This post is not about finding cheap holidays; quite the opposite actually. It's about keeping a check on getting carried away with unexpected costs during holidays that add up to unnecessarily overspending your holiday money while abroad.
Read on to find out how little planning, budgeting and being street-savvy can help check overspending your holiday money.
You see, we will look for cheap holiday money and find websites to compare holiday money. We will find the best Pound to Euro deals before a holiday. Magaluf, Mykonos or anywhere we like to holiday abroad, there is one distinct irony that sticks out.
According to Money Advice Service, the Average UK adult overspends by £220 while on holiday abroad. So, it appears we treat our holiday spending money differently, while on a holiday abroad, than we do before the holiday starts.
Here is a snapshot of what Money Advice Service found from their survey:
“Unexpected costs contribute to overspending while away, with 60% of holidaymakers saying they get caught out”.
Chances are that you might have found yourself doing the same with your holiday money and coming home to unplanned debt beyond our means, or running up worries around adjusted daily budgets.
Remember this guy?
This doesn’t surprise us given how many guarantor loan applications we get to pay off holiday debts and regrets over holiday spending money. We remember the one customer who didn’t spare anyone, including us, to ask for tips on holiday shopping on a budget.
The culprit is almost always the ‘holiday mood’, or “I can’t be bothered to negotiate while on a holiday because I’m here to relax”, and end up getting carried away with overspending.
Guarantor My Loan is all about making a smarter choice with money, including travel money. Take for example, the cashback reward we offer- if you repay your entire loan along the agreed plan, then we reward you with cashback equivalent to one monthly instalment.
1. Setting yourself rules, and be honest.
Tell yourself “I will stay away from that over-priced Hotel buffet” (unless it’s included). Think about your last holiday and make notes on what you could have avoided. Think about how you can get around overpaying for something like you would at home.
If it’s food and drink you have overspent most in the past, set yourself a rule to not repeat that mistake. Maybe try dividing your holiday money into envelopes? Let this be a test of your will power.
2. Expensive is not always the best
Food and drink is an essential, and more so if you’re on a holiday abroad. But let’s remember we don’t have to overspend holiday money on that which is obviously over-priced. Again, look for ways to work around it. Can you book a hotel with breakfast included? Look for Lunch specials and other offers? Can you look online for deals/coupons in advance, like a buy one get one free?
It could well be worth the effort to sign up for a discount dining card like Bon Appetit, to get 50% off or 2-for-1 dining at restaurants across Europe. Do this before you set off on your holiday, and before you buy your holiday money (do research the best pound to euro deals too).
Another handy tip: research the tipping etiquette to ensure you don’t tip beyond your means.
The rule here could well be, “Remember, good food doesn’t have to be expensive”.
3. Activities and Transport when you don’t speak the language
What’s a holiday if you don’t go sightseeing? It might be the case that most attractions are free to visit. If you have time before hand, do some research and make a list to have in hand. For the attractions you need to pay for, have a look at reviews on TripAdvisor and be sure it will interest you and be worth spending your holiday spending money.
Much like discount dining cards, you are likely to find passes or discount cards for travel and attractions too. London has plenty of them and it’s likely you will find them in Spain or Greece too.
If you are off to Malaga, for example, a simple Google search will find you cards like Malaga Card. You can buy the card before you fly and it gets you access to historical sites, free bus travel, discounts at bars, restaurants, cafés, car hires and entertainment.
If you do this at home, why wouldn’t you do it to save holiday money?
4. Forgot your toothbrush at home?
Start by setting a ‘Holiday rule’ for all holidays you will ever take. The rule is to make a list of essentials you need for your holiday. Keep the list handy at home and use it when you start packing. Eliminate the problem at the outset.
Here we will add that sticking to a plan can help check overspending your holiday money too. Avoid anything that may lead to oversleeping or arriving late for your flight and then spending a fortune booking new flights.
Holidays are you to unwind but by no means can we justify debts and worries after they are over. Overspending holiday money is a waste you can easily avoid, and therefore avoid post-holiday debt. Be smarter with your holiday money.
Guarantormyloan is the only direct lender in UK offering one month’s equivalent as cashback to the guarantor if your first 12 monthly instalments of your loan are paid on time and in full. Learn more about our guarantor loans here and about our loan cashback here.
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