How to Avoid Overspending on Holiday this Year

Do you know How to Avoid Overspending on Holiday this Year?

Photo by CC user Ju5tMe on Pixabay

A carefully planned overseas holiday vacation can help ensure that you will have more positive and lasting memories of your trip. One very important aspect of planning, especially for holidays, is budget planning. You don’t have to have a degree in Finance or even Economics to perform a simple budget plan to avoid overspending on holidays this year. It would be pointless going on a holiday if it means you will be financially strapped upon your return. So, here are some ways to help you avoid overspending on holiday.

  • Create a simple budget plan – Making a budget plan is relatively easy. All you have to do is to brainstorm to identify potential expenses before, during, and after your holiday. For example, you will have to consider your travel and accommodations as well as any inherent paper works. You will also have to list down food, travel, and other expenses during your stay in the country. This can include shopping money, fees for amusement parks, tour guides, night life adventures, and so on and so forth. You may need to research on the country that you will be spending your holiday in.

Once you have an idea of most of your expenses, you can add a buffer for your budget. For example, if you computed 5,000 Euros as your budget, you can add a 1,000 Euro buffer to make it 6,000 Euros. It is important to categorize your budget into major areas like transportation, accommodation, food, and others. Allot how much of the 5,000 Euro budget you need for each of these areas. Don’t include your buffer. This should only be used for emergency purposes. Additionally, you need to discipline yourself to stick to your budget. Don’t ever think that since you have a 1,000 Euro buffer you can already splurge. Again, the key point in avoiding overspending is sticking with your budget.

  • Take advantage of tour promotions – Be it airline tickets or even hotel accommodations, be always on the lookout for good deals. Some companies even provide discount coupons you can present to them. Most airlines offer reduced rates if you book early enough. Transportation services in your holiday destination can also be arranged with at a much earlier date and receive some form of discounts. The point is for you to look for company promotions that can give you the best deals.
  • Get an EHIC – You will still need a travel insurance but getting an European Health Insurance Card from My EHIC is a lot better especially if you will be spending a holiday in any EU or EFTA country. This health card allows you access to the public health care services of the country you are visiting. You can avail of these services at a reduced cost or even provided to you with no obligation on your part. Now, if you don’t visit any EU or EFTA country, then you need a travel insurance. It should save you tons of money as well from unforeseen events.

Traveling is fun. However, it is important to have a budget plan so you won’t be returning home crying because you have simply overspent your holiday.

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