Find out how to financially map out your budget for a road trip
Carmen Perez shares her best tips and tricks for financially mapping out a road trip on this episode of Getting Rich, sponsored by Acura.
Video Transcript
CARMEN PEREZ: We all love a good road trip, but planning for your adventure can be daunting, especially when it comes to the budget. Hi, everyone. I'm Carmen Perez. And in this episode, we break down how to financially map out your journey to ensure a trip that's not only fun for you, but also fun for your wallet.
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Before you start budgeting, figure out what kind of trip you're trying to have. If you and your crew are outdoorsy, packing a tent and cooking supplies could save you a ton of money. But you might end up spending a little more time in gas getting to those cool remote destinations.
On the other hand, if you like clean sheets and room service, which I enjoy, your dollars won't go as far. So be mindful that you may end up needing to plan a shorter trip. Got a mixed group? Do a fun mix of rugged and luxurious. Everyone will be happy and we'll get to try new things.
Now that you figured out your vibe, create a budget doc you can share with your crew. This should cover a total spending limit for each type of expense. And you'll also want to factor in a little wiggle room for experiences, but we'll cover that later. Now, divide the total by the number of days to set a daily budget. And don't forget to do your homework on the transportation costs because accounting for your car's gas mileage or any toll fees will help keep your travel budget on track.
After you've covered the basics, think about the things that you actually want to do, whether it's eating at a boujie restaurant, buying souvenirs on the side of the road, or catching a show on the trip. You can list all of that under experiences. And now, you're ready to hit the gas on your next big trip. Joining me now is Emma. Emma, welcome to the show.
EMMA KANTOR: Thank you so much.
CARMEN PEREZ: Yeah, absolutely. Tell me a little bit about yourself and then tell me what brings you on the show.
EMMA KANTOR: So I'm going on my first road trip in about a week and a half. And as excited as I am, I'm a bit nervous because I've never been on a road trip before. I am a little bit worried about my finances, things are pretty tight right now, so I just am looking for a way to have as much fun as possible, see as many places as possible without spending a ton of money.
CARMEN PEREZ: Where are you going? Are you going down the East Coast or are you going across?
EMMA KANTOR: So I'm going down to North Carolina. My hope is to kind of end up in Asheville because I've never been there. And I've heard great things.
CARMEN PEREZ: OK. So some of the things that you can consider just when planning your road trip, so gas. You need to figure out tolls, and that's something that you can be able to just Google quickly to estimate or approximate how much you're going to need to set aside for that. The next thing is where are you going be hanging out? Are you going to do couch surfing at friends' places along the way? Are you going to stay in a hotel? Or, perhaps, like find a campsite. Whatever that needs to look like for you, that's something that you just have to consider in the cost.
Other things to consider, just like food. if you have champagne taste, it might look like finding nice restaurants along the way, but not stopping at every single one. Other than that, packing food in the car and not buying it at rest areas because it can be really expensive. So being really intentional about your food and planning that out. And those costs are pretty known up front. If you can get a cooler, throw it in the back of your car.
Considering all of that, always budget a little bit more for each category because you never know what's going to happen. So it's always nice to have that unexpected expense category in your travel budget, if you have one, or something to consider. Maybe $100, $200 for a flat tire, if you need to call AAA, something to that effect.
EMMA KANTOR: Yeah. Definitely good to have some wiggle room. I didn't really think about that.
CARMEN PEREZ: Well, it's been so nice meeting and speaking with you, Emma. I wish you the best of luck on your trip.
EMMA KANTOR: Thank you so much.
CARMEN PEREZ: This sounds like it's going to be a lot of fun. And I can't wait to hear all about all the fun things you're going to do.
EMMA KANTOR: Thank you so much for all of your advice. It was so lovely meeting you.
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CARMEN PEREZ: So we've covered the budget basics of your next big trip, but before you hit the road, here are a few extra tips that will help save you a little money. Avoid traffic. Sitting in traffic eats up gas. So do your research and plan around heavy traffic, if you can. Learn how to change a tire. You don't want to deal with roadside assistance in a new area, so having someone who knows how to change a tire on the trip will not only save you time, it'll also save you money and stress.
Invest in a good cooler. Your body and your budget will thank you if you shop at a grocery store instead of gas station for snacks and food. All you need is a good cooler to eat fresh on the road. Tell your bank you're going on a trip. Save yourself the headache of getting your card declined, and tell your bank where you're going ahead of time. I'm Carmen Perez and this is "Getting Rich."
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