Booking a luxury trip is a bucket list entry for millions of people. And if you’re reading this, you’re likely to be one of them! But seeing as a luxury trip is going to be one of the most expensive things you’ve ever forked out for, it might be a while before you actually have the budget to plan one!
So start saving today. And to make sure you have a proper idea of what it’s going to cost you, we’ve put together a little reference guide for the expenses you’re likely to run into. Check that out below.
The average cost of luxury travel
Luxury travel has a massive price tag attached to it. Understanding the average cost is the first step in building your budget for the trip - and your long term savings plan.
So, where do you want to go? Luxury destinations exist all over the world, and there’s always a luxury option available when you’re planning out your itinerary. That being said, a luxury trip somewhere like Lake Como could cost you $2000+ per person for one week.
And what do you want to do when you’re there? Fancy taking a private helicopter trip? It might just cost you $1000+ per hour. Want to hire a yacht for the day from a charter company like Phoenix Yacht Management? Luxury boat hires tend to cost at least $25,000-$30,000 per week.
All in all, you’re probably thinking that your luxury travel budget needs to be bigger than you first thought! It’s something that takes a lot of people by surprise, so you’re not alone there.
But you can try to keep the cost down. A reliable way to do this is to only do one (or maybe two) luxury things on your trip.
For example, staying in a high-end, four to five star hotel for only one day, and then booking into a more reasonably priced, mid-range hotel the rest of the time. If you do that, you don’t then book the first class plane ticket, or you only book first class on one leg of the journey.
You’ll still need some emergency savings
Don’t forget that while saving for your luxury trip, you’re still going to need savings elsewhere in your life. Anything could happen between now and your ideal trip date, and you could need spare cash to deal with it.
That means your savings plan needs to account for the usual emergency fund while also letting you put money in the luxury pot. This might just extend your savings period by a few more months, or it could even double or triple the length entirely.
But it’s best to work this out now, to get a more realistic view of your savings’ future while nothing has been set in stone.
If you’ve got a luxury trip in mind, don’t underestimate the cost!
*contributed post*
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