Get Holiday Travel Budget

Older Americans plan on spending more, overall, on travel in 2019 than younger people. Baby Boomers plan to spend an average of $6,600 on travel this year, while Gen Xers plan to spend $5,400 and Millennials $4,400, according to AARP.

Older Americans plan on spending more, overall, on travel in 2019 than younger people. Baby Boomers plan to spend an average of $6,600 on travel this year, while Gen Xers plan to spend $5,400 and Millennials $4,400, according to AARP.

For the sake of argument, let's average a comfortable RTW year-long trip at $24,000. If you break that down monthly, a Round the World trip will cost one person around $2,000 per month, taking everything into consideration. For many people it's cheaper to be on the road than staying at home.

For a typical trip within the U.S., people spend an average of about $581 and go away for about four nights (the cost of a domestic vacation was less than $500 back in 2005). Their travel costs per day are now about $144.

The cost of traveling around the world for a year depends a lot on your travel style and destinations. The minimal budget is around $12,000 for one person if traveling budget-style in cheap countries. If you add more developed high-income countries, a minimum $25,000 is a good rough estimate.

The average person spends around $1,200 on vacation per year. For a family of 4, this means around $4,800. This can equal as much as 8-9% of the average household income. This amount takes into account transportation, lodging, food, and entertainment.

The cost of traveling around the world for a year depends a lot on your travel style and destinations. The minimal budget is around $12,000 for one person if traveling budget-style in cheap countries. If you add more developed high-income countries, a minimum $25,000 is a good rough estimate.

The average person spends around $1,200 on vacation per year. For a family of 4, this means around $4,800. This can equal as much as 8-9% of the average household income. This amount takes into account transportation, lodging, food, and entertainment.

Figure out what you can afford In this plan, 50% of your income goes toward fixed costs like your mortgage, utilities, food and childcare; 30% is for discretionary spending; and 20% is saved. Travel falls within that 30% sleeve and a percentage of that 30% can be allocated to your vacations, said Simonson.

In general, you should expect it to cost between $20,000 to $30,000 per person to travel around the world for a year. This rough estimate comes from reading travel budgets of other bloggers, various travel planning resources, and our own experience. This is just the midrange.