With the upcoming public holidays, some of us might wake up to last-minute getaways with family and friends.
It’s therapeutic to unwind, spend time with loved ones, discover new places and make lasting memories, but it can also place great strain on your finances.
Budgeting for holidays or getaways is just as important as budgeting for education or retirement.
Be it a short-term goal like a weekend away or a long-term goal like a trip to Europe, your travel goals will help guide and encourage you to save.
Elzita Beukes, FNB Communication Manager offers this advice: “Travelling entails much planning and research, and is largely dependent on your budget and goals. Sometimes you can pick up a travel package that includes everything, and sometimes it’s overpriced. Do research to ensure you have the right package to suit your budget.”
“Once you’ve decided where you’d like to go, cut back on unnecessary expenses and be mindful of what you buy. Open up a travel fund and add up flights, accommodation, entertainment, and if using your car, petrol. For international destinations, consider visas, travel and medical insurance, and expenses like house or pet sitting.”
Saving for a holiday is no different from saving for any other short- and long-term goals, says Beukes. “The key is to ensure that you stay within budget and don’t overburden yourself. Remember to enjoy the break … and keep those purse strings tight!”