Why should I plan a holiday budget?
Holidays are exciting, so it’s really easy to get carried away and let costs get out of hand.
There’s nothing relaxing about getting into debt to spend a week or two in the sun, so it’s a good idea to sit down and work out what you want to spend and how you’re going to afford it first.
You can use our calculator to make sure you’ve thought about and included all your costs in your holiday planning, so you’re better prepared to save for them, or cut back a bit if you need to.
References:
[1]Average price purchased data recorded by theidol.com for single-trip travel insurance, split by those with medical conditions and without, from 1 January to 31 December 2020.
How to save and budget for your trip
1. Use our calculator to get an idea of how much your trip will cost. Divide the total by the number of months before your holiday and you’ll know how much to save each month.
2. If it’s too much, think about where you could cut back a bit.
3. Check for cheaper accommodation if you haven’t already paid for it.
4. Ask a neighbour, friend or family member to care for your pet instead of hiring a petsitter.
5. Do without the souvenirs and make do with memories – but remember to bring something back for that caring person that looked after your pets.
6. Consider a cheaper destination where the cost of living is lower.
7. Check for cheaper flights and try booking them separately to your accommodation.
8. Set a daily food budget and research the cost of eating out before you travel. Think about how you can self-cater some of the time or find cheap street food snacks.
9. Research the best exchange rates and exchange money before you travel. Don't withdraw cash abroad.
10. Travel during the off-peak season and outside school holiday times if you can.
First published 16 April 2021
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