Family holidays provide unforgettable experiences, with silly photos and fond memories that will last a lifetime. Unfortunately, it is easy to overspend when you’re relaxed and having fun, and arriving home to an empty bank account is a sure-fire way to bring on those post-holiday blues. Read the following advice to learn how to budget for a family holiday and keep those blues away!
Plan your daily budget
A little extra effort goes a long way when it comes to budgeting, so planning your daily expenditure in advance will save you a great deal of time and money on your trip. Make sure to calculate the daily budget for each person, including all meals, activities, transport and spending money. Having a predetermined budget and referring to it consistently will make overspending almost impossible. Remember: choosing options where kids stay or eat for free can sometimes cut your spending in half! Oh, and stay away from the mini-bar!
Pay in advance
There’s nothing more stressful than getting to the end of your stay and realising that you still have to pay for your accommodation. Skip the last minute credit card swipe and pay in full before you travel. The same goes for any activities you may have planned. If your destination is a tropical island and you’ve booked in to take the kids snorkelling, pay in advance over the phone or Internet. This will save you from accidentally spending that money on souvenirs!
Beware exchange rates
If you’re travelling to an overseas location, make sure you’re well versed on the local currency and exchange rates. If you’re not careful, you can blow your budget by simply exchanging money or paying in a foreign currency! Research exchange rates and get the best deal possible; steer clear of airport cash exchanges as the rates tend to be highly inflated. An easy option is to exchange all the cash you require for your holiday before you depart and load it onto a prepaid Cash Passport. During your travels, if you are asked whether you’d like to pay in foreign or local currency, always choose local. If you choose to pay in a foreign currency, you will most likely be charged an excessive currency conversion fee.
Know how to convert currency
Knowing how to convert the local currency yourself is an easy way to maintain your budget and there are tips and tricks for every currency you could think of. For example, if you are travelling from Australia to Thailand, the general rule is to remove 1 zero and divide by 3. So something that costs 600 Thai Baht would be approximately $20 AUD. Making use of these little tricks only takes a few seconds and will be invaluable in making sure you don’t overspend. No one wants to be the person that accidentally spent $20 on a piece of fruit because they didn’t know how to convert the currency!
For more information on travel budgeting and Cash Passports, follow this URL to get expert advice from Travel Money Oz.