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How to create a holiday budget and stick to it

Finance & Money

Posted on Friday, November 22, 2019

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Here are a few budget travel tips to help you stick to your financial plan, while still having a great time.

 

1. Work out holiday expenses in advance

 

Make a list of all your holiday expenses, which include transport costs, accommodation, food, and activities. This will give you an idea of how much you really need in order to make this holiday happen and will eliminate any unexpected surprises when you’re away.

 

2. Look at your monthly budget

 

If you don’t already have a designated holiday savings plan in place, then it’s a good idea to start one as soon as possible. You can open a savings account specifically for this purpose. Look at your current monthly budget and work out where you can tighten or cut out other things in order to free up the extra money needed for your holiday.

 

3. Set a daily travel limit

 

No one wants to come home early from their holiday because they ran out of money, so divide up what you have to spend per day, bearing in mind food, transport and accommodation, as well as any activities you plan to do. Some days you might go way over this daily amount, and other days you might be under, so try to ensure it all balances out as much as possible.

 

4. Avoid the more expensive tours

 

While they might strike you as the easiest option, tours and organised activities can cost a lot and the expense quickly adds up. Why not rather do it yourself? With a little research, you can plan your days and experiences according to your own means.

 

5. Travel with people on a similar budget

 

When going away with people who have a lot more money than you, you may find yourself overspending, or not being able to join in on the activities or meals out. That’s no fun for anyone. If your favourite travel companions do have more to spend, talk about it in advance and let them know where you stand so you can easily opt out of the expensive restaurants and activities and make your own plans for those days instead.

 

6. Track your spending

 

Set a certain amount to spend at the beginning of your holiday and split it up into weekly or daily spend. You can use a notebook or an app to track how your holiday spending and slow down your spending where necessary.

 

7. Visit hotspots during the off-season

 

Every location has its quiet season when prices are generally lower. You can get a better deal on accommodation and favourite tourist destinations when you visit during their off-peak time.

 

8. When you do splurge, make it count

 

Everyone has different priorities when it comes to a holiday – it may be shark-cage diving, eating only the best food or having a sea view. Consider this when putting your budget together. A few frugal days will be well worth it if you are able to cross something awesome off your bucket list. 

 

 

The information contained in this article is for information purposes only and does not constitute professional advice.

 

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