6 steps to creating the perfect holiday budget
A holiday budget can be the difference between the trip of a lifetime and one that falls short of the mark. Managing your money the right way will ensure you don’t have to miss out on anything important, but also don’t return thousands of dollars in debt.
Here are six steps to creating the perfect one.
1. Determine how much you’re willing to spend
The first thing you need to do when devising your budget is figuring out the upper limit of what you’re willing to spend. Start with the most expensive items and work your way down. Flights, accommodation, tours, then go into smaller daily expenses like museum entry fees and meals. Make sure you allow for the occasional splurge as well!
2. Don’t forget to add in the pre-trip expenses
One things many people forget to add to their holiday budget are the pre-trip expenses like visas, travel insurance, immunisations and any travel accessories you might be looking to purchase for your trip. Failing to take these expenses into account before you head off might leave you with less spare change in your pocket while you’re overseas.
3. But remember, be realistic in terms of how much you can save
If you’re planning an around the world trip in October and it’s already August, there’s only going to be so much money you can save. If it looks as though you might not be able to get the funds together in time, it might be worth waiting a little longer.
4. Make sure you research any money savings tips
Now that you’ve put your budget together, it’s time to start saving up. The internet has a wealth of money savings tips, so you can figure out how you can save money before you trip has started, and how you can keep expenses down once you’re on the road.
5. Know how to handle your money on the road
After you’ve budgeted it’s important to figure out how you’re going to manage your money on the road. One of the best options is a travel money card, allowing you to access money at a reasonable rate from a maximum amount of locations.
Preloading your card with a foreign currency at the start of your trip is the best way to be sure that you can access money when you’re on the go.
6. Don’t forget to prioritise your happiness!
But, perhaps the most important thing is to make sure you prioritise your happiness. In the end of the day you’re going on a holiday to have fun, and enjoy yourself, and if that means spending a little bit of extra money then perhaps you should do it!
What do you do when budgeting for a trip? Are there any tips we should add?
Let us know in the comments.
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