I just finished making a budget for my first six weeks in London this summer. I’m hoping that by the six-week mark I’ll have a job and I won’t have to rely on savings. I built in a little room in my budget just in case. By my calculations I’ll need just over $6,200 CAD to be comfortable and be able to eat out sometimes or grab a beer. I’ve currently saved about $4,300, so I’m doing pretty well.
There are many things you need to consider when you make a travel budget:
- Travel Insurance
- Visa cost
- Going out/Alcohol
- Getting around/transit
Of course the costs of each of these things vary, depending on your priorities. My only advice is to be honest when you make your budget about what you’ll actually be spending your money on. If you like to go out drinking every night (which I’m often inclined to do), then plan for it. It’s also best to budget by the day because its easy to track.
You should plan to spend £15-£20 per day on food and another £15-20 per day on accommodation in London. Of course you could do it cheaper if you cook something like pasta and beans every day or shared a bedroom with someone else. A typical beer costs about £4 at a pub in London and I budgeted this separately. I plan to travel around England on my weekends (fight the crowds at Stonehenge) so I gave myself £130 a week for sightseeing, though of course, I will cut this out, if I’m having trouble getting a job.
In case you’re curious, this is the budget I have created: (I figured it would be easier to budget in pounds and then convert to Canadian at the end).
First six weeks
|Already Paid||Need to Save|