5 Top Budgeting Tips to Get Through the Summer Holidays

Whether you are a parent or a student, making your money last throughout the summer holidays can be a real challenge. We often put a lot of pressure on ourselves to make the summer holidays fun, exciting and adventure packed, but of course the costs of all the holidays and day trips can soon add up and leave your bank account in not the best of states. However, there are of course ways in which you can better manage your money this summer, whilst still having a great time and making the most of the better weather.

Draw up a budget

Before the summer begins, take some time to work out how much spending money you have remaining for the summer holidays once you have paid off all the boring bills. Write down your budget for each month of the holidays, or even each week, so that you are aware of what you’re working with. One great way to budget is by using the 50/30/20 principle: 50% of your budget to essential costs, like your mortgage or rent; 20% to such financial goals as retirement and debt repayment; and 30% toward “fun” lifestyle expenses, like eating out and grabbing drinks with friends. This is a brilliant rule to follow to ensure your spending doesn’t get out of hand, which it all too easily can when you’re having fun over the summer.

Consider getting a loan

If you are struggling for money this summer, you could look into getting a loan so that you don’t have to put your summer bucket list on hold until next year. Quick loans are a fantastic option; as the name suggests they provide funding to borrowers quickly and conveniently, and most people are eligible. You can apply completely online; from the comfort of your own home, and in less than five minutes. Once your application has been accepted, you can expect funding to be in your bank account within as little as fifteen minutes. Even if you have bad credit, you will likely be accepted for a quick loan, and often people are able to borrow more than they might initially have thought. Sums lent out vary between £100 to £5,000, helping you to cover your costs and freeing up more of your cash to be spent on having a good time.

Get a part-time job, or encourage your children to get a part-time job

If you are a student, you should certainly look to get a part-time job over the summer holidays to boost your income and available spending money, whilst also getting some work experience on your cv. If you’re a parent with children who are old enough, you should try to encourage your kids to get a part-time job, such as doing a paper round or working in a shop or cafe. This will give them the opportunity to earn some money of their own, so they can stop spending yours, and will also help to improve their confidence and skill set. Furthermore, if you, or your children, are working, there will be fewer days spent sitting around, feeling bored and itching to get out and spend money. Part-time jobs are a doubly great way to increase your savings, and help to fill your summer with productivity as well as fun.

Look for cheap holidays

If you plan to go away on holiday this summer, be sure to keep an eye out for bargains. All inclusive holidays can, of course, be very expensive, so opting for a self-catering option will save you lots of money, whilst also helping you to eat more healthily and probably drink much less alcohol! When booking hotels, look on price comparison websites such as Trivago, as this can also help you to bag a good deal. Airbnb is another great way to find accommodations at an affordable price, and of course, a camping holiday will cost you much less and can easily be just as fun.

Keep day trips budget friendly

While day trips can, of course, be expensive, they don’t always have to be. There are many places where entry is free, or doesn’t cost a lot, such as museums and parks. Search online for places local to you where this is the case, or ask friends and family for any budget-friendly recommendations. Taking your own packed lunches or picnics along will, of course, save you money on eating out at restaurants or cafes, and finding free parking spots or getting a railcard will make long-distance travel much more economical. If you already have a bicycle, getting out for a bike ride can be a fun way to pass time, whilst also keeping fit, or alternatively, you could get out for a walk or even go hiking. Bike rides and walks are a great activity to do alone, or with friends and family, and can cost you as little as nothing.

In general, try not to let this summer break the bank; there are lots of easy ways to keep things cheap and budget-friendly over the holidays, and with zero need to compromise on fun.