpful. So when we when we so my wife and I just kind of like plainly, what we'll do is we look at all next year. And actually, we just did this a couple weeks ago, where we sat down. We said, What are we planning on doing in 20 20? As far as our travel goes, we've got some pretty interesting things coming up. Uh, you know, Big Birthday, for a family member will be doing another trip with my brother and and his wife, my little nephew, which I'm super excited about. Um, we're doing a couple other little trips. And so we're kind of planet. What are we gonna be doing? How much are we going to spend on each one of these trips? And then what we do is and were unusual and blessed in this way. There's other folks that aren't in the same situation, so you've got to save a little bit differently. But we actually fund our travel at the beginning of the year with a bonus that my wife receives at work. Um, and instead of using that to by something else or use it in a different way What? Well, what we do is actually allocate those funds for our travel the next year. Now, in the past, we didn't have those, you know, bonus to kind of lean back on. So what you do is you say I need to have this much money and you just start saying Okay, I'm gonna put $1000 a month or something like that to into that account and have it be an external account. So a best practice for kind of planning for travel would be, have an external account, take money, take it out of your current life and put it into a new account. And when you're when you're thinking about how much money you need tohave don't just consider your flights in your hotels because we all know that those are the things that are super, you know, whatever. You can look at it. You kind of plan ahead on that. But things that kind of catch up on you is, you know, you're you're gonna be going out and doing some entertainment. You know, drinks can get really expensive, you know, alcoholic cocktails or just you know, you can spend 15 bucks on a on a cocktail, But think about what you want to enjoy and what that's gonna look like because you don't want those bills get out of control. Meals, drinks. I went over that shopping. That's another thing. You know why you're trying to spend some time during the day? A lot of times you may find yourself kind of meandering around checking out some different shops and you want to get a couple things, you know, that's great. Do that as long as it's within the budget. Right? Um, the other thing is uber's. You know, if you're some folks will rent a car other times nowadays, it's super easy to just scoot around, especially if you're gonna be staying in downtown somewhere. You could just scoot around, not have to get a car. But if you are gonna be getting a rental car, make sure you call your insurance company. Talk to them about your insurance. That's something that a lot of folks just kind of get double dipped on, right. You'll you'll get a rental car, sweet deal on a rental car, maybe $30 a month. Then they want $30 a day, and then they want to charge you 40 $50 a day for the insurance. And and then, if you're not comfortable, if you don't know what your current insurance situation is, you may be like, Well, I don't want to take this risk. So then you end up getting the insurance, costs you a lot of money, and you don't even know if you needed to spend them
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