When we’re on holiday, it’s easy to allow spending to get out of hand. As a result, we often get back stressed financially. Here’s how to avoid that
Many of us plan to tick off a holiday off our bucket list. If you are lucky enough to book that plane ticket or holiday destination, bear in mind that it’s far better to invest a little time in planning and budgeting ahead of the holidays.
Drawing up a holiday budget and sticking to it is best tackled in several stages. Check them out:
Plan ahead: List all of your expected holiday expenses. This includes presents, cards and wrapping paper, travelling and accommodation, entertaining at home and eating out, and donating to your favourite charity.
Many people only think about gifts and forget that there are a lot of other expenses too. This way, you’ll get a clearer picture of everything you need to budget for.
Spending limit: Make a decision about how much you can set aside for holiday expenses. Don’t plan to spend more than you can afford or have saved for. If you use your credit card for an early bird special, pay it off before you leave for your holiday.
Assign your cash: Allocate your budget according to the different expense categories – assign a specific amount for gifts, restaurants, and so on.
Shopping list: Draw up a list before you head to the shops. Think of individual gifts within your price range and look out for sales. Don’t shop when you’re stressed, tired or hungry. Avoid busy shopping times and decide ahead which shops you’ll l visit. Better still, shop online so you can compare prices, avoid the crowds and organise delivery.
Track your purchases: As you spend, subtract the amount from your running festive season budget total. This will let you know how well you’re sticking to your budget and will make it easier to adjust between categories if needed.
Words: Sarah Nicholson, Justmoney Commercial Manger,