Budget for your big trip
AROUND three quarters of us are planning a big trip in the next 12 months, according to a survey by Admiral Loans – but 68% of those surveyed are concerned about how they’ll pay for it.
In fact, 40% admit they’re reliant on credit when it comes to paying for their holiday of a lifetime, while one in six (15%) anticipate taking more than a year to pay off the cost.
Those aged 16-29 feel the most pressure, with one in five (19%) admitting they’ll take more than a year to repay the cost of their trip, compared to just 8% of over-60s.
Scott Cargill, UK chief executive of Admiral Loans, says: “Pressure from children, partners and society in general is making over half of us feel like we need to go on a holiday, but we can’t escape the fact that family holidays are expensive.
“With holiday costs comparing in price to some small and second-hand cars, it’s a financial decision that needs the same level of planning and consideration as any other large purchase.”
Wondering how to best budget for your big trip? Here are Admiral’s top tips:
1. Consider staying in selfcatering accommodation, or renting a holiday home. That way you can use the kitchen to save yourself even more money by making home cooked meals.
2. Start a family piggy bank or savings account and get the whole family involved. Mark your progress each week or month as you save towards your overall target.
3. Sign up for hotel and airline alerts so you can check out special offers or deals which could help bring the cost of your holiday down.
4. Cash in on air miles. If you are part of any loyalty schemes that reward frequent flying or hotel stays, you may be able to trade these in for money off your flights.
5. Set a daily budget. Before you go, workout how much you can afford to spend, and allocate a daily budget to stick to.
6. Sign up for currency rate alerts which will tell you when the currency you need is in your favour giving you more for your hard-earned cash.