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Planning Holiday Costs: How Can You Budget Your Holiday?

Planning Holiday Costs: How Can You Budget Your Holiday?

Getting sorted for your next adventure? Whether you’re planning a road trip with the family or a romantic retreat with your partner, getting organised now means saving time and energy on the trip.

As any experienced traveller knows, budgeting can make or break a holiday. In this guide, we’ve explained some of the most practical tips to help you plan and manage your holiday finances effectively. 

  1. Set realistic expectations

You should start by assessing your overall financial situation to work out how much you can afford to allocate for your holiday. 

Think about all the potential expenses you could incur, including travel, accommodation, food, activities and unexpected costs. To stay within your budget, you’ll need to set limits on what you can spend each day.

If you’re travelling somewhere that uses a different currency, try to shop around for the best exchange rates. This makes your money go further and means you won’t fall for any bad deals. 

  1. Choosing affordable destinations

You can save more money than you might think by choosing your location carefully. This doesn’t need to mean avoiding your dream destination entirely; sometimes saving comes down to many other factors.

For the best prices, we recommend travelling during the periods just before or shortly after the peak tourist seasons. These are known as ‘shoulder seasons’ and typically include late spring and early autumn.

For example, choosing to visit Scotland in autumn can be both economical and breathtakingly beautiful – and you’ll avoid the worst of midge season too.

  1. Booking flights and accommodation strategically

Use comparison websites and handy online tools to find the lowest prices on flights and accommodation. Some days of the week are typically cheaper than others for travel, particularly Tuesdays. 

Paying attention to the departure time could also help you save money. Early morning flights are nearly always cheaper, but make sure that your outbound journey won’t compromise your enjoyment of the trip. 

You could also consider alternative accommodation options like pet-sitting or house swaps to reduce your accommodation costs. Last year, looking after animals was even described as a way to travel the world for free.

See Also

  1. Using financial tools

From mobile banking apps to pre-paid debit cards, there are plenty of ways to stay responsible with your money while you’re away. You could also consider using travel-friendly credit cards that offer favourable exchange rates and no transaction fees. 

Some cards even add value to your spending through cashback offers and other incentives. For example, the NatWest Travel Reward Credit Card offers 1% cashback on travel expenses abroad without foreign transaction fees. 

  1. Managing daily expenses on the move

Finally, don’t forget to plan your daily spending carefully. You should set money aside for all the basics, including:

  • Daily meals
  • Local transport
  • Activities and attractions
  • Shopping
  • Souvenirs

If you’re staying in self-catered accommodation or have kitchen facilities available, it could be worth preparing your own meals to save a little bit more. Be wary of additional expenses like mobile data roaming charges, especially if you enjoy sharing holiday snaps on social media.

With careful planning and a sensible approach to spending, you can have a brilliant time on holiday and still have money to spend once you get home. Have fun!

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