So, you're finally in the process of planning that much-needed break. You've most likely picked the ideal destination and extensively researched it. But amongst all the excitement, you might have that nagging doubt of how much your finances will be impacted.
From deciding on your mode of travel to your hotel or resort, there are a myriad of expenses that will eat into your savings every step of the way. So, how do you ensure you save as much as possible? Enter a holiday budget.
A set budget is a great way to plan your holiday, and will help you:
• Stay focused on making cost-effective decisions.
• Set priorities so that you know where you can make compromises.
• Give you that indispensable peace of mind that your expenses aren't going beyond your control.
• Set a good example for your kids so that they grow into financially responsible adults.
A well-designed budget will include all the expenses you can possibly think of.
Firstly, start with your highest costs, including flights and accommodation, and work your way down to food, shopping, entertainment and various other miscellaneous expenses.
Regardless of where your holiday destination is, here are some practical steps from &Solved that will help you ensure those purse strings are well managed:
1. Use a count-down app
Countdown apps are handy mobile apps designed to help track your expenses before, during and after going on a holiday.
Easy to use, a countdown app has daily budget features, which will help you organise and monitor your expenses.
Some even provide you with options of attaching your credit cards and other payment sources while recording your holiday purchases so that you can tally them up later.
2. Book flights in advance
In all likelihood, your airfare will account for a big chunk of your budget.
Airlines are aware that people look to save on their expensive flight tickets, so it's become a regular practice for most air carriers to advertise special early bird rates and offer heavy discounts for travellers who book their tickets up well in advance.
Plus, by choosing to fly mid-week or on an important holiday, you will save those valuable dollars.
3. Organise travel insurance early
Regardless of whether you’re travelling domestically or internationally, don't even consider travelling without insurance.
Murphy’s law says that when you least expect it, something will go wrong.
So if you’re not covered with a comprehensive plan, it will not only put you in a world of inconvenience but will also be frightfully expensive.
4. Make a daily travel budget
Estimating how much you need for everyday expenses will help you mitigate the risk of going overboard.
Whether it’s food, entertainment, sightseeing or shopping, budgeting for these expenses will help you stick within the specific daily allowance.
And if you do cross the limit on any given day, compromising on something that isn't important will help you bring your expenses back under control.
5. Use public transport
When it comes to exploring your holiday destination, one of the most cost-effective solutions is to travel by public transport.
If the place you're visiting has a robust transportation system, consider avoiding that rental car or taxi ride.
As well as saving you a considerable amount of money, transport like buses and trains will allow you to take in a lot of the local scenery and culture, which will add to the charm of your trip.
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