Budgeting for next year’s holiday – what to consider

Budgeting for next year’s holiday – what to consider

Holidays can be pricey, so it is worthwhile beginning any budgeting early so that you have plenty of time to save. A carefully thought out budget that considers all of your day-to-day expenses will show you exactly what spare money you have each month and give you an indication of your ability to save.

Price it up

One of the first things that you need to consider when budgeting for your holiday is how much money you can comfortably save. That is the money you have left after all your bills and food purchases; you should also allow some money for other items that might occur. 

Taking this amount into account you can then look around to see just what you will be able to afford for a holiday. Once you have a rough price for a holiday you will have a good idea of how much to save each month so you can pay for your holiday.

Check age restrictions

As your children get older, holiday prices can become something of a shock. Not only do prices rise during school holiday times but there are certain ages where children are no longer free or are considered adults when it comes to prices. These ages will vary from one company to another, so it is important to check the details with the airline, ferry company and accommodation that you are planning to use. It may also be necessary to see what happens if your child crosses an age threshold whilst you are away, so there are no nasty surprises. 

Holiday Insurance

Sometimes things happen that are beyond our control when it comes to holidays, a member of the party may fall ill before you travel making the holiday impossible. There are also those problems that occur due to the economic climate such as your travel operator going out of business. Holiday insurance doesn’t need to be expensive, but it can be a good way of protecting the money you have spent. 

Price rises

Unfortunately, when a holiday company does go under the prices other companies offer can go up, so this is something to be aware of. This is the nature of supply and demand economics and these prices rises may only be temporary in order to cover the gap in the market. It is worth taking this into account when planning your holiday budget and saving a little extra just in case.

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