How