With the coronavirus pandemic and subsequent lockdown measures taking hold across the globe through much of 2020 and the first half of 2021, families have struggled to book trips away and enjoy a well-earned rest together.
This has been damaging both for families and the travel and leisure industry as a whole, with this sector set to contribute heavily to the $4 trillion economic shortfall caused by the pandemic.
Even now international borders are reopening, families are struggling financially across the board. In this post, we’ll look at some ways in which you can negate this and successfully budget for a trip away.
#1. Save, Save and Save Some More
Whenever people save to achieve specific financial goals, they usually focus on eliminating so-called “luxury” purchases and big-ticket items.
However, the key to successfully saving money over time lies in minimising your everyday costs and expenditures, such as the amount that you pay for groceries, utilities and everyday travel.
This can lead to incremental and sustainable savings over time, the value of which will continue to accumulate and create additional disposable income.
To achieve this aim, it’s important to create an accurate budget, which details your incomings and outgoings while helping you to identify key areas in which you can reduce your cost of living going forward.
#2. Create an Additional Income Stream
The issue with option one is that the cost of living is continuing to soar in the UK, as energy prices boom and council tax hikes threaten to take hold nationwide.
So, you may be better served by focusing on increasing your earnings rather than saving cash, with a number of active and passive income streams now widely available in the digital age.
One particularly viable passive income stream can be earned through forex trading, which enables you to buy, sell and exchange international currencies in pairs and as derivative assets.
Not only does this allow you to profit through speculation and without assuming ownership of the underlying instrument, but it’s also a highly leveraged discipline that can be accessed with a relatively small cash deposit.
Aside from doing forex, you can also earn some extra money by selling your old gadgets, clothes, or anything else you have at home that has some value.
Even if its original value has dropped, you can still get some decent money for your old phone. Before selling your mobile on any online platform, find out and compare its current market value. It can help you get a fair price for it.
#3. Minimise the Cost of Your Trip
Another option is to actively reduce the cost of your holiday, in a way that strikes the often delicate balance between saving money and optimising the overall travel experience.
Flexibility and open-mindedness are key to achieving such an objective, particularly when it comes to selecting your destination. For example, you should try to avoid trendy destinations that come with a higher price tag, instead opting to visit less popular resorts within a target city or country.
Conversely, consider up-and-coming and less familiar destinations, or keep your eyes peeled for competitive deals on the most popular and widely visited locations!