We work hard to save money for our holidays. But it’s tricky to know exactly how much spending money you’ll need unless you plan ahead. So, let’s take a look at each of your major overseas holiday expenses, including how to budget for them and where there are opportunities to save.
First (of many) Handy Tip: You can take the guess work out of budgeting for an overseas family holiday by booking and paying for as much as possible before you leave.
When things don’t go to plan, your trip expenses can go from ‘one’ to ‘woe’ real quick. But travel insurance is there to cover that. For a modest cost, you and your family will be covered for lost luggage, disrupted flights, medical assistance including evacuation, and hospital cover.
Without the right cover, you could find yourself caught out with big bills in the event of an accident or emergency. Our Travel Money FXperts can help you find the right travel insurance policy to suit your family trip.
Beds, rooms and wrapped up soaps don’t come cheap. In fact, accommodation will probably be one of your biggest expenses. Take time to go through popular accommodation sites to get a good idea on the costs associated with the rooms you want in the cities you want.
What’s great is that there’s a range of accommodation options available, from budget and basic, to “oh my goodness, I will never leave this apartment.” These different options help you align your accommodation plans with your budget.
One More Accommodation Tip: Be aware of peak travel times (e.g. Christmas or New Year) that could carry a big surcharge and blow your budget.
And don’t forget about package holidays. These can often offer outstanding deals on accommodation, as travel companies can book rooms in advance at prices far cheaper than those you might get on a single booking.
One Last Accommodation Tip: The best option with accommodation is always to book in advance as soon as you’ve found the best option for your budget, as prices may rise closer to your departure date.
Unfortunately, you’ll need plenty of fuel for your family adventures. That means lots of food. The big trick here is to not always eat out. Make meals when you can and take child-friendly snacks like muesli bars, dried fruit or nuts that travel well and don’t perish. Just take care not to break any quarantine restrictions.
A Delicious Food Tip: Book accommodation that includes set meals, offers free kids’ meals or is self-catering, so you can make breakfast, packed lunches and snacks yourself.
They say the best things in life are free. But there are also really cool things that aren’t free – especially when you’re travelling. Many excursions, day trips and travel experiences make up a large portion of your budget, so you’ll need to budget them in ASAP.
This may mean explaining to the little ones that you can’t go to Disneyland and Universal Studios.
When purchasing tickets to attractions, try to buy family passes or get a bulk discount for a group purchase. And always check if you’re eligible for any other discounts and the age limits on children’s tickets.
Pocket Money Tip: Give everyone in the family a set amount of spending money for their holiday.
A really easy way to break your holiday budget is not to consider the how. How are you paying for your holiday costs? Things to consider include: what currencies you will need and whether you might need small change for markets.
We recommend taking both local cash and a pre-paid travel money card for payment flexibility and security. There are some amazing benefits to using a pre-paid card like the Travel Money Oz Currency Pass. These include its:
The Currency Pass is not linked to your bank account, so you won’t accidentally spend money you didn’t intend to, and can avoid unexpected holiday debt.
For help with budget planning, local currencies and other travel tips, chat to one of our Travel Money FXperts at your local store today.
*Lock in your exchange rates mean the exchange rate is locked in for the initial load only. The exchange rates for subsequent reloads will be set at the prevailing exchange rate at the time of the transaction.
This blog is provided for information only and does not take into consideration your objectives, financial situation or needs. You should consider whether the information and suggestions contained in any blog entry are appropriate for you, having regard to your own objectives, financial situation and needs. While we take reasonable care in providing the blog, we give no warranties or representations that it is complete or accurate, or is appropriate for you. We are not liable for any loss caused, whether due to negligence or otherwise, arising from use of, or reliance on, the information and/or suggestions contained in this blog.