There are some avid travelers who would see to it that they should be able to travel annually. Or some companies would also send off their employees on an annual company-paid trip, or better known as an incentive trip. To make sure that you or a company has the funds to secure these annual travel plans, it is important that early on you are able to create an annual travel budget. This will help individuals and companies prepare in advance the appropriate travel funds they need to push through with their travel plans. Read more about this in our article below. And if you wish to get started with your budgeting, feel free to use our free annual travel budget samples made available on this page.
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What Is an Annual Travel Budget?
To travel annually whether this is for personal reasons, or is given as an incentive trip by your company can be a good way to recharge, relieves stress and you can learn a lot of new things. So it isn’t anything new if people have come up with a plan to go on yearly travel. It may pose as a hobby to some, but to others, it can be a sort of bucket list to go to different places. Yet traveling can cost money, depending on how long or how far you wish to travel, it can be expensive. This is why if you have plans to travel yearly, you should start working early on that annual travel budget. Although in some cases accurate prices for flights or hotel accommodations are only made available several months before your intended date of departure. So in a way creating your annual travel budget will need a lot of research, comparisons, and price estimates.
How To Create An Annual Travel Budget?
An annual travel budget isn’t limited to leisure or incentive trips, there are some companies that need to regularly move their employees locally or internationally. Examples of these are those working in pharmaceutical companies, engineers or designers that need to travel to different on-site projects, car dealers, contractors, and many others. It is part of a company’s business plan to include an annual travel budget as a means to set aside funds for employees who need to travel for business purposes. But overall the main components of a travel budget remain the same, although there might be some differences depending on the purpose of travel, the destinations, and other things. So to create an annual travel budget there are some tips to help you by.
I. Purpose Of Travel
You need to identify why you need to travel annually. Is it a solo leisure trip, for business purposes, an incentive tour, or are you planning to travel with friends or family? The main reason why you need to determine why you are traveling and who will be accompanying you is that it will help you narrow down your budget and think about your detailed itinerary. Remember everyone may have different views or travel needs.
II. Plan Your Itinerary
Planning your itinerary is the best way to start with organizing your budget plan. You will need to come up with the following details:
- Transportation Cost (via air, land, or sea)
- Accommodations – if you wish to stay in a hotel, or an Air Bnb, or perhaps you are able to stay with a friend or relative
- Number of days you will be traveling
- Excursions such as day tours or visiting historical sites
III. Funding Sources
It is advisable that if you plan to go on a trip, the source of your funds must come from your own savings. Travel is a personal leisure activity for some and can be postponed, and it isn’t recommendable to take out a loan just because you feel the need to travel as you can use your loan for more important expenses. So make sure you have the right amount of funds to go on a trip or revise your travel plans if it goes over your budget. The places you want to go to will always be there, and you can always visit them when your finances permit you to. For business travel, travel funds are often set aside and should be able to meet the company’s business goals for the year. In some cases, clients are charged with the travel expenses of an employee.
IV. Price Quotations
There are two ways in which you can get a breakdown of the different travel costs, one of which is to do your own research. Read and compare prices found online. Or you can ask for a quotation from a travel agency, whether you need a travel package or a quotation just for hotel accommodation or for a flight.
IV. Miscellaneous Expense
Aside from the usual travel details, you need to be able to think about other miscellaneous expenses. Most especially when you are about to fly abroad. Aside from a passport, you need to check on the international border restrictions when it comes to visas and health protocols. Visas and vaccines are additional expenses you must consider when traveling. Also, it is recommendable for you to avail of travel insurance. In case of an emergency, it can help cover any unexpected cost.
V. Pocket Money / Per Diem
When traveling you need to set aside your own pocket money, and make sure you balance your finances and spending well. You do not want to go overboard with the shopping and be in debt later on. Also, there may be some unexpected expenses along the way so it is important to keep aside funds for that one. When you are out on business travel, in some cases a company shall prepare a per diem or allowance for your expenses. This kind of expense must be also part of your travel budget plan.
What Is a Business Trip?
This is work-related travel where employees visit a location for work purposes, or on behalf of their company.
What Is a Travel Agency?
A travel agency is a business establishment that makes travel arrangements for its clients. Their services can range from booking flights and accommodations to working on visas and tour packages.
What Is an Annual Business Plan?
An annual business plan is a plan of a company’s yearly forecasted expenditure and projected income.
Traveling can be an exciting experience for most of us, as we go on exploring new places and meeting new people. So start working on the annual travel budget now so you may be able to organize your savings and enjoy that vacation you have always dreamed of.
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