You can download and try our holiday budgeting calculator for free here and don’t forget to read what benefits it can bring to your personal finance. Tim Fisher from CreditCard.com.au created this calculator. Feel free to contact Tim Fisher here if you have aby further questions and concerns.
Introduction
Planning a Holiday should be an exciting new side project to enliven up your day to day working life. It’s about planning experiences, adventures and good times with friends and family, making you are heading off on a rite of passage on your own? Unfortunately (unlike the song) sometimes the best things in life aren’t free. They can also be very expensive, but no matter what your taste a good holiday should be affordable and within reach of even the modest budget.
So, just how much money will you need? It’s the one of the most important questions we ask ourselves again and again for the rest of our lives. There are a few things you might need to consider and its best to have a budget in place before you start spending, after all no one likes unexpected expenses to come up at the last minute.
What type of Holiday are you going on?
Are you jet setting off to a far away land? Or hiring a car and driving up the coast? Perhaps you’re going on a cruise ship or mountain climbing in the Himalayas? Whatever your plans? Wherever you go it is always a good idea to plan ahead. Some holidays are all inclusive, they include meals, transfers and accommodation, and others nothing is included. So take a moment to ask yourself, what type of holiday are you taking?
How much money do you need to spend?
The answer to this question is going to be different depending on your destination. Some typical holiday expenses include; Airfares, Accommodation, Foreign exchange, Travel insurance, Food, Entertainment, Visas and passports, Sightseeing and activities, Transport (hire cars, public systems), Emergency expenses.
Most of this information is available before you leave, especially the big ticket items like airfares and accommodation. But don’t lose sight of the day to day expense as these can quickly add up too. Its always a good idea to have a little extra in case of emergency too.
Are you travelling alone?
Who you are travelling with can also have a profound effec to n your budget. Famalies with children require a different plan to travelling with friends. In a family for example you might find that you are able to discounts for children on accomodation. And when travelling with friends its a good idea to discuss and chose your budgets together.
Do the math?
It’s really important to plan ahead. There is a famous expression ‘most people don’t plan to fail, they fail to plan’. Don’t let this come true with your holiday budget. With proper planning and a good understanding of your budget your holiday will be a great success and you will come home refreshed and inspired (time to start planning the next adventure).
Start saving now
Whether you’re planning a costal trek or European museum tour it’s never too soon to put a little extra money aside. As you can see there are a lot of things to consider when budgeting your holiday. Who knows? With a good budget perhaps there will be a little left over for some shopping.
Summary
A good budget will help you get the most from your holiday. Work out how much you need and don’t forget to allow for day to day expenses too. Your holiday budget will put you in control, showing you where and what you can afford. Giving you the confidence to enjoy yourself and relax, after all it’s your holiday.
