Create a budget for your summer holiday

Sam Jackson

June 21, 2011

November 13, 2018

Create a budget for your summer holiday

For those of you who are aching to get away on holiday but are afraid you may end up spending more than you'd like to, have you ever considered creating a comprehensive holiday budget for yourself? It's a really easy thing to do, and the bit of forward planning it entails will ensure that you're in complete control of what you're spending at all times.

Learning how to budget money isn't rocket science. Don't be put off by what might, at first, seem like micro-organisation. If you're strapped for cash but would rather continue living, to some degree, in the style to which you've become so accustomed, then keeping a tighter rein on what you're spending your money on is the only way you can.

Transport

So first, ask yourself, “What kind of holiday can I afford?” Look into how much your transport will cost (flights, train, airport transfers, taxis, vehicle hire) from door to door. While the price of your flights, for example, might initially appear to be a bargain, it may well be because the airport you've chosen to fly to is miles away from where you want to be. Obviously, if you don't account for things like this, then your budget could end up being way under what you need to even get to your holiday destination.

Accommodation

Next, what kind of accommodation are you looking for? Have a look at what's on offer at your chosen destination and decide whether or not you're being realistic. If you've never stayed in a hostel before, then why not take a look into what's around? While they may be basic, they're also often very clean, well maintained, friendly and a great place to meet some fun holiday buddies.

Rent out your home

There's also a growing trend for people to rent out their homes to holidaymakers while they themselves are away – there are some amazing properties on offer for a fraction of the price you might expect to pay in a hotel, plus they're self-catering and will be well-equipped, which will, of course, have a positive impact on your budget.

Food

Next, there's food. Eating what the locals eat is a major part of going on holiday for many people, so the best thing to do if you're a bit of a foodie is to do your research about where's good and cheap. Don't fall into the trap of trying to find somewhere while you're there and you're starving – it'll only lead you into a low-quality, over-priced tourist trap. Include snacks and drinks in this part of your budget, too – don't, and your overspending will very soon add up.

Sight seeing

What do you want to do while you're there? If you want to see the sights and visit galleries, museums and other places of interest, then find out how much they are and plan them into your budget.

Travel insurance

And finally, it's vital that you purchase yourself a good travel insurance plan. If anything were to happen – be it loss, theft, injury, delays or even cancellations, then you could end up seriously out of pocket. It's also important that your travel insurance policy is appropriate for where you're going.

Sam Jackson

Money Dashboard

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