We’re asked on a not so regular basis how we manage to control and check our travel budget. It’s a fair enough question and one that I’m always more than happy to answer.
I’ll preface this post by saying that, a) I’m a project manager by profession which meant that, b) from the outset of deciding to travel I knew I’d have that whole budget thing hanging over me constantly if I didn’t plan on how I could monitor and control it.
By controlling and monitoring the budget in a simple way I could then put it to the back of my mind and focus on the important things like lobster meals, snorkelling with sea turtles, mountain hiking in Peru, finding lost cities, driving through deserts, etc, etc…
Here’s how we’ve put our travel budget to the back of our mind:
1) How Much Dollar Do We Need?
We decided on our approximate daily budget range and decided on how long we wanted to travel for. We then simply multiplied x by y to give us the golden number of dollars we’d need to save up before heading to Nicaragua on March 12th 2015. Yes, the harder part was saving and, for us, this happened over many a moon.
2) Find A Tool To Rule Them All
The project manager in me thought, “there must be a simple application or online tool that someone else smarter than me has built to make my job easier by removing all the arduous admin work involved in keeping track of expenses and our budget.” Or something to that effect.
Thankfully, the answer was a resounding “Yes Matt, there is.” And there was much rejoicing. By me. Quietly. On my own.
Cynthia by this point had delegated this entire budget monitoring project to me to ensure she could focus properly on googling “how long is too long to spend at a beach in the sun?” Followed closely by “Is there ever a ‘too long’ to spend at a beach?” She’s yet to find the answer.
Anyhow, THE tool. We use the incredibly easy to use Trail Wallet. It’s an app created by travelers for travelers and I cannot recommend this enough.
3) Learn To Use And Set Up Trail Wallet
This step is pretty straightforward because, well, the app is just so perfectly easy to use.
- First, watch the helpful video on the Voyager Apps website to get to know all the features of Trail Wallet.
- Then, go to your newly installed app and add a new trip and give it a name!
- Then, if you have your magic budget number already you can enter in a start and end date and then enter in your total trip budget. Don’t worry, you can edit all these at any time so if your trip goes on further then you can extend that end date. If you win the lottery and your budget increases, you can increase it!
- You can then enter in currencies. We started with Nicaraguan Cordobas and then added new currencies as we moved onto different countries. We also used Canadian Dollars as this is our home currency. (p.s. When you’re connected to WiFi, you can update the exchange rates.)
- Exit out of there to your home screen and then click on your trip. The next screen is where you’ll have all your information handy to you.
Once we completed all this, we were trained up and ready to start tracking expenses and therefore ready to begin monitoring and controlling our year-long travel budget! Waahooo!
4) Start Tracking Those Expenses
Yes, for this gem of an app to work and for you to end those sleepless nights wondering how much money you have to spend per day today and how much you have left in the piggy bank… You do need to enter in EVERY expense.
Just simply go to your trip homepage, click the plus sign, enter in the amount, ensure its the correct currency (hint: don’t mix up those Colombian Pesos for Chilean Pesos!) and, if you like, select a category (see below) of expense and add a note.
That’s it. It’s quicker than writing it down on putting it in your notes. Plus, the app will subtract the amount from your trip and daily budget and it will tell you what your “adjusted budget” (see below) is now.
So, so easy yet nice and effective.
5) Keep On Repeating Step 4 So You Can Monitor at your Leisure!
That’s right, we enter every expense so that now we can still see our daily budget as it was at the start of the trip yet now we can also see our adjusted daily budget (if you tap on your budget that appears on your trip home screen) to see how it’s increased over time because of all those days that have come under budget, again, waahoooo!
In settings you can add, edit and remove categories. We like categories because we can use the apps built in charts function to see precisely where our money has been going. We use big catch all categories like “accomodation” and “food/groceries/water”. We’re up to 12 categories now and it’s no surprise that accomodation and food is where most of that money has gone.
So, that’s how we do it. We found and downloaded an app and we use it on a daily basis.
The project manager in me is content because I can monitor and control our budget very very easily. And Cynthia and I can always sleep without worrying about unanswered questions surrounding money when traveling. We’ve always got the answers in our Trail Wallet!