How to Share Expenses when Traveling
Research the area where you are traveling, in order to find out accurate costs., Establish what your shared expenses will be., Agree to a travel mentality., Create a budget before you leave on your trip., Pay for large expenses, like plane tickets...
Step-by-Step Guide
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Step 1: Research the area where you are traveling
Many travel blogs, websites and books, like Lonely Planet Guides or Bootsnall.com, will tell you what the average cost of food and hotels are.
Take into account currency exchange rates. -
Step 2: in order to find out accurate costs.
Everyone should be comfortable with the costs that you share.
Discuss any concerns you have with sharing expenses at this time. , Decide if you are all committed to traveling frugally or extravagantly.
Establish a general cost to aim for breakfast, lunch and dinner, to avoid meal frustrations if someone is ordering more expensive meals. , Include hotels, transportation, food, tips, guided tours, drinks and anything else you are likely to split.
Create a table in Excel and round up all expenses slightly to account for unforeseen expenses. , Since each person's financial situation is different, large expenses should be dealt with according to personal budget.
Unlike smaller travel expenses, sharing large expenses can provoke stress associated with immediate reimbursement or credit card limits. , Search online for travel cards from major credit card companies, such as Visa or MasterCard.
A pre-paid card can be used to pay for hotel reservations, tickets and food costs and it can be used at an ATM.
In case of theft, a pre-paid card offers you more protection.
Although it would be distressing to lose your shared money, a pre-paid card is not linked to your bank account.
The thief will not be able to withdraw more than you planned on spending on the trip or rack up credit card debt.
Make sure that if you are taking money out of an ATM with a pre-paid credit card, you split the money evenly or you pay for the services all at once. , If the people who are traveling are using smart phones, then these can act like a sophisticated expense sheet, totaling up costs after each expense. , Place it in a designated area in a piece of luggage or a backpack.
Whenever there is a receipt for a shared expense, place it in the envelope. , For instance, if you just visited a restaurant, you might write "Jamie paid" or "Travel card" and then "Lunch Day
6." Keep a marker in your envelope and make sure the expense is indicated before the receipt is filed.
If someone wants to be extravagant at dinner 1 night, they can stick a note in the envelope indicating how much more their meal was than the budgeted cost.
Later on, you can include this figure as you settle up the costs. , Input all of your receipts and notes into your spreadsheet.
If there is extra money on a pre-paid card, you can request the balance from the bank or use it to pay off anyone who is owed money. -
Step 3: Establish what your shared expenses will be.
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Step 4: Agree to a travel mentality.
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Step 5: Create a budget before you leave on your trip.
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Step 6: Pay for large expenses
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Step 7: like plane tickets
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Step 8: separately.
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Step 9: Buy a pre-paid travel card that covers your shared expenses budget.
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Step 10: Download an expense sharing app
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Step 11: such as Travel Money - Share Expenses
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Step 12: Conmigo or Expensure.
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Step 13: Bring a sturdy folder or envelope to include all expense receipts.
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Step 14: Write down the method of payment and the expense on each receipt.
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Step 15: Settle up immediately when you get home.
Detailed Guide
Many travel blogs, websites and books, like Lonely Planet Guides or Bootsnall.com, will tell you what the average cost of food and hotels are.
Take into account currency exchange rates.
Everyone should be comfortable with the costs that you share.
Discuss any concerns you have with sharing expenses at this time. , Decide if you are all committed to traveling frugally or extravagantly.
Establish a general cost to aim for breakfast, lunch and dinner, to avoid meal frustrations if someone is ordering more expensive meals. , Include hotels, transportation, food, tips, guided tours, drinks and anything else you are likely to split.
Create a table in Excel and round up all expenses slightly to account for unforeseen expenses. , Since each person's financial situation is different, large expenses should be dealt with according to personal budget.
Unlike smaller travel expenses, sharing large expenses can provoke stress associated with immediate reimbursement or credit card limits. , Search online for travel cards from major credit card companies, such as Visa or MasterCard.
A pre-paid card can be used to pay for hotel reservations, tickets and food costs and it can be used at an ATM.
In case of theft, a pre-paid card offers you more protection.
Although it would be distressing to lose your shared money, a pre-paid card is not linked to your bank account.
The thief will not be able to withdraw more than you planned on spending on the trip or rack up credit card debt.
Make sure that if you are taking money out of an ATM with a pre-paid credit card, you split the money evenly or you pay for the services all at once. , If the people who are traveling are using smart phones, then these can act like a sophisticated expense sheet, totaling up costs after each expense. , Place it in a designated area in a piece of luggage or a backpack.
Whenever there is a receipt for a shared expense, place it in the envelope. , For instance, if you just visited a restaurant, you might write "Jamie paid" or "Travel card" and then "Lunch Day
6." Keep a marker in your envelope and make sure the expense is indicated before the receipt is filed.
If someone wants to be extravagant at dinner 1 night, they can stick a note in the envelope indicating how much more their meal was than the budgeted cost.
Later on, you can include this figure as you settle up the costs. , Input all of your receipts and notes into your spreadsheet.
If there is extra money on a pre-paid card, you can request the balance from the bank or use it to pay off anyone who is owed money.
About the Author
Edward West
Professional writer focused on creating easy-to-follow cooking tutorials.
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