Dec 29 2007
Setting a Travel Budget
After seemingly endless months of stashing away money and attempting to top up my savings only to see it squandered at the pub, I’ve finally reached my savings goal! Even better, I’ve somehow managed to beat it.
My goal was to have $13,000 saved by the end of the year and it looks like I’ve beat that by a bit. In my mind, for better or worse, that means that Ive got a bit of money to burn. All of a sudden, buying annoying travel insurance and stocking up on dodgy malaria pills isn’t as annoying as it would have been had I not reached my goal. It looks like I’ll be able to make those irritating purchased without having to drop below my minimum savings.
I love the feeling of having ‘extra’ money. Who doesn’t! I know I could just whack more money into my savings account instead of buying little extras but it’s never as painful making these purchases when I’ve already reached my goals.
With that in mind, I’m thinking I might aim to set a spending budget for each month I’m away. If I can manage to come in under budget for the month then I’ll have money to splurge on something fun at the end of it and if I can’t stick to it then… well I don’t know but I’ll give myself a kick up the arse.
I anticipate that I’ll be able to earn $1200 a month at least so I might set that as my budget for the first month. I’ve already paid for my accommodation for the Ati-Atihan festival where room prices are steep for that weekend. I’ve also paid for an internal flight to get me there so I think $300 a week is a pretty generous backpacker budget for a month in The Philippines.
Sorry I’ve been so lazy with my posts lately. I’ve been working hard on all the things I want to get done before I leave on January 7th and it seems like there’s a lot more than I thought! Plus it’s pretty easy to get caught up in the laziness of the holiday season. Hope everyone had a nice Xmas!
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I've been travelling since January 2008 living off earnings from the web. Follow me as I bum around Asia and beyond, getting up to mischief and working online as I go.
Sounds like you have a pretty good safety net. I found that I started out staying in cheap places and kept to my budget, but gradually the places I stayed at got a little more expensive as I wanted a few extra luxuries.
I have a type of credit card that includes travel insurance in case of emergency for some months after the trip begins. It covers accidents, disease and theft. It’s not platinum or gold card, might not even qualify as clay considering how little I use it. I only got it for this insurance package and it’s the only insurance I use for trips under 6 months (havent actually ever travelled for more than one month). The insurance has come through once when I lost (or had stolen) the card, then I could call and get some emergency funds within 12 hours. Might be worth looking into.
‘Plan for the worst, but hope for the best’ is a good motto to bear in mind with finances i find. Looks like you’ve got plenty of money saved up and that’s the hardest part. Good luck with it all -Jan 7th ain’t that far away!
Mike I think I’ll be the same. I spent some time in a hostel in Spain in February and I don’t think I can cut it in the big dorms anymore, as much as I hate to admit it!
Thanks for the tip WJM. Of course I’m never that prepared and I don’t think my cc’s have any perks. No time to get another one, either. I always leave things to the last minute!
Yep, I’m counting down the days now!
It sounds like you’re going to Cebu or Negros for the Ati-Atihan. There’s an international airport in Cebu, but you mentioned internal flight…from Manila?
Wow…one month in the Philippines! If you’re in the Visayas you will have a lot of beach choices from the touristy Boracay to many of the quiet ones–as remote as you want to get.
I wish you the best in your travels to the Philippines. I’m just an email away if you’re stuck around my area.
Good job Kirsty thats a great safety net, and you are once again showing us exactly what needs to be done for those of us who have followed your progress this last 18 months. I have learnt finaly to live within my means since coming to the USA so I’m not to worried about that the idea of leaving & having G cut me off was a little scary but thats easily solvable with a years income in the bank
I spent some time readin up on expats over here http://www.expatinterviews.com/expats-in-Philippines.html Some nice info if you keep away from the obvious Corparate /Family type Expats