Going for a holiday can be very expensive, but there are various ways you can book and also plan your holidays cheaply thus saving you money.
Things can get expensive very easily with travel costs such as, eating in restaurants, activities, and staying in the hotels. Essentially, there are different ways of reducing these expenses during your holiday. Here is how to save money on holiday.
Make a budget
The first thing is to plan a spending budget where you create the spreadsheet that lists all the expenses like
entertainment, accommodation, and food, among others and indicates how much you will be allowed to spend every week. You can then look at the item which can be reduced in terms of money. Maybe you are planning to spend so much on clothing every week or movies, then you can reduce this for you to save more. Come up with a savings goal plan where you will know the amount you will save every week.
Open up a bank account for your holiday funds
It is a good idea to create a separate bank account before your holiday because it`s the best way to keep an eye on your vacation savings. Likewise, it will restrict you from spending the money, as you will be accountable for often putting money in the travel fund. Even though it is a little amount each week, by the time you will travel you should have a good amount of money towards the holiday.
Do some research
There are different ways you can save money during your holiday so try doing some research. You can watch out for special offers on flights, travel deals and hotel discounts. There are numerous discount websites like Groupon that normally have affordable travel packages on offer. You save money with groupon on hotels, eating out and lots more.
Quite often you will find moving your flight a day or two forward or back may also give you a better price, be sure to explore all days around the time you wish to travel.
If you are going abroad, also keep an eye on the exchange rates. You will get the better deal on the foreign currency when the dollar is at its strongest price. Also the day of week you exchange your money can have a big effect on the rate you get, for example, on weekends Forex markets are closed which means that most foreign currency exchange services will use the last quote on Friday. In using this, they will usually place a small mark-up to account for any risk that the following Monday’s rate my change to.
There usually aren’t sufficient foreign currency cashflows over the weekend to induce large fluctuations in the exchange rate when Monday comes around, so it may be better to wait for the open of the markets on Monday.
Shopping essentially can take a big toll on your budget. Prioritize your savings, leading up to your vacation, and ensure you do not go over the budget when you are buying the groceries or other products. When shopping around, look for the special deals on the holiday gear which you may require, for example, skis if you are traveling to the ski slopes, luggage or swimming costumes. You can even build up the loyalty points from the stores which you normally shop at, that you may put towards the discounts on the future shopping trips.