MoneyMagpie

May 08

Five budgeting tips for summer vacation

Ready to take your summer vacation? Before you book those flights, it’s wise to check your financial situation and begin saving early in order to ensure you’ll have the funds you need to make the most of your stay. Read on for five essential tips that will help you budget for your hard-earned holiday.

 

1. Make a plan

It’s wise to think about everything you want to do while on vacation well in advance of your trip. Look online for activities and find out how much they will cost to give you a better idea of what your spending habits will look like. Research the bars, restaurants, and events that fit with your budget weeks or months before the location, reading feedback from past customers to strike the perfect balance between quality and value. You can make your budget go so much further by choosing activities in advance.

 

2. Decide on a budget

Nobody wants to return home to an empty bank account, so decide how much you want to spend and find out how much you will need available when your break has come to an end. Though it may be tough to identify the exact figure, getting a strong idea of your limits will help you keep your head above water financially. No one wants to worry about their finances while on holiday as that may spoil the experience you’ve worked so hard for. That being said, try to keep holiday money completely separate from funds you need for household bills and similar expenses so you’re not dipping into cash meant for keeping the lights on and food on the table when you return.

 

3. Open a bank account

One way to ensure your holiday funds are separate from your day-to-day living costs back home is to open up a bank account for your vacation budget. As soon as you’ve opened the account, you can start saving immediately. It’s best to do this at your earliest opportunity so you can start getting funds together right now and make guilt-free purchases whilst on your break. If you’re going on holiday with your partner, friends, or family, consider opening a mutual savings account so you can all contribute to the vacation pot. If funds are limited, why not sit out a few nights out and add the funds that you would have spent to your holiday budget?

 

4. Be flexible

If you don’t have the cash to realistically afford a trip to your dream destination, consider heading somewhere less high-profile or avoid the tourist hot spots. There are many affordable places to visit that don’t have the exposure costlier destinations do, and you can also save money by looking for the best deals on hotels and flights. See if it’s possible to leave a day before or after originally planned in order to cut costs.

 

5. Use vouchers

Make the most of facilities such as discount sites that will help you save money on eating, drinking, and other holiday activities like visiting museums and theme parks. It only takes a few moments to start tracking down suitable discounts online that will help you spread your funds in your chosen destination without compromising the quality of your break.

 

MoneyMagpie UKpower
Compare Current Accounts
Get your free Experian credit score with Credit Matcher

WHAT DO YOU THINK?

Add your comments here

Related Articles

Experian Financial Control
 

Make Money and Save Money

ideas for everyone
 

Send this to a friend