At the end of 2022, we asked you how your holiday spending plans had changed for 2023. We found that over half of you (55%1) don’t set a budget for your holidays. This figure rose to 60%1 for travellers aged 60-69 and 65%1 for those over 80.
Our survey also showed that older travellers are less concerned about how the cost of living crisis will affect their travel plans. However, setting a budget for your holidays has many benefits, regardless of your age or financial situation.
Why should I budget for my trips?
Really, why wouldn’t you set a budget for your trip? While developing a budget sounds tedious, there are plenty of ways to make this easier for yourself. Budgeting apps are common and a great way to get your phone to do the hard work for you.
Having a budget for your trips means that you can focus on enjoying your time away without worrying about money when you get back home. Sticking to your budget could also mean that you’re able to afford to take more holidays during the year.
Less stress and more trips are excellent reasons to manage your holiday spending.
How do I budget for a trip?
There are plenty of ways to budget for your holiday. You can set an annual budget for all your trips, or if you prefer to have more control, you can use separate budgets for each time you travel. Either way helps you manage your spending, but individual budgets are more popular, with 26% of travellers using them1.
- Setting a realistic budget is the key to sticking to it. Make sure you research how much you’ll need for your trip. Look into the average costs of things you’ll need to buy, such as meals out. If you’re unsure how much you need, you can find calculators online, which can help you predict your spending.
- Be flexible when you travel, especially when it comes to accommodation and flights. Being prepared to travel on less popular days and times can help you save on the most expensive parts of your holiday.
- Don’t be afraid to ask for reduced rates. Many places will offer a lower cost for travellers over 65, and some places, such as museums, may offer free entry.
One of the best ways to keep your trip from going over budget is to get quality travel insurance as soon as you book. Without it, you could be left with a bill for thousands of pounds if something unexpected happens. Before you travel, ensure you have the right cover in place, including travel insurance for any medical conditions you may have.
Budgeting for your trip only takes a little planning but can save you money and hassle. So why not try setting a budget for your next holiday?
1 Based on 9,734 survey responses, November 2022.