Tips for Creating and Sticking to a Travel Budget

Are you heading off on holiday in the coming months? Chances are you’ll be thinking about how much money you’ll be able to take with you. It’s important to have a budget planned out so that you can do what you want, when you want.

Here are five great tips for creating and sticking to a travel budget

  1. Work out how much you’ll need, then add a bit extra

Think about the bigger costs, like flights and accommodation, then take food, attractions and transport while you’re there into account as well. If you’re travelling with people, ask them if there’s anything they really want to do while you’re away so you can factor that in. If you’re taking children with you, this is an easy way to help them feel invested in the holiday (which means their behaviour is likely to be better!)

Once you’ve got a figure, add on a bit extra as a safety buffer. This will cover you in an emergency or if there are any unexpected costs to pay.

You can use tools like the one by Travelex to help you calculate your budget.

  1. Put small amounts of money aside leading up to the holiday

Once your holiday is booked, you can start putting cash aside. See what changes you could make to your everyday life to help fund your adventures. For example, you could try saving the money you’d normally spend on takeaway coffee and bring a flask from home instead.

You’d be surprised how quickly these small amounts add up.

  1. Plan around a birthday

This might not be possible for everyone, but if you plan your trip soon after your birthday, you can enlist the help of friends and family by asking them to help fund your holiday instead of getting you a present. If they want to get you something, they could help you buy anything you’ll need while you’re away, such as a new rucksack or pair of shoes.

It doesn’t have to be a lot — but it could make all the difference. 

  1. Travel at off-peak times

It can be more tiring when you travel early in the morning or late at night, but it’s a good way to save money and ensure you don’t go over your budget. Travelling at off-peak times is considerably cheaper and you or the kids might fall asleep on the journey, which cuts out boring wait times.

  1. Don’t forget about travel insurance

Most trips go smoothly, so a lot people think travel insurance is an unnecessary expense. However, if you do need medical care then the cost can be extortionate — for example, the cost of having a doctor with you on a flight from Australia to the UK can be up to £20,000.

Save yourself the worry and shop around for a suitable travel insurance policy instead. It’s worth it for the peace of mind alone.

 

 Bear these tips in mind next time you plan a holiday and you’ll spend less time worrying out money, and more time enjoying yourself.

How do you save money before a holiday? Let me know in the comments.

 

*This is a collaborative post

 

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