If you’re lucky enough to have a holiday planned, it can be easy to get lost in the excitement of it all and forget about the financial side of things – especially if it’s your first trip abroad since COVID-19.
But with the price of almost everything on the rise and the cost of pre-travel prep higher than ever, making a holiday budget can help you stay in control whether you have decided to splurge in style or keep costs down.
It is easier said than done and it can be difficult to know where to start but with 68% of people overspending when out-of-office, it has never been more important to make a holiday budget.
In this guide, we’ll let you know how to make a holiday budget and stick to it whether you are counting down the days until your next solo trip, couples’ break, or family holiday.
Why choose Creditfix?
- Write off unsecured debts over £6,000
- Stop interest and charges soaring
- Reduced payments from £110 per month
Solo trip
If you have decided to be brave and go it alone, solo travel can be a fantastic opportunity to enjoy some much-needed “me” time, explore at a pace that suits you, and, more importantly, spend your money however you choose.
But with fewer people to foot the bill, you can end up spending more than you bargained for within a matter of minutes.
Finding the right date and time to book a solo trip is no easy task but with most travel experts agreeing that the earlier you book, the cheaper it will be, shopping around for travel deals in advance can help you slash the cost of transport, accommodation, and food before your plane has even left the tarmac.
If you’re not too fussy about how you get around or where you stay, booking a bed in a hostel instead of a hotel and relying on local transport links instead of taxis can also help you cut out unnecessary costs and make the most of your solo trip on the cheap.
Couples’ break
The best thing about couples’ breaks is that they tend to be the most cost-effective and, as a result, can be a little cheaper than solo trips and family holidays.
This is because you can split the cost of large purchases between you and your partner and maximise couples deals to get the most bang for your buck with the price of a double room sometimes less than the price of a single room with a private bathroom.
Before you book a couples’ break, have a conversation with your other half and decide what you would rather save on (tours, excursions, and food) and splurge on (accommodation, non-stop flights, travel insurance). This can help you determine your needs, wants, and priorities and identify areas where you can cut costs.
If you find it hard to sit still on holiday but your partner prefers to take it easy, making a couple of compromises can also help you find a middle ground and bring your budget down.
Family holiday
It might sound obvious but the more people that are travelling, the more expensive it will be – especially if the kids are coming with you.
But whilst international plane tickets tend to be between 50% to 80% cheaper for kids than adults, it can cost a fortune to keep your little ones entertained from dusk till dawn.
Because of this, most households start budgeting for a family holiday several months in advance, pay for package holidays in instalments, and book flights and accommodation separately.
It might also cost slightly more up-front to book all-inclusive, but with food, drinks, and snacks covered by a flat fee before you even arrive, you can take the cost of food out of the equation when making a holiday budget and focus on additional extras.
This can keep your kids happy and fed for less and allow you to concentrate on the most important thing: having fun in the sun.
Why choose Creditfix?
- Write off unsecured debts over £6,000
- Stop interest and charges soaring
- Reduced payments from £110 per month
