Budgeting for Your Summer Vacation

Going away somewhere for the summer is something which many people wish they could do, but fewer people are able to budget carefully and plan out their vacation. Planning a great summer trip and budgeting properly doesn’t have to be difficult, and with a few simple tips, you’ll be well on your way to saving up, booking the trip and having the time of your life. Here are a few tips on budgeting for your summer vacation:

Budget before planning

Many people start planning the vacation and budget as they go along, which means that the budget often varies and they end up borrowing money or discovering that they can’t actually do the things that they wanted to do. You should first decide how much money you can afford to budget for your trip. You can then put this into different categories, e.g hotel, flights, spending money, sight-seeing. The trip can then be planned around the money that you do have, rather than frantically trying to get cash from somewhere at the last minute so you can enjoy yourself.

Summer Vacation

Ask a friend to travel with you

If you’re thinking of travelling alone at first, remember that you can save a lot of money by asking somebody to travel with you. The cost of hotels will be split, and it’s normally much cheaper per person to get a double or twin room rather than a single. This can make a huge difference to the overall cost of your trip, and sharing the memories with a friend or relative can make the vacation much more enjoyable.

Keep reviewing your budget

As you start planning and buying things for your trip, keep going back to your bank account and reviewing the money that you do have available. You may have gotten a raise at work or a summer bonus, meaning that you have a little extra cash to spend on your vacation.

Shop around for the best money exchange rates

If you’re travelling somewhere which uses a different currency than your home country, make sure that you shop around to find the best exchange rates. Choosing the first place you see can be a bad move, since foreign exchange rates can really take up a huge part of your budget. Look online to find which places offer the best rates of exchange, and remember to always read the small print in order to avoid paying any extra fees that you didn’t know about.

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