8 Smart Holiday Budgeting Tips We All Need
Holidays can be an exciting and fulfilling way to rest and rejuvenate from the hustle and bustle of everyday life. However, it can also be a time of great expense if not planned properly. In the US, couples spend in excess of $3,800 for a week in the sun, and that doesn’t include spending money!
The average cost of a hotel in Brisbane in comparison is 95 Australian dollars. Thankfully, with some smart budgeting tips, you can enjoy all the exciting aspects of a holiday without draining your finances.
Set a Spending Limit
The first step to smart holiday budgeting is to set a spending limit. Decide how much money you are comfortable spending without negatively impacting your finances. Once you have a number, break it down into specific categories like accommodation, food, activities, and transportation. This will help you keep track of your spending and avoid overspending on any one category.
Travel in the Off-Season
Consider traveling during the off-season as prices are often cheaper than peak season. Research the best travel times for your desired destination and plan your holiday during those times. You can also consider taking a holiday at a nearby destination to reduce travel costs. Instead of flying abroad the peak travel season, look for out of season deals. It will save you money.
Book in Advance
Booking your holiday early can often result in great savings. Flight fares, hotel rooms and holiday packages typically increase as the travel date approaches. By booking ahead of time, you can take advantage of early bird specials and avoid higher prices. This is especially the case if you are traveling with children, as holiday operators often offer free child places, but they tend to sell out quickly.
Choose Affordable Accommodations
Accommodation is often one of the biggest expenses of any holiday. Consider alternative accommodation options like hostels, Airbnb and holiday rentals, as they are often less expensive than hotels. Not only do these options provide affordable accommodations, but they also offer amenities like kitchens where you can prepare your meals and save on dining expenses.
Look for Deals and Discounts
Be on the lookout for discounts and deals throughout your holiday planning process, and you can find deals on accommodation and flights. Look for hotels that offer free breakfast or include attraction tickets in their room rates. You can also save on activities by researching free things to do in your destination and by taking advantage of coupon codes or group discounts.
Choose Public Transportation
Choosing public transportation options like buses, trains or subway systems is often a more affordable option than renting a car or using ride-sharing services. Consider getting a travel pass for a more economical method of getting around if you’ll be using public transportation frequently. You can also choose to walk or bike around town, which is both budget-friendly and healthy.
Packing smartly for your holiday can save you money on checked and carry-on luggage fees. Only pack what is absolutely necessary. You can also save money on toiletries by packing travel-sized items or purchasing them at your destination.
Plan for Unexpected Expenses
It’s important to plan for unexpected expenses, like emergency medical bills or lost luggage fees, when budgeting for your holiday. Always carry a reasonable amount of cash that can cover these costs, or consider purchasing travel insurance in case of problems. Take a credit card in case of emergencies, but choose one that offers preferential rates for overseas spending.
Holidays are meant to be a time of relaxation and fun, not financial stress. With smart holiday budgeting tips, you can enjoy all the excitement and adventure while staying within your budget.