The first months of 2023 become elementary to start planning future vacations. No matter what type of trip it is, you will always have to shell out money. For this reason, the experts of the financial comparator HelpMyCash.com advise starting as soon as possible with the organization of the budget.

“Everything indicates that this year the holidays will be expensive. The rise in interest rates, inflation, as well as the increase in the price of electricity and gas, will continue to be a headache for many aspects of daily life, and that includes vacations”, the specialists emphasize. According to a study by the Kayak travel website, 29% of international flights have risen substantially in price compared to last year.

From the comparator they maintain that you have to avoid financing vacations with credit cards at all costs and even less if you do not have a detailed plan to pay for it. “That’s one of the most common ways people inadvertently get into debt,” they add.

Experts say that due to a lack of financial education, very few people take the time to budget for their trips. In fact, many times they even underestimate the costs of vacations. “That is why you have to start preparing an estimate as soon as possible, otherwise you will be tempted to spend more than necessary,” they say.

Budgeting should be a basic part of the trip planning process. As necessary as planning the flight, accommodation, activities…

“Your financial health is what should determine how much you can spend on a trip, or if you can afford it. We know that it is something that you do not like to hear, but vacations are an extra, that is why it is essential to be clear about what is enough for you,” they point out. The experts.

If you’re trailing month-to-month credit card debt, for example, or don’t have an emergency fund, it’s time to be honest and admit that taking a trip in style shouldn’t be a priority this year. However, that doesn’t mean you can’t have a vacation. “In the end, vacations are the time off you take to relax and that doesn’t mean you have to go into debt or spend more money than you should. You can always find cheaper ways to disconnect and that allow you to fulfill the purpose of saving” , indicate.

When the time comes to start saving for a trip, the first thing to do is evaluate how you spend on a day-to-day basis, to know where you can cut back. “You have to sit down and review what you spend and add it all up,” say the experts. From HelpMyCash they advise that the last 90 days of activity of your credit cards and checking accounts be printed. “Reviewing a paper version is a more visceral experience that allows one to be aware of the home economy. By reviewing each penny spent, they will realize how many of those expenses have been done emotionally and how many have not. Controlling just that emotional part is what allows you to commit to following a budget ”, they add.

Once you have your finances in order, it will be time to make a special budget for the trip. As a first point, specialists recommend establishing a savings budget that is realistic. “According to your saving capacity, you must establish how much you can save per month. If you know for sure that you will be able to save 100 euros a month and you want to go on vacation in September, then you already know that you will have 800 euros. Your trip should not exceed that budget ”, they raise from HelpMyCash.

Once the destination to which you want to travel has been decided and taking into account the amount of money that can be spent, it is time to do the numbers. Calculate the price of accommodation, transportation, food and activities. Although it is true that it is difficult to accurately predict how much you will spend on food or drink, it is useful to have a range so as not to go too far.

Organizing savings is becoming easier. Digital piggy banks are spaces where savings can be kept and separated from the main bank account. Thus, the temptation to spend them is avoided. “This tool allows people to set a goal. In addition, they can be configured from the bank’s app. It is a way to start saving without realizing it with the automatic rules”, they explain from HelpMyCash.

The comparator has made a list of the entities that offer the best accounts with piggy banks and other advantages.