Who doesn't love a holiday! They are a time for relaxation and enjoyment, but they can also be a source of financial stress. Between the cost of travel, accommodation, food, and activities, a trip away can quickly become expensive. To help you make the most of your holiday without breaking the bank, here are 8 tips for managing your holiday money:
1. Set a budget
Before you start booking flights and hotels, sit down and figure out how much you can afford to spend on your holiday. Be realistic and factor in all of your expenses, including travel, accommodation, food, activities, and any shopping along the way.
If you include a buffer in your budget (that you can afford), unexpected or increased costs can be absorbed without stress. Remember, the goal of your holiday is to have fun and relax, not to accumulate debt or financial worry.
Download our Trip Budget Planner to help you with this tip!
2. Book in advance
Booking your flights, accommodation, and activities in advance can help you save money on your holiday and ensure you don’t miss out on anything you really want to do. Many airlines and hotels offer discounts for early bookings, so it's worth doing your research and booking as soon as you can.
Booking in advance also gives you time to compare prices and find the best deals. You can use comparison sites to find the best prices on flights and hotels, and look for discounts and promotions on activities and attractions.
3. Be flexible
Being flexible with your travel plans can also help you find a better price. For example, if you're flexible with your travel dates, you may be able to find cheaper flights or hotel rooms. You can also save money by travelling during off-peak periods, when prices are lower.
Being flexible with your itinerary can also help. Rather than booking expensive guided tours or activities, consider exploring on your own or taking advantage of free activities and attractions.
4. Avoid foreign transaction fees
If you're travelling overseas, it's important to be aware of foreign transaction fees. Many banks and credit cards charge fees for transactions made in foreign currencies, which can add up quickly and eat into your holiday budget.
To avoid foreign transaction fees, consider using a card like Wise. You can hold multiple currencies, pay lower fees, have the option to have a physical card and/or digital card and the app is easy to use.
5. Embrace the local cuisine
One of the best ways to experience the local culture is through its food. Exploring local eateries can often be kinder to your wallet than dining at fancy tourist traps. So, be adventurous and try out street food, local markets, and family-owned restaurants. Not only will you get a taste of authentic cuisine, but you'll also save some bucks to splurge on other exciting activities during your trip.
6. Try local experiences
While popular tourist attractions can be amazing, they often come with a hefty price tag. Some of the most memorable experiences can be found off the beaten path, where you can discover hidden gems that won't drain your wallet. Chat with locals, do some online research, or seek recommendations from fellow travellers to uncover those lesser-known spots, whether it's a charming local park, a picturesque hiking trail, or a cozy café tucked away in a quiet alley. Not only will you save money, but you'll also create unforgettable memories.
7. Try house-sitting
If you're up for an adventurous and cost-effective accommodation option, consider house-sitting or home exchange. Websites and platforms connect travellers who are willing to swap homes with each other or look after someone's house while they're away. This can be a fantastic way to experience a new destination while enjoying the comforts of a home without spending a fortune on hotels or rentals. If you like animals, there are also pet-sitting websites that can connect you with pet owners who are looking for someone to look after their pets and houses while they are out of town.
8. Keep up with regular bills
While you are planning your trip, make a note of any bills due or any other payments that will happen while you are away. Ensure you have enough in your account to cover these on top of your holiday spending. The last thing you want is your trip to cause any late payments/debt for your regular expenses.
By following these 8 tips for managing your holiday money, you can have a fantastic time away without breaking the bank. With a little planning and smart financial decisions, you can enjoy your holiday to the fullest while maintaining financial peace of mind. So go ahead, start planning your dream trip, and make every penny count!
The information contained on this site is the opinion of the individual author(s) based on their personal opinions, observation, research, and years of experience. The information offered by this website is general education only and is not meant to be taken as individualised financial advice, legal advice, tax advice, or any other kind of advice.