Budgeting for a holiday as a couple is difficult, changing your outlook from travelling where you want, spending what you want and doing what you want. Suddenly taking into consideration your partner’s interests and also treading carefully of each other’s financial well-being when deciding where to go.
Why Should I Budget For A Holiday?
You’ve just started dating and you probably want to spoil your partner and enjoy that honeymoon period. Absolutely! 100%! If you have the budget and the income to support this lifestyle then yes.
Naturally, the next step in a serious relationship is that you would like to go on holiday, but have you discussed costs and how much you would like to spend?
Before even booking that holiday with your new partner, how do you see this relationship evolving? Research from Shepherds Friendly ran a survey asking males and females, whether it was important to save for your future:
- 89.7% males agreed
- 92.3% females agreed
According to the research supported by counselling psychologist Dr Becky Spelman (1), saving for the future just makes practical sense, but being able to have that control in being able to set money aside actually are all factors that most of us also find attractive in a potential partner too.
My takeaway is, if you’re serious about planning for your future, don’t rush to spend money unnecessarily, especially if your personal budget can’t take it.
How Do You Approach The Question About Budgeting For A Holiday?
To be honest, there’s no easy way to answer this, but just be direct with your partner. Define your expectations and spending habits early on in the relationship (3rd or 4th date), this will help to set the status quo and expectations of finance early on.
Money can be a sore subject to many people in general. Just because they look a million dollars, doesn’t necessarily mean their bank balance is the same!
When I first dated Dom, I felt I could be open with her in terms of budget and expectations, and we were both on very similar wavelengths about finances. Our first holiday was in Lisbon, Portugal, where both of us had set budgets in mind which really helped!
What Should I Budget As A Couple For A Holiday?
The easy answer: budget what you feel comfortable with that won’t restrict you in enjoying your way of life.
It would be a poor life balance if you were to have an expensive holiday then having to live off beans and toast for the rest of the calendar month, as you can’t afford to have a decent meal or afford to go out. And on the contrary don’t skimp too much either, you’re on a holiday, you’re supposed to enjoy yourself, so loosen the purse strings too.
The key to budgeting is finding that balance and mutual fit. Ask yourself though, before going on this holiday are you ready for a serious relationship?
6 Tips for Budgeting for a Holiday
Planning is crucial in terms of staying within budget, but it will also help you to really build the relationship with your partner so both of you can enjoy the holiday together.
Budgeting isn’t about being “cheap” or “frugal”. Budgeting is about being able to plan and manage expectations. Here are 6 tips when budgeting for your holiday:
- Set a budget: Sounds obvious right? But set your ideal “TOTAL” amount you want to spend. Not just hotel and flights, but also include food, drinks, taxis, entrance fees etc. in your budget.
- Book ahead: As fun as it is to be spontaneous, it will hurt your wallet. Try to book at least 2 months in advance so that you can get cheaper travel deals.
- Plan ahead: Have an idea of where you want to go, such as museums or zoos – this way you can include that in your budget.
- Walk where possible: Opt for a romantic walk rather than taking a taxi between different destinations (use your noggin!) , those taxi journeys here and there will slowly add up!
- Make a shopping list: Impulse buying can severely sting the wallet, so have an idea or do a bit of research of what novelty memorabilias to buy. You might have holiday goggle eyes, so things might seem “practical” or “fun”, but when you bring it home – the opposite.
- Track your purchases: After each day, make a diary and note of what you have spent. I find this useful to help reflect on the day but also help to keep my budget in order!
Couple’s Checklist Of What To Budget?
We come to the final part of the post – what you need to think about when budgeting for a holiday with your partner:
- Cost of travel e.g flights, cruise
- Accommodation e.g 5* hotel, Airbnb
- Eating e.g breakfast included in hotel, lunch, dinner
- Drinking e.g going out, bars, clubs
- Tours e.g walking tours, local sightseeing
- Local attractions e.g museums, walking tours, zoos
- Holiday travel budget e.g taxis, e-scooters, boats
- Airport e.g tax, food, souvenirs
- Miscellaneous e.g safety money, unexpected splurges (set a limit!)
- Insurance! Importantly don’t forget, better safe than sorry!
What are your thoughts?
Remember though a holiday doesn’t always mean travelling abroad, have you thought about a staycation holiday as a new couple?
How have you approached the budget situation when going on holiday?
References:
- 1 Shepherds Friendly (24th January 2018): How does money impact relationships?
- Featured image: Photo by Fabian Blank on Unsplash
