It’s time for the trip to leave the group chat and actually happen! 🫡 If you and your friends are already dreaming of your 2025 vacation, now’s the perfect time to start planning—and saving. Because let’s be real, no one wants to be the friend scrambling for cash or dropping out at the last minute.
If you want your next group trip to go smoothly and make sure everyone’s getting their money’s worth, I’ve got you covered with these financial tips:
1. Talk Travel Styles Early
Before you even think about booking, have a conversation about everyone’s travel vibe. Is your group more into lounging by the pool, or are y’all adrenaline junkies who want non-stop excursions? Maybe some people are a mix of both? This conversation is important so you’re not disappointed when some folks want a chill spa day while others want to be ziplining. Align early to make sure everyone’s feeling good about how their money is being spent.
2. Know Everyone’s Budget
This is a must. Before you start booking anything—flights, hotels, or activities—ask about everyone’s budget. Money can be a touchy subject, but it’s better to get it all out in the open upfront. You don’t want someone feeling stressed or left out because the trip is more expensive than they planned for. On the other hand, you don’t want someone ready to blow a big bag and be disappointed that no one else is willing to spend with them. Get clear on everyone’s financial comfort zone so no one feels pressured (or cheap) during the trip.
3. Set Opt-In Deadlines
We all know that friend who’s super excited about the trip in the group chat but then disappears when it’s time to send the money. To avoid that drama, set clear deadlines for people to opt in or out of the trip. And this part is important: if they’re in, they’ve got to send their money. No money, no commitment. This way, you know exactly who’s serious, and you can move forward without the maybes holding things up.
4. Use Splitwise to Split Costs
When it comes to splitting costs, don’t rely on group texts or mental math. Download an app like Splitwise to make it easy. It tracks all the shared expenses like meals, Ubers, or tours, and calculates who owes what. You’ll avoid those awkward conversations about money and make sure everyone pays their fair share. Here is a video I made explaining how Splitwise works.
5. Deposits = Non-Refundable
Let’s set this boundary right now: once deposits are made, they are non-refundable. If someone backs out after a certain date, well, sucks to suck! Everyone needs to understand that travel bookings often come with strict policies, and dropping out at the last minute could mess up the group’s plans (and pockets).
6. Assign a Treasurer
One of the easiest ways to handle group finances is to assign one person as the “treasurer.” This person handles all the group payments (like hotels, excursions, or rentals) and collects the money from everyone else. The golden rule here? The treasurer doesn’t pay for anything until they’ve received funds from everyone by the opt-in date. No one should have to chase people for money!
7. Build in a Buffer
Pro tip: make sure everyone saves a little more than the actual budget. Why? Because unexpected expenses always pop up—whether it’s extra baggage fees, a spontaneous group dinner, or that souvenir shopping spree. A financial buffer keeps things stress-free and allows for a little flexibility during the trip. I like to budget at least an extra 20% of my expected expenses as a buffer.
8. Keep the Communication Open
Throughout the planning process, talk to each other. Seriously, open communication is key to making sure everyone’s on the same page. Whether it’s updates on budget changes or reminders about deadlines, keep the group chat active. This way, everyone knows exactly what’s going on with their money and the trip details.
Now that you’ve got the financial side handled, it’s time to stop dreaming and start planning! Whether it’s Bali, Mexico, or Nigeria, these tips will help you and your friends plan a trip without any of the usual money headaches.
Got any other tips for planning a group trip? Let me know in the comments! Happy traveling!
xo,
Reni
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