Travel Tips: How To Simplify Expense Sharing


It is so rewarding to travel with family and friends. Going on a journey and sharing awesome experiences only strengthen bonds. But group travel also brings its own array of frustrations, especially when it comes to dealing with group expenses.

Don’t let money disagreement turn your shared vacations sour. The keys to sharing group travel expenses are transparent communication and good planning.

Below are 5 expense sharing tips that will make sure your group travel remains as enjoyable as possible.

How to share group travel expenses

 

1. Have a talk up front

Never delay that awkward money talk. It is less painful to have it before than after the trip when resentments make people deaf and irritated.

A frank talk during the travel planning process puts everyone in the group on the same page of the overall mentality during the trip (budget or luxury), what expenses are considered shareable, and how to pay for group expenses as they happen.

2. Have an accurate estimation of costs

Research is everything when planning a trip. And when it comes to taking the pain out of group expense sharing, it is essential.

Find accurate costs of food, drink, accommodations, and entertainment for the places you will be visiting. Many restaurants and lodging options post their menus and prices online. Otherwise, you could always rely on digital guides, travel forums and blog to have a rough estimate of these things.

3. Have an agreement on group travel expenses

What should qualify as a group travel expense is not set in stone. Rentals, restauration, and entertainment are just some group travel planning matters that require consensus.

Once you’ve agreed on what are your shared expenses, time to set a budget for each of them so that everyone knows how much they need to contribute to the total travel budget. Put an estimated value on everything you are likely to split.

4. Have a plan

This is the result of all previous steps. If you have done everything right, you know exactly how much everyone should put in the bank. Not only that, but you will also be able to monitor the use of this pool of money and know when you are exceeding predictions.

5. Use a group travel expense manager

Sometimes, you don’t want to put money upfront and rather settle up after the trip. Because no matter how well you plan, unexpected expenses show up and some are not shared equally by all members of the group.

In this case, you will have to keep track of expenses along the road, collecting and sorting receipts. Otherwise, you could save yourself the pain and rely on an expense manager tailored to group travel. Try the Travefy Expense Manager which lets you easily split group travel expenses among designated individuals in the group.

Travefy Group Expense Manager

Group travel should be fun given that you take the necessary precautions to keep the pains out of it. When planning a trip, have the money talk as soon as possible and stick to what the group has agreed upon. How what your tricks for handling group travel expenses?