planning a budget… when you don’t know how much things cost June 25, 2008
Posted by deepali in budget.trackback
So I find myself facing a unique challenge now:
I am going to Mongolia next year for 10 months. For the remaining two months, I will be at my current job. I budget a year at a time, except I can’t really do that next year. For January and February, things will remain the same, but come March, everything gets turned upside down. To make things tougher, I plan to spend the first part of the following year traveling.
For now, I’m trying to make a list of known expenses, and then I will start googling and/or asking people in my network for estimates of costs. Here is where I stand now:
1. International flight. The flight to Mongolia can really vary, depending how I want to go about doing this. Even more complicated is the fact that I can’t really book a return flight. I will be talking to the travel agents to get an estimate for this, but for now, I’m eying $3000 roundtrip.
2. Housing. I will be renting an apartment in Ulaan Baatar. Ideally, it would be a month-to-month option, fully furnished, with utilities included (hot water please!). I will be asking my local partners for help on this, in the hopes that they will find something cheaper than I would (being an expat). Currently, I’m looking at $300/month, or $3000 total.
3. Food and Entertainment. I need to eat. Mongolia is a primarliy meat and dairy country, and I am a vegetarian. So I expect that my daily diet will be more expensive than the norm. I think I can use my estimate for my current monthly costs, and assume that, even with more expensive vegetables, I won’t be spending more than I do now. I will budget $200/month, or $2000 total.
4. Equipment. I will need some technical equipment for my project. Specifically, I need ArcGIS software and a GPS unit. I am shopping around for some deals, but I don’t want to skimp on this. So I think I will need $1000.
5. Language classes. I need to be able to get around. Usually, I find that some instruction in advance, plus some intensive study when I arrive is the best option. The advance instruction is difficult to budget for, but I will assume that the courses I’ve found online will suffice. In addition, I’ve been told that private tutors in Mongolia can be had for $5/hour. So, the advance online course ($800) plus the intensive instruction (100 hours) means I need $1300.
6. In-country travel. I will need to travel around in country to do my project. I would also like to take in some sights. This is an area about which I am unsure, so I cannot budget properly. But assuming 12 weeks of travel at $30/day, that would be $2520. I will round up to $3000.
This brings my total to $13, 300 for ten months in Mongolia. My grant covers $14, 500, which brings it pretty close (given that I have not accounted for miscellaneous expenses). There are some areas I can cut back (like finding a cheaper place to live), but I think my best option will be to seek additional funding. There are a couple places I can try.
Beyond the fellowship, I plan to travel. I’ll save that cost breakdown for a future post.
[...] from Paradigm Shifted talks about Planning a Budget When You Don’t Know How Much Things Cost, as she plans for a long term trip out of the country next [...]
[...] planning a budget when you don’t know how much things cost @ paradigm shifted – I really, really want to go to Mongolia. I’ve wanted to go for the last 9 years. I need to put it higher up on the to do list. [...]
Insurance costs? To cover travel, health, theft or damage to equipment and possessions, legal costs (worst case)?
@ Shefaly – Health insurance is provided, and I’ve bundled travel insurance into the cost of the flights. But maybe a blanket travel insurance policy (for in-country) would be useful. I’ll have to see about rental insurance….