Suggested Travel Budgets for Your Income
- Curry Forest
- May 21, 2024
- 4 min read
Updated: Apr 16
This article is part of the Travel Budget Series that starts with "Steps to Take to Plan Your Travel".
Here, I talk about creating a travel budget that aligns with different income levels keeping in mind various factors, such as the duration of the trip and the type of travel.
Here’s a suggested guideline for the number of vacations per year for different income levels ($30K, $60K, $100K, and $250K+), taking into account weekend getaways, domestic travel, international travel, and workations.
These estimates provide a balanced approach to vacation planning, allowing individuals to enjoy their travel while maintaining financial stability. Adjustments can be made based on personal preferences and specific financial situations.
Income Level | Annual Travel Budget (5–10%) | Weekend Getaways (Per Year) | Domestic Travel (3–5 Days) | Int'l Travel (7–10 Days) | Longer Int’l Travel (2 Weeks) | Workations (1 Month) |
|---|---|---|---|---|---|---|
$30K | $1500 – $3000 | 2–3 × ($200–$400) | 1–2 × ($500–$1000) | 0–1 × ($1500–$3000) | 0–1 × ($3000–$5000) | Unlikely 0-1 x ($3000–$5000) |
$60K | $3000 – $6000 | 3–4 × ($400–$600) | 2–3 × ($1000–$1500) | 1–2 × ($3000–$5000) | 0–1 × ($5000–$7500) | 0–1 × ($4000–$6000) |
$100K | $5000 – $10000 | 4–5 × ($600–$1000) | 2–3 × ($1500–$2500) | 1–2 × ($5000–$8000) | 1–2 × ($7500–$12000) | 0–1 × ($6000–$10000) |
$250K+ | $12500 – $25000+ | 5–6 × ($1000–$2000) | 3–4 × ($2500–$5000) | 2–3 × ($8000–$15000) | 1–2 × ($12000–$25000) | 1–2 × ($10000–$20000) |
$30K Annual Income
Annual travel budget: 5-10% of income ($1500 - $3000)
Weekend Getaways: 2-3 per year ($200 - $400 each)
Breakdown: $50 - $100 per day for accommodation, $50 - $100 for transportation, $50 for meals and activities.
Domestic Travel (3-5 days): 1-2 per year ($500 - $1000 each) Breakdown: $75 - $150 per day for accommodation, $100 - $200 for transportation, $75 - $100 per day for meals and activities.
International Travel (7-10 days): 0-1 per year ($1500 - $3000 each)
Breakdown: $100 - $200 per day for accommodation, $500 - $1000 for transportation, $100 - $150 per day for meals and activities.
Longer International Travel (2 weeks): 0-1 per year ($3000 - $5000 each)
Breakdown: $75 - $150 per day for accommodation, $750 - $1500 for transportation, $75 - $100 per day for meals and activities.
Workations (1 month): Unlikely, given the budget constraints
Budget: $2000 - $4000
Breakdown: $50 - $100 per day for accommodation, $500 - $1000 for transportation, $30 - $50 per day for meals and activities.
$60K Annual Income
Annual travel budget: 5-10% of income ($3000 - $6000)
Weekend Getaways: 3-4 per year ($400 - $600 each)
$100 - $150 per day for accommodation, $100 - $150 for transportation, $100 for meals and activities.
Domestic Travel (3-5 days): 2-3 per year ($1000 - $1500 each)
Breakdown: $150 - $200 per day for accommodation, $200 - $300 for transportation, $100 - $150 per day for meals and activities.
International Travel (7-10 days): 1-2 per year ($3000 - $5000 each)
Breakdown: $200 - $300 per day for accommodation, $1000 - $1500 for transportation, $150 - $200 per day for meals and activities.
Longer International Travel (2 weeks): 0-1 per year ($5000 - $7500 each)
Breakdown: $150 - $250 per day for accommodation, $1,500 - $2,000 for transportation, $100 - $150 per day for meals and activities.
Workations (1 month): 0-1 per year ($4000 - $6000 each)
Breakdown: $100 - $150 per day for accommodation, $1000 - $1500 for transportation, $50 - $75 per day for meals and activities.
$100K Annual Income
Annual travel budget: 5-10% of income ($5000 - $10000)
Weekend Getaways: 4-5 per year ($600 - $1000 each)
Breakdown: $150 - $200 per day for accommodation, $150 - $200 for transportation, $100 - $150 for meals and activities.
Domestic Travel (3-5 days): 2-3 per year ($1500 - $2500 each)
Breakdown: $200 - $300 per day for accommodation, $300 - $500 for transportation, $150 - $200 per day for meals and activities.
International Travel (7-10 days): 1-2 per year ($5000 - $8000 each)
Breakdown: $300 - $400 per day for accommodation, $1,500 - $2,000 for transportation, $200 - $250 per day for meals and activities.
Longer International Travel (2 weeks): 1-2 per year ($7500 - $12000 each)
Breakdown: $250 - $350 per day for accommodation, $2,000 - $2,500 for transportation, $150 - $200 per day for meals and activities.
Workations (1 month): 0-1 per year ($6000 - $10000 each) Breakdown: $150 - $200 per day for accommodation, $1,500 - $2,000 for transportation, $75 - $100 per day for meals and activities.
$250K+ Annual Income
Annual travel budget: 5-10% of income ($12500 - $25000+)
Weekend Getaways: 5-6 per year ($1000 - $2000 each)
$250 - $400 per day for accommodation, $250 - $400 for transportation, $200 - $300 for meals and activities.
Domestic Travel (3-5 days): 3-4 per year ($2500 - $5000 each)
Breakdown: $300 - $500 per day for accommodation, $500 - $1000 for transportation, $200 - $300 per day for meals and activities.
International Travel (7-10 days): 2-3 per year ($8000 - $15000 each)
Breakdown: $400 - $600 per day for accommodation, $2000 - $3000 for transportation, $300 - $400 per day for meals and activities.
Longer International Travel (2 weeks): 1-2 per year ($12000 - $25000 each)
Breakdown: $350 - $500 per day for accommodation, $2500 - $4000 for transportation, $200 - $300 per day for meals and activities.
Workations (1 month): 1-2 per year ($10000 - $20000 each)
Breakdown: $200 - $300 per day for accommodation, $2000 - $2000 for transportation, $100 - $150 per day for meals and activities.
Disclaimers
The budget suggestions (and expense categories) in this article have many limitations, may and or may not apply to your specific financial situation, individual circumstances and travel budget. Moreover, actual costs can vary significantly based on destination, travel style, and personal preferences and comfort levels.
It is important to keep track of economic factors such as inflation, currency fluctuations, etc.
If you plan to combine personal and business travel, ensure you are aware of tax implications and company policies regarding expense reimbursements.
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