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If you’re lucky enough to be in the process of planning a whirlwind trip to Iceland, simply continue reading to discover how to budget for your upcoming trip!
How much money should I take on holiday to Iceland?
Factoring in accommodation costs as well as the cost of food and activities you should budget to spend between £260 and £340 per day.
If you’ve already booked and paid for your accommodation and are simply looking to budget for activities, food, and souvenirs aim to put aside around £150 for each day of your trip.
1. Budgeting for accommodation
Accommodation in Iceland can be pricey especially in Iceland’s capital city Reykjavik. As an example, if you’re interested in staying in a centrally located 3-star hotel which boasts modern facilities, expect to pay between £135-£230 per night.
Alternatively, if you’re comfortable with the idea of sharing a bathroom, you can expect to pay between £70-£115 to stay in a private room, which has access to a communal bathroom.
2. Budgeting for activities and attractions
One of the reasons why you should aim to budget £150 per day on activities, food, and souvenirs is that some of the activities which are likely to be highlights of your trip will cost around £75.
As an example, chances are that you’re planning to visit the world-famous Blue Lagoon, which is a natural hot pool which is located in the heart of a stunning volcanic landscape.
Should you choose to soak in the Blue Lagoon’s geothermal waters, expect to pay between £65-£90 pounds depending on whether you opt for a general admission package or a premium package.
Other examples of pricey activities which are worth splashing out on include guided hikes to some of Iceland’s majestic waterfalls as well as a helicopter ride over Iceland’s geysers and volcanoes. However, keep in mind that most of Iceland’s natural attractions are 100% free to visit and easy to visit if you choose to hire your own rental car.
3. Budgeting for your meals
If you aim to eat out at a cafe or restaurant for every meal expect to spend around £15-£19 per meal, which means that you should budget around £45-£50 per day for your meals. However, if you plan on ordering drinks it may be wiser to budget £75 a day for your meals.
If you’re not the type of traveller who has to dine out for every meal, you may prefer to purchase food from a local grocery store, which should set you back around £7.50 per meal.
Keep in mind that it’s common for hotels in Iceland to offer shared kitchen facilities, which will make preparing your own meals, a breeze.
Another way to cut down on your food costs is to choose to stay at a hotel which offers a complimentary breakfast every morning.
4. Hiring a rental car
If you’d love to be able to drive to nearby attractions, instead of having to book a day trip or relying on public transportation, you may want to consider hiring a rental car.
Typically a rental car will cost £170-£200 per week for a midsize automatic car. While if you’re more interested in hiring a large SUV, expect to pay between £450- £530 per week.
If you choose to hire a rental car, chances are that you’ll have to refuel your rental car at least once, which is an added expense, which you’ll have to factor into your travel costs.
If you’re curious about some of the types of souvenirs which you’ll be able to pick up during your trip to Iceland, it’s well worth trying to pick up high-quality items which are unique to Iceland.
As an example, if you spend some of your vacation hiking around some of Iceland’s volcanoes, or flying over some of Iceland’s volcanoes, you may want to consider purchasing genuine lava rock jewellery.
Either as a souvenir for yourself or a gift for a loved one. While lava rock jewellery is sold in jewellery stores you can also pick up an expensive £20 lava rock necklace from a market stall.
Other examples of souvenirs which you may want to factor into your budget include a traditional Icelandic sweater, Blue Lagoon branded beauty products and Reyka branded vodka!
In conclusion, if you plan on flying to Iceland in the near future aim to budget £165 per day on activities, attractions, and food. While if you factor in accommodation costs aim to budget for around £260-£340 of expenses per day!
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