The general consensus is that you should have $50 to $100 in cash per day for each traveler. However, this amount could vary considerably depending on where you are vacationing. Some destinations are more cash-friendly than others.
People Also Ask
In general, you should expect it to cost between $25,000 to $35,000 per person to travel around the world for a year. This rough estimate comes from reading travel budgets of other bloggers, various travel planning resources, and our own experience.
But for long-term budget travel, I usually recommend planning to spend at least $1500 per month. So that means to backpack around the world for 6-months, you should have at least $9000 in your bank account before you leave. See my Travel Banking Tips & Guide for more info.
Many people set aside 5-10% of their net yearly income for leisure travel, but this can vary greatly based on the type of vacations they're planning. Another popular budgeting option is the 50/30/20 rule: 50% of net income is spent on things you need. 30% of net income is spent on things you want.
So, you might be wondering - how much cash should I bring on a three-week vacation to Europe? You can use the costs in our table above, and the $100-per-day rule of thumb, to calculate how much money you'll need for your trip. So for a three-week trip, you'll be needing over $2,000.
A one-week mid-range couple trip typically costs around $2,400, while a luxury vacation will cost $5,000 and above. Plan to spend about $3,500 for a two-week couple trip. You should expect to spend about $4,800 if you're planning a mid-range couple's vacation.
In summary, the cost of a trip to Turkey can vary depending on your preferences and the time of year. On average, budget travelers can expect to spend around $40 to $60 per day, while mid-range travelers may spend between $100 to $150 per day. Luxury travelers should budget at least $200 per day.
Visa and Mastercard are widely accepted in most European cities. American Express is too, but perhaps less widely. Paying by card can be easier and more convenient. You don't need to worry about changing money at a foreign exchange counter, or worry about security when carrying cash around with you.
In all, I try to keep monthly spending under $2,500 (not including my business spending). And even with this as my budget ceiling, I often come in under. A few months ago, I did the math on the 30+ real Europe travel budgets linked below (scroll down for links) and the monthly average came in at $1,637.
If managed carefully, a $5,000 budget is more than enough to eat and drink your way across the continent on a 10-day or two-week trip –or perhaps even longer.
One of the most common types of percentage-based budgets is the 50/30/20 rule. The idea is to divide your income into three categories, spending 50% on needs, 30% on wants, and 20% on savings.