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Holiday Budget Tips
With the summer holidays approaching, many of us are planning our holiday, while some of us are still wondering if we will have the money to enjoy a break away this year.
While getting a holiday at least once a year is something that most of us try to secure, sometimes the expense of it can become too much. It can be easy to overspend when it comes to going on holiday, especially if there is a few of you all going on the same trip.
If you are going away as a family then you have to consider the cost of taking your children away, travel companies often considerably increase their prices during school holiday periods.
Trying to work out a budget for your holiday can sometimes be overwhelming and daunting, so we have put together this helpful guide with three tips to get you started.
Work Out Your Expenses
Firstly, you should work out how much a holiday would cost you in total. Even if you don’t know the exact figures yet, you should still write down the different expenses that you will have to cover.
It is important that every single expense feature on this list, as then you can be realistic about what you can afford to spend.
For example, if you plan to go away abroad with your family then you should check that all passports are valid and if not, then factor in the cost of getting passports renewed. These are the sort of costs that creep up on you when you haven’t remembered to budget for them.
Make a List
Going away often requires extra purchases and expenses on top of the cost of the holiday. For example, if you plan to go camping this year for your break away, then you will need to make a list of all the equipment that you need to take with you.
Similarly, if you are going abroad then you need to factor in the cost of a summer wardrobe to keep you cool while you are away. When making a list of the different things you need to pay for, you may be surprised at how long a list it becomes, regardless of your budget.
Set a Spending Limit
While it is important that you have worked out all the different expenses that you will need to pay for while working out your holiday budget, you also need to set a spending limit on it.
It would be easy to book a 5-star long-haul luxury holiday but paying it off wouldn’t be quite so easy. Think about what you can afford to pay before looking at what holidays are available and be sure to stick to the budget that you have set.
Even if you don’t have a lot of money to put towards a holiday this year, by following this guide and being aware of the budget you have available, you will be able to enjoy a break away from 9 to 5 life without spending the rest of the year paying it off.