With the recent rise in the cost of living squeezing household budgets, it’s no surprise many people are rethinking their summer holiday plans. But a fun-filled summer doesn’t have to break the bank.
This article will offer handy smart money tracking and budgeting tips to ensure your summer holiday plans can go ahead without a hitch.
Set a holiday budget
Planning is key, and a realistic budget is the foundation for a stress-free holiday. Before booking anything, sit down and determine how much you can realistically afford to spend on your summer break. Take into account your regular expenses, existing debts, and any unexpected costs that might pop up.
Use financial apps
There’s a wealth of free and paid financial apps available, many designed specifically for budgeting and tracking expenses. These financial apps can help you manage your money by categorizing your spending and highlighting areas where you can cut back.
Cut unnecessary expenses
Summer often coincides with a rise in impulse spending as the warm weather brings with it more socializing and spending time out of the house enjoying the sunshine with friends and family.
You’ll find that spending money on things like day trips, pub lunches and coffee on the go soon starts to add up. This can have a big impact on any potential savings and make it harder to reach your financial goals.
To free up extra cash for your holiday, take the time to analyze your regular expenses. Can you downgrade that gym membership or skip the fancy coffee for a week? Even the smallest of changes to your routine spending can add up and will make it easier for you to put money aside for the summer holidays.
Look for deals
There are always deals to be found if you know where to look. Travel websites and apps like Skyscanner and Kayak aggregate flights and accommodation deals for easy comparison.
Consider traveling in the weeks just before or after peak season when prices are often lower. Don’t discount staycations either. Explore exciting activities in your local area or around the UK and you might be surprised by hidden gems you’ll uncover.
Plan activities in advance
Many tourist attractions offer discounts for booking tickets in advance. You can also save money by packing lunches for sightseeing days instead of relying solely on restaurants or grabbing food on the go.
Another great idea to help you save money is to research free activities available in your chosen destination such as parks, museums with free entry days, and local festivals. They can provide fun and enriching experiences without blowing your budget.
Consider alternative travel options
Thinking beyond traditional flights and hotels could help you save money too. Explore options like train travel, especially for domestic trips within the UK.
Hostels and budget-friendly Airbnb accommodations can be comfortable and cost-effective alternatives to hotels. Or you could research camping sites if you’re up for an adventurous outdoor experience!
