You must be counting down to your next annual leave this summer. And guess what? You deserve it! It’s your chance to prioritize yourself, reflect on things, and set work aside to have a blast. But hold on a second – while holidays are thrilling, they can also drain your bank account if not planned properly. The last thing you want is to struggle financially when you’re back home. So, how can you ensure you don’t go broke or overspend on your holiday? Well, worry not! You can find the answer right here:
1. Have a plan
First things first, make a solid plan. Figure out where you want to go, what you want to do, and how much money you’re willing to spend. Research costs for accommodation, travel, food, and fun stuff. It’ll help you make smarter choices and avoid overspending.
2. Set a budget
It’s essential advice we all know: don’t go overboard with the spending. The best way to do this is to set a budget that won’t leave you broke when you get back. Split your money into travel, accommodation, meals, and entertainment categories. Stick to those limits and keep track of your spending along the way.
3. Utilize cheap (or free) options
Who says you have to splurge on everything? Embrace the cheap and free options. Look for affordable accommodations, like budget hotels or cozy rentals. Explore free attractions, public parks, and local markets. Score discounts and coupons for activities and chow down on delicious street food without breaking the bank.
4. Prioritize experiences
Remember, it’s all about the memories, not the material things. Skip the souvenir overload and focus on experiences. Take part in cooking classes, join walking tours, visit beautiful beaches, or catch cultural events. These are the moments that’ll stay with you forever.
5. Spend smart
Don’t go wild with your wallet, and be a savvy spender. Ask yourself if that impulse buy is worth it and if it fits your budget. Whip up some of your meals to save on dining out. Opt for public transport or walk instead of overspending on taxis.
6. Keep an eye on your finances
Make sure you check your balance now and then. Although it’s essential to disconnect and not constantly check your bank balance, keeping tabs on your account can ensure your spending matches your budget. It’s easy to get swept up in the enjoyment of ‘living your best life,’ but staying on top of your finances can avoid nasty surprises.
Bondora tip: Start investing now towards your next holiday >>
Ideas for vacation activities that won’t break the bank
Of course, just because you have money to spend doesn’t mean you should! There are plenty of free or cheap options to use during your vacation time. Here are just a few ideas to get you started:
- Save money by exploring free hiking trails.
- Be prepared for unpredictable weather by having alternative plans ready. If rain interrupts your hiking plans, pivot to indoor activities like visiting a museum.
- Secure the best deals and availability by planning your travel at least six months in advance, and keep an eye out for low-season offers. Remember that you can book flights up to 364 days ahead.
- Make the most of family vacations by planning free activities for the kids. Bring swim gear, toys, or a badminton set if traveling by car for fun-filled and cost-free entertainment.
- Engage in an educational and bonding experience by organizing a woodland exploration, where you can search for different tree leaves and learn about nature together.
Want even more ideas for a finance-friendly summer vacation? Check out this article.