Going on a Vacation? Here is How to Stay in Budget

Posted By Ronald Thompson on Feb 14, 2018 |

We all need a break from our daily hectic routines to refresh our minds, and there is no better way to do so than going on a vacation and experiencing new things. However, you need to save a lot of money, because vacations can easily break your bank. Whether you are travelling domestically or to a foreign country, you would want to do everything you can to keep the expenses within your budget.

Have a look at these great tips which will help you to make sure that you don’t go over your vacation budget:

Know How Much you can Spend before the Trip

There is nothing more worrying than the thought of having a depleted bank account after an expensive vacation. To ensure that doesn’t happen, you must outline a budget well before the trip. You should know where you will be going, how you will get to the destination, and what you will do once you get there. Based on these three things, you can estimate on how much money you will need and then you can think of ways on how you can cut back on costs.

For example, for a domestic trip, you can take a bus instead of a flight, or for an international trip, you can search when the ticket prices are the lowest for that particular destination. Whatever you do, make sure that you make a realistic budget so that you don’t face disappointment when you end up going over it later on.

Set a Daily Allowance

After making an estimation of hotel and transportation expense, you should set a daily allowance for activities, food, shopping, and other things you plan to do on your vacation. Now increase that number by 10 to 20 percent for unforeseen expenses or emergencies. A great way to ensure that you don’t go overboard your daily allowance is to divide the budget of one week into 7 envelopes and lock them away somewhere safe. Each day, take out one envelope, and don’t carry extra cash so that you don’t end up spending extra money, but do take your credit cards in case of an emergency.

Use your Destination Bank for Exchanging Money

If you are going to another country, obviously you will need to exchange money to foreign currency. Instead of exchanging money from a local bank, go for foreign backs as they have comparatively lower exchange rates. Based on your budget, you can exchange the total amount at the airport so that you can divide it for setting daily allowance aside when you reach the hotel.

Go for Local Restaurants

If you want to cut back on your food expenses, it is better to eat at a local restaurant instead of the one at your hotel. Local restaurants are relatively cheaper and if you want to save even more money, you can go for street food. It is a great way of enjoying local cuisine.

Avoid the Gift Shops

It is always tempting to buy souvenirs whenever you visit a foreign country for your friends and family back home. However, souvenirs don’t come cheap, and you can easily go over your budget if you start buying them. Unless someone has specially requested you to bring souvenirs, it is best that you avoid the gift shops and focus on enjoying your trip.