Going away on holiday can add up quicker than you want to, but there are some things that you can do to ensure that you don’t go blowing your holiday budget too quickly. This post gives some quick tips on how you can save money on your holiday.
On a side note – it is also worth being careful you don’t fall into the trap of being overcharged, such as has happened recently in Turkey!
So below are 5 ways that you can stretch your money further when you decide to go away on holiday.
1 – Make sure you do your research first
Nowadays there is zero reason for you to rush into committing to your holiday.
Doing a bit of pre-booking holiday research can save you money upfront, which will allow you to stretch your holiday budget that bit further. Holiday costs can easily spiral and so arming yourself with knowledge before hand can allow you to make smarter financial decisions.
Things to research are:
– Flights (if not done as a package holiday)
– Average costs of staples locally, and how they compare to home and other places.
– Costs of excursions that you fancy, sometimes you can get discount for booking early or online.
– Costs of restaurant meals
– Reviews of the area and hotels you are looking at
2 – Book last minute if you are flexible
Quite often, there are bargains to be found if you are brave enough to wait. You may not be able to get the exact location that you wanted, but you may be able to find some hidden gems.
Sites such as Lastminute.com are specialists in finding the last minute bargains you crave. A regular check can often find the great value last minute holiday. Most holiday websites have deal sections which are good to look at also.
3 – Shop around for Holiday Money…
Don’t be one of those people that buys their holiday cash at the airport! The rates you get there are generally horrible and you can always get better deals elsewhere.
Moneysavingexpert.com have an amazing tool that finds the best place to get holiday cash from. It also lets you know the best places to swap the money back if you are left with an excess at the end of your trip.
4 – …or even better use a Travel Card
There are certain specialist Travel Debit and Credit cards that allow you to pay in foreign currencies at pretty much exact exchange-rates. The reason they are great for travelling is because they don’t charge fees. Luckily more and more banks are now adopting these cards.
Revolut is a great example of one that I use.
Another great thing about using a Travel card is that you only spend what you need to and you won’t get to the end of your holiday with lots of extra cash you exchanged “just in case”.
5 – Don’t be so loose with your cash
Just because you are on holiday it doesn’t mean you have to over loose with your cash.
We are often guilty of it. If we have some foreign currency in our hands we can often think of it as monopoly money and don’t do the quick calculations of how much something really is. We just pass over the note without thinking, and just shout keep the change.
Having some smaller bills can help you needlessly flutter your holiday budget away. Having an idea as to how much things cost in your local currency can help you gauge the value you are getting.
I’m not saying that you can’t tip the waiter. You just need to make sure that you are getting the most enjoyment out of your holiday money.
So there you have it – 5 easy ways that you can save money on your holiday.
When reviewing a location or establishment, remember that people are more likely to leave reviews if they have had a bad experience rather than a good one. Looking for recurring trends in the feedback is a better indicator than one-off negative reviews.
A bonus tip is to make you sure that you have adequate Travel Insurance.
If things go wrong, you really want to make sure that you aren’t left with a large out of pocket expense. Medical bills when you are abroad can pile up and potentially be bankrupting depending on the severity of the accident. An uninsured mobile phone that is lost can be expensive to replace.
I know I would rather be over-insured than under-insured in these circumstances – just make sure that your insurance covers the possibilities. However, remember there is no point in having expensive electrical item cover if you haven’t taken any electronics.
If you want to take control of your finances create your own Financial Forecast today.