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Failing to stick to a travel budget can mean unexpected expenses can catch you (and your wallet) off guard.
Recent research suggests 1 in 5 of us rarely or never stick to a holiday budget. Over 55s are the main culprits, with just over 1 in 4 (26.38%) throwing the budgeting rulebook out of the window! To help you make and stick to a travel budget, we’ve outlined a few handy tips to ensure you can enjoy your next holiday stress and guilt-free.
Setting your priorities early can help ensure that necessary items in your everyday budget aren’t sacrificed during your trip.
Once you’ve decided on your destination and the time period you’ll be away, you can then draw up a list of expenses that you’ll need. At the very least you’ll need to consider travel expenses, accommodation, sightseeing/activities and food and drink. You’ll also want to leave room for unexpected additional expenses such as ATM withdrawal fees and in-situ travel costs.
You can use an online travel budget calculator to help you decide how much you need to budget for your holiday based on your destination, duration of stay and spending habits.
One way to ensure you respect your holiday budget is to set a daily limit for spending. Along with an overall budget, setting a daily limit will help ensure you stay within your means.
Creating a set of envelopes with only the cash budgeted for that day can help you ensure you’re not overspending, and anything left over can be added to the next day’s envelope.
Buying fewer unnecessary items is helpful to the planet, your wallet and your own peace of mind. But let’s be honest. Most of us spend a lot of money on souvenirs and airport treats for ourselves and family members that aren’t necessary and end up being forgotten about.
Research suggests 3 in 5 people buy things they don’t need at the airport. If you know you have a tendency to mindlessly splurge on travel gifts, it may be wise to build in time to research products before you decide you’ve found a good offer. For example, duty-free doesn’t necessarily equate to the cheapest offer for items, as VAT rates vary depending on location and local costs. It’s worth doing research before you make a purchase to curb impulse buying.
If you do treat yourself or others to a few gifts bought abroad, make sure the item can be transported and won’t be taken from you at airport security.
A good travel budget is a flexible one, so be prepared to face unexpected or impromptu costs. It’s worth bearing in mind that you should keep money aside for things you wouldn’t generally budget for, such as extra travel expenses, medical emergencies or impromptu events.
Keeping a record of your travel costs from previous trips can help you to identify areas where you’ve previously overspent, helping you manage your expectations and set realistic budgets in the future.
Kathy was a 50 something year old when she started up this blog 6 years ago, but has since turned over another decade and is now in her early 60s. She is married with two adult children and lives on the Tweed Coast of New South Wales, Australia. Kathy enjoys living life to the fullest and loves to keep fit and active by maintaining a healthy diet and exercising regularly. Some of her interests include reading, photography, travelling, cooking and blogging! Kathy works part-time as a freelance writer but her real passion is travelling and photographing brilliant destinations both within Australia and overseas and writing about it.