When I was looking to visit Iceland, I did a little research to see how expensive it was.
I looked at flights, accommodation, food, drinks, experiences, and everything else.
I was completely SHOCKED when I saw the prices I would have to pay to visit but I knew that it would be worth it so I started working on a plan to save up for my trip.
Today, I’ll be sharing the method I used to plan for and save up for my once-in-a-lifetime adventure in Iceland. I also use this method to plan for my other adventures.
The first thing you should do is check out the cost of things online to determine how much you might need for your trip. You can check prices in about 20 minutes to get a good understanding of how much money you should save up.
You’ll want to check:
To check airfare, search google flights for a range of dates to get an understanding of normal prices in each month. Try to book your travels for the cheapest months so that you can save the most.
Skyscanner is great for finding the cheapest month to visit a destination.
When researching accommodation, you can get a quick glance at locations and prices by using Booking.com, Airbnb, or Hostelworld
Because you will have to eat to survive, you should check the cost of eating out at a restaurant to get a good understanding of how much you might spend on a trip.
The best place to check out an average cost of a meal is Numbeo.com
You can search the specific city and see how much an average meal costs. You can also select the currency you would like to see the cost in.
Here is a sample search for Reykjavik, Iceland: (https://www.numbeo.com/cost-of-living/in/Reykjavik)
If you plan on renting a car, check out the prices on Booking.com to get a good understanding of what it might cost you.
If you will be using a transportation pass for busses or trains, have a look at Numbeo for the cost of this.
Do you know what experiences you would like to have while visiting?
Experiences can get expensive so it’s best to have a look at what it might cost before you go.
A good resource for this is Google. Just search “top 10 things to do in X city” to get a good understanding of what you can do while there. Most links will show prices so that you can get an idea of what it may cost.
Check out this link for an example: (https://www.google.com/search?q=top+10+things+to+do+in+iceland)
Make sure to record all those numbers so you can look at them all in one place.
After you have researched all the costs and found out the daily cost of renting a car, daily cost of accommodation, the daily cost of food, the cost of experiences that you want to have, and the average cost of airfare, you’ll need to decide how many days you want to visit the destination for.
Do you want to spend 3 days? 5 days? 3 weeks?
How much you need to save will depend significantly on this number.
When you know how many days you will stay, you need to do some simple maths to find the amount you need to save up.
To do this, multiply the number of days by the daily costs and add in the bigger one-time expenses.
For example, I want to visit Iceland for 5 days. These are the estimates below:
A car costs Rs. 2,500 per day x 5 days = Rs. 12,500 total
Accomodation costs Rs. 6,000 per day x 5 days = Rs. 30,000 total
Food costs Rs. 1,300 per meal x 3 meals per day x 5 days = Rs. 19,500 total
Airfare costs about Rs. 75,000 round-trip total
The Blue Lagoon experience costs about Rs. 4,000.
Other experiences are things like checking out waterfalls, which is free.
When added up, the total estimated cost = Rs. 141,000
Add another 15% as a margin for error.
So the total of the trip may cost about Rs. 162,000
That’s an expensive trip, however, now that we have the number we can determine how to save for it.
It’s time to put a plan together.
Now that we have a number we need to save up to travel (in our case Rs. 162,000), it’s time to start creating the plan and saving up for it.
The most simple way to save up for a trip is to take a percentage out of your paycheck every month, and keep it aside for your adventure. This takes time, but I have found it to be the most realistic and best way to save up for travelling.
If you make about Rs. 100,000 per month and save 15% every month (Rs. 15,000 saved per month), you will have to save up for about 11 months to reach your goal of Rs. 162,000
If you save up more than 15%, you can reach this goal faster, while if you save less than this, it will take longer to reach this goal. Speed will depend on how much you are willing and able to save.
Now, it’s just about consistently saving whatever percentage you are comfortable with every month, until you hit your goal.
Now you know the simple way to calculate the total cost of your trip and how to plan and save up for it.
I hope that these 3 steps will help you plan for your next unforgettable adventure!
At Best Flights India we try to help you lower the cost of travelling so that you can experience more and spend less. That is why I’ve put together an easy-to-read guide that will show you how you can save lakhs while travelling internationally, and still have a lot of fun on your trips.
You can get the full guide here: THE GUIDE
This guide will show you how to save on airfare, accommodation, food, experiences, and more!
Wishing you safe & happy travels,