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Holiday Spending – How to have fun without breaking the bank

Aug 11, 2017
 

 

 

I’m sure you’re familiar with this scenario. You go on holiday and you’re so excited. You’ve been looking forward to it for weeks or months and when you finally get off that plane all you really want to do is to let your hair down, to relax and yes, you also want to treat yourself because you’ve worked very hard. That’s great, and of course perfectly understandable. However, if you’re trying to build a solid financial future then giving yourself carte blanche to spend whatever you like on holiday is not perhaps the best way to go about it. And, actually, I’ve worked with many people who have done very well in terms of saving for their future or paying off their debts for several months but then they go away on holiday and, without even realizing it, almost end up blowing their whole plan. So I don’t mean to be Mr. Doom and Gloom but if you’re going on holiday there’s just a couple of things that you should bear in mind which should hopefully keep you on track.

First, you need to have a budget. It doesn’t have to be incredibly detailed but you should take a few minutes to work out how much you can afford to spend during that holiday and then, once you’ve done so, make sure that you stick to that budget. That is not always as easy as it sounds but there are two techniques you can follow which will help. Either take your budgeted spending money out in cash or alternatively buy a pre-loaded debit card which has just the amount on it you’ve budgeted to spend. That way you know that you won’t run the risk of overspending.

The second thing you should do is, as far as possible, to avoid using your credit cards. As we all know, even with the best of intentions, it’s so easy to lose track of how much we’re spending on such cards, and so what happens is that we generally spend beyond our means without even realizing it. These days a debit card will do just as well, particularly for bigger ticket items, such as when you’re paying for flights or a hotel.

Follow those simple steps and you’ll not only have a great time but will also have the peace of mind that your finances will still be in decent shape when you return home.

 

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