Some indications about my income and expenditure patterns may be in order.
I save more than 50% of my salary and I earn about 5 times the minimum wage in my country. I am in my early forties.
I am not married and I don't intend to. My parents are self-sufficient financially.
I do not own a house and I don't intend to buy one either. Ditto for medical insurance. I currently live in accommodation provided by my organization.
I have zero debt and have always been like that.
I have recently developed a fancy for travel and seeing places. But then, our desires are unlimited, and money isn't. So I want to set aside a travel budget and kinda "indulge" within the budget. I can do small trips for a few years, accumulate some money and do a big trip (like foreign trip) every few years. I can increase my travel budget according to inflation or my salary increase. I am a budget traveller for the most, but once in a while, I let go and indulge.
I want to know if there is a "thumb rule" ( I am a huge fan of thumb rules) about what percentage of one's disposable income or spendable income should one set aside for travel ? Or, in general, for similar recreational activities or fun-loving activities or luxuries, in case travel is not your forte ?
For instance, I set aside 3% of my salary for charity. I have seen thumb rules for how much insurance one must have, some N times your salary etc. Apart for "whatever works for you", are there any factors I should take into consideration while setting my travel budget ? And is there a thumb rule ?