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Budgeting on the move: Making the most of a small holiday budget

Today’s post is brought to you by Moneycorp Travel Money with tips on budgeting on the move!

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Even the most cash-conscious of us sometimes find ourselves with too many outgoings and not enough incomings from time to time, and if this happens on your travels it can spell disaster for what is supposed to be a relaxing holiday. Which is why careful budgeting for each and every trip is essential.

Only by knowing how much money you have to spend, what you need to spend it on and how much all those things you need are going to cost, can you really let go and just enjoy your time away. There is nothing relaxing about lying on the beach listening to the sound of the waves lapping the shore if all you can think about is how much you can afford to spend on dinner that evening or whether you will be able to go on that excursion in the morning.

So where do you start with your budgeting and how can you make the most of limited funds while abroad?

The trick is to begin the planning before you even leave home.  Ahead of your holiday spend some time on the net researching your destination and finding out about the local restaurants, attractions, nearby excursions and so on.  This will give you a clear idea of how much things will cost so you can arrive with a clear budget and not have to count the coppers each morning.

You will also need to know the local currency and keep an eye on the exchange rate. Practise your mental arithmetic so you can quickly work out how much that bottle of wine or souvenir is costing you in pounds sterling. Some things will turn out to be better value than others!

Before you jet off take a look in your smartphone’s app store for budgeting and currency conversion tools. These can be a massive help while you are away as you can simply put in the price and find out immediately what that converts to in pounds sterling. There are also apps that allow you to add up how much you spend each day so you can clearly see where you could save money.

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Once you reach your destination avoid the temptation to go out and splurge just because you are on holiday. The good of a break will soon be undone if you get home to a massive credit card bill or severely reduced bank balance. Spend the first couple of days being really sensible about your money and keeping a close eye on every single penny. Then, as your holiday draws to an end you can splash out a bit and treat yourself with your final bit of cash.

Get to know the area and talk to locals and other holidaymakers about cheaper restaurants or free entertainment activities. A bit of inside information can help your money go much further, so do ask for recommendations and keep an eye out for special offers or deals whenever you eat and shop.

Whatever you do, remember that having loads of money to spend is not the be-all and end-all of a great holiday and the main thing is to have a great time with your family and get some well-deserved rest and recuperation.

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