How to Successfully Budget for Your Travel Goals

Photo: Christina Wagner

• Set realistic travel targets

It is important to set a clear target for your trip before diving into the details of your budgeting. Start by estimating how much you will spend on flights, accommodation and daily expenses. Find research vouchers and hotels online, understand what is typical of your destination and calculate daily costs for food, drinks, transportation and activities. Aim to be flexible in travel days to ensure better deals and avoid peak season prices.

• Select the right account for your travel pot and automate it

To collect money for travel, you need a good system. Select the account that suits your saving style. Simple access accounts offer flexibility, while regular savers can offer better interest rates, but provide some degree of commitment. The key is to automate your savings. When you set up a standing order on payday, you will automatically transfer the money you plan to save for your trip. In this way, you will not be tempted to use it.

Photo: Alex p

• Transportation and booking costs tame before you go

Also, check if your rail card or coaching options offer travel savings. It’s easy to overlook airport transfers, but booking them in advance will help you avoid expensive last minute prices. This applies to transportation during travel. Research options such as local buses and taxis keep you from getting caught up in higher than expected fares. Comparing the various booking options before you go can make a huge difference to your overall budget.

• Stay smart while you’re away

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