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Step 1
If you're traveling with a group of friends, be sure to put someone in charge. The leader of your trip should keep everyone in the loop about destination and budget requirements. A good way to begin is to plan a meeting with all the traveling companions to decide on these things together. The leader should also be given emergency contact information for all the travelers. They can take on the responsibility of carrying out all the travel and transportation arrangements too. It's easier to coordinate and make sure you all end up together if one person acts as the go-to for tickets and scheduling.
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Step 2
Decide where to go. What climate do you prefer? Do you want to go to the beach, mountains or maybe even an urban destination? Do you want to stay in country or do you want to travel abroad? One factor you must consider in your destination is budget. Most college campuses have student travel agencies that are a good source of information and help. Ask other friends where they have gone in the past, and what it cost for the entire expedition. Do your research ahead of time and you'll be less likely to blow your budget when you get there. Be sure the money to get there, and to get home, is untouchable.
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Step 3
Understand that budgeting your trip is the most important part. If you each have a total budget of $500, you won't be traveling far, and even at a cheap motel, won't last for more than about three days. A more realistic savings goal will be upwards of $800 each for a week of play. Be practical when you plan--if sharing beds and sleeping on the in-room sofa are fine--go ahead, but most hotels have limits on how many guests they'll allow in a room. You also need to be sure to plan money for food and entertainment.
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Step 4
Have a realistic idea of expenses. A typical day's expenses for one person, with four people traveling together, all sharing a room with two double beds, will look something like the following breakdown, but you should also add about $25 a day for unforeseen expenses like gifts and whimsical buys. Consider transportation costs. With gas prices around $3.00 a gallon, once you arrive at your destination you'll be spending at least $150 in gasoline for a week's vacation, or more. Air travel is expensive, even with student's rates. Gauge expenses for a room. Expect to pay $25 each, per day, and don't expect room service at this price. Look for places that offer free breakfast to help cut some expense down, or set your sights and your expectations on a youth hostel. You can also look into vacation rentals at homes and timeshares for some possible discount options. For food, allocate $40 each per day if you'll be eating all your meals in restaurants and won't be preparing any in your room. If you have kitchen facilities, your food bill may decrease to about $20 each, per day. Be sure to plan enough budget to have at least one or two nice dinner meals while you're away, at about $45 per meal. As for entertainment, have a budget of $50, per day, minimum.
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Step 5
Get as many of your prices and cost estimates down on paper and make sure everyone has all they money they'll need ahead of time. Then, whatever the "real" expense figure on your breakdown shows, add at least $25 additional, per day, each, to be on the safe side.
