How to Budget for Travel as a Couple

Are you and your partner dreaming of an amazing trip to another country? Traveling abroad can be super exciting, but it can also cost a lot of money. Don’t worry! With smart planning and teamwork, you and your special someone can save up and have a great adventure together. In this guide, we’ll walk you through how to budget for your international trip, step by step.

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Step 1: Choose Your Destination and Travel Dates

The first thing you need to do is decide where you want to go and when. This is a fun part because you get to dream big! Talk with your partner about places you both want to visit. Look at pictures online and watch videos to get inspired.

Here are some things to think about:

  • What kind of trip do you want? Beach vacation, city exploring, or nature adventure?
  • What’s the weather like at different times of the year?
  • Are there any festivals or special events you want to see?
  • How long do you want to stay?
  • Pro Tip: Traveling during the “off-season” (when fewer tourists visit) can save you money on flights and hotels. Research the best times to visit your chosen destination to find a good balance between nice weather and lower prices.
Young smiling woman hugging concentrated husband from behind while counting bills on calculator in modern apartment

Step 2: Set a Savings Goal

Now that you know where and when you want to go, it’s time to figure out how much money you’ll need. This is your savings goal.

To do this:

  • Research the costs for your trip. Look up prices for flights, hotels or other places to stay, food and drinks, activities and attractions, transportation in the country (like trains, subways, bolt/uber), travel insurance, passport, and visa requirements
  • Add up all these costs to get a rough total.
  • Add an extra 10-15% for unexpected expenses or emergencies.

This final number is your savings goal. It might seem like a lot, but remember, you’re working together as a team!

  • Pro Tip: Use a shared spreadsheet or budgeting app to keep track of your research and calculations. This way, you can both see and update the information easily.
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Step 3: Create a Savings Timeline

Now that you have your goal, it’s time to make a plan for how to reach it. Figure out how many months you have until your trip. Then, divide your savings goal by the number of months to see how much you need to save each month. For example, if your trip will cost $5,000 and you have 10 months to save:

$5,000 ÷ 10 months = $500 per month

This is your monthly savings target as a couple. To find out how much each person needs to save, divide this number by two (unless you’ve agreed to split it differently, such as percentages).

  • Pro Tip: If the monthly amount seems too high, consider pushing your travel dates back a bit to give yourselves more time to save. It’s better to wait a little longer than to stress about money during your trip!
Young smiling woman hugging concentrated husband from behind while counting bills on calculator in modern apartment

Step 4: Open a Joint Savings Account

To keep your travel money separate from your everyday expenses, open a special savings account just for your trip. Many banks offer joint accounts that both of you can access. Look for an account with:

  • No monthly fees
  • A good interest rate to help your money grow
  • Easy online access so you can both check on your progress

Having a separate account makes it easier to see how close you are to your goal and helps you avoid spending the money on other things.

  • Pro Tip: Some banks offer special “vacation club” savings accounts. These can be a fun way to save for your trip and might offer better interest rates.
Young smiling woman hugging concentrated husband from behind while counting bills on calculator in modern apartment

Step 5: Cut Back on Expenses

To reach your savings goal, you’ll probably need to spend less money on other things. Sit down together and look at your current expenses. Are there areas where you can cut back? Here are some ideas:

  • Cook meals at home instead of eating out
  • Cancel subscriptions you don’t use much (like streaming services or gym memberships)
  • Find free or cheap ways to have fun together (like picnics in the park or movie nights at home)
  • Use coupons and look for sales when you shop
  • Carpool or use public transportation to save on gas

Remember, every dollar you save gets you closer to your dream trip!

  • Pro Tip: Make it a game! Challenge each other to see who can come up with the most creative ways to save money each week.
Young smiling woman hugging concentrated husband from behind while counting bills on calculator in modern apartment

Step 6: Increase Your Income

Saving money is great, but making extra money can help you reach your goal even faster. Think about ways you can earn more as a couple:

  • Take on overtime hours at work if it’s available
  • Start a side hustle, like dog walking, freelance writing, or selling handmade items online
  • Have a big garage sale to sell things you don’t need anymore
  • Pro Tip: If one of you makes more money than the other, talk about how you want to handle the savings. Maybe the higher earner contributes more, or maybe you both put in an equal percentage of your income. The important thing is to agree on a plan that feels fair to both of you.
Disclosure: Please note that this post may contain affiliate links. We get a commission if you decide to purchase through our links. There is no cost to you. See the disclosure page for more information.

Step 7: Automate Your Savings

Make saving easier by setting up automatic transfers from your checking accounts to your travel savings account. This way, you won’t forget to save or be tempted to spend the money on something else. You can set this up through your bank’s website or app.

If your workplace offers direct deposit, you might be able to split your paycheck so that a portion goes straight into your travel savings account.

  • Pro Tip: Start with smaller automatic transfers and gradually increase them as you get used to living on less. This can make the adjustment easier.
Young smiling woman hugging concentrated husband from behind while counting bills on calculator in modern apartment

Step 8: Track Your Progress

Keeping an eye on your savings progress can help you stay motivated. Set up a fun way to visualize how close you are to your goal. You could:

  • Make a big thermometer poster and color it in as you save
  • Create a digital savings tracker and share it on your phones
  • Use a jar and add a marble or pebble for every $100 you save

Celebrate your milestones together! When you reach 25%, 50%, and 75% of your goal, do something special (but inexpensive) to reward yourselves.

