Falcon’s Comprehensive Guide to Holiday Budgeting
How do you manage to book the budget holiday you’ve always wanted? One of the keys is by managing your finances correctly. Achieve this and the result can be a fabulous holiday of your own. We don’t want you to stay at home while your friends head away to sunny shores with their families. That’s why we’ve put together this guide on how to save up for a holiday and spend wisely while you’re travelling. Then you’ll be able to join in the storytelling when everyone is discussing their holidays.
Start by identifying what you’re spending already. Gather your household bills, receipts, bank statements and credit card bills and calculate a budget. This can be as simple as writing a list of credits and debits for a typical month, then examining them closely for places to cut spending.
Putting this budget together should prepare you for estimating the amount you can spend on your holiday. At the end of all this budgeting, you should have a way to control spending on a monthly basis and a clear plan for saving.
Trim down bills and debt
In your budget, you’ll have noticed areas in which you can cut spending. Could your utility bills be lower? Can you consolidate debts? Ask yourself these questions and make changes in your routine. If you can trim the fat in any areas, do so. You can then reroute this money into savings for a holiday.
On the go
Think of little ways to save money on the go. Make your morning coffee at home or at work, rather than buying it on the go. Take advantage of loyalty cards to save on the weekly shopping or other necessities. Look at your direct debits. Are you paying for something by direct debt that you could easily pay off in one lump sum?
Another idea is to set aside change, or even euro notes, whenever you get them. Put them in a jar labelled ‘Holidays’ and encourage your entire family to participate. It won’t fund your entire holiday, but it could result in some nice spending money while away.
Figuring out how to get from point A to point B is an essential part of holiday planning and is often the most costly part of a trip. When planning this part of your spending, think about alternative ways to travel and how convenient they are. While you’re on holiday, opt for buses, local trains and trams, bicycles or walking. If you’re not road tripping, why would you need to hire a car?
Food and drink
Instead of eating out everywhere, which quickly grows expensive, visit the local supermarkets and get some food in to make some packed lunches. If you do decide to eat out, see if you can find out from your hotel which restaurants the locals like to eat in, and do the same. They’re sure to know where you can get good food for an equally good price. You can also cut food costs by booking an all-inclusive package.
With these tips in mind, it’s time to get saving. Then you can look forward to jetting off to warm and sunny places, like everyone else. Not sure where to head? Check out our different destinations. There’s sure to be something to tempt you.