Friday, April 8, 2011

How much money should I save?

Question:


So, in 2 years (or more specifically, the winter of 2013) my mom is going to take me to Japan if I save enough money for all of my expenses. I know it will need to be a lot of money, but can someone give me an estimate, if I need money to get there and back ( from california), stay somewhere, eat, and do some recreational things for a week, how much (estimate) do I need to save up in US dollars?

Answer:


depends on what your mom expects you to pay for.

Does she expect you to pay for airfare? if yes, assume $1500 (most likely it will be less but better err on the high side)
Does she expect to pay for your hotel room? if yes, assume $200 per night (it may be less but you have no control over what type of hotel she picks)
Does she expect you to pay for your own food? if yes, assume $100 per day (you could eat for less but if you are with her, you might not be able to control the type of restaurant you end up at and what the prices will be)
Does she expect you to pay for transportation, souvenirs, trinkets, etc.? If yes, assume $200-$300 for the trip

Overall, I would imagine that she wants you to contribute some of the cost. If this is the case, $2000-$3000 would be plenty. If she expects you to pay for everything AND you have no control on what airline you fly, what hotel you stay at, what restaurant you eat at, etc. then better save at least $5000

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