  • Pro Tip: Use your tracking method to break down your big goal into smaller, more manageable chunks. This can make the process feel less overwhelming.
Young smiling woman hugging concentrated husband from behind while counting bills on calculator in modern apartment

Step 9: Research Money-Saving Travel Tips

While you’re saving up, start researching ways to make your money go further on your trip. Here are some ideas:

  • Look for credit cards that offer travel rewards or cashback
  • Sign up for airline and hotel loyalty programs
  • Check out websites that offer discounts on attractions and activities
  • Learn about free walking tours or museums in your destination
  • Research affordable local restaurants and markets

The more you know, the better you can plan your budget for when you’re actually on your trip.

  • Pro Tip: Make a date night out of your research! Cook a meal inspired by your destination and spend the evening learning about the place you’ll visit.
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Step 10: Create a Detailed Trip Budget

As your travel dates get closer, it’s time to make a more detailed budget for your actual trip. Break down your expenses day by day, including:

  • Transportation costs (flights, trains, buses, taxis)
  • Accommodation for each night
  • Estimated food costs per day
  • Entrance fees for attractions you want to visit
  • Shopping or souvenir money
  • Emergency fund

This detailed budget will help you know exactly how much you need for each part of your trip and can prevent overspending while you’re traveling.

  • Pro Tip: Use a travel app or a simple notebook to track your spending during the trip. This will help you stick to your budget and give you useful information for planning future trips.

Step 11: Practice Living on Your Travel Budget

A month or two before your trip, try living on the daily budget you’ve set for your travels. This will help you get used to spending less and give you a realistic idea of what your budget will feel like when you’re abroad.

For example, if you’ve budgeted $50 per day for food on your trip, try to eat on $50 a day at home. This practice can help you adjust your expectations and your budget if needed.

  • Pro Tip: Use this practice time to learn some money-saving travel skills, like packing light to avoid baggage fees or making simple meals in your hotel room.
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Step 12: Prepare for Currency Exchange

If you’re traveling to a country that uses a different currency, learn about the best ways to exchange money. Often, using ATMs at your destination or getting a credit card with no foreign transaction fees can be cheaper than exchanging cash before you leave.

Make sure to notify your bank and credit card companies about your travel plans to avoid any issues with your cards while you’re abroad.

  • Pro Tip: Download a currency conversion app on both of your phones to quickly check prices while you’re traveling.

Step 13: Plan for Emergencies

Even with careful planning, unexpected things can happen. Set aside some of your savings as an emergency fund. This money can cover things like:

  • Medical expenses (make sure you have travel insurance!)
  • Replacing lost or stolen items
  • Last-minute changes to your travel plans

Having this safety net will give you peace of mind and help you enjoy your trip without worrying about every little expense.

  • Pro Tip: Keep your emergency money separate from your regular travel funds, and agree on what counts as an “emergency” before you go.

Step 14: Do a Final Check

About a month before your trip, do a final check of your savings and budget. Are you on track to meet your goal? If you’re a little short, look for last-minute ways to save:

  • Have a “staycation” for a weekend and put the money you would have spent into your travel fund
  • Ask friends or family if they need any odd jobs done
  • Sell any unused items online

If you’ve saved more than you need, great! You can either add this to your spending money or keep it as an extra cushion in your emergency fund.

  • Pro Tip: Use extra money to upgrade one special part of your trip, like a fancy dinner or a unique tour. This can make your adventure even more memorable!
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Step 15: Prepare for Your Trip

In the weeks before your trip, take care of these money-related tasks:

  • Notify your bank and credit card companies about your travel plans.
  • Get some cash in the local currency of your destination.
  • Check if your phone plan includes international coverage, or consider buying a local SIM card.
  • Make copies of important documents like passports and credit cards.
  • Don’t forget your essentials! Download 7 customizable packing checklists today!

Step 16: Enjoy Your Trip While Sticking to Your Budget

You’ve worked hard to save for this trip, so enjoy it! But remember to stick to your budget:

  • Track your spending each day using an app.
  • Look for free or low-cost activities.
  • Try local street food or markets for affordable and authentic meals.
  • Be adventurous! Use public transportation when possible.
  • Avoid impulsive purchases – sleep on it before buying expensive souvenirs.

Most importantly, focus on creating memories together rather than buying things.

Step 17: Review and Plan for the Future

When you return home, take some time to review your trip and your budgeting process:

  • Did you stay within your budget?
  • What did you learn about saving and traveling as a couple?
  • What would you do differently next time?

Use these insights to start planning and saving for your next adventure!

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Conclusion

Budgeting for international travel as a couple might seem like a big challenge, but with teamwork and patience, you can make your dream trip a reality. Remember, the process of saving and planning together can be just as fun as the trip itself! It’s a chance to grow closer as a couple and learn more about each other’s priorities and values.

By following these steps and using the tips we’ve shared, you’ll be well-prepared for an amazing adventure abroad. Plus, the skills you learn while budgeting for this trip will help you with future financial goals, both for travel and other parts of your life together.

So start dreaming, start planning, and start saving. Your international adventure is waiting for you!

For additional budgeting tips, check out our Set a Budget post.

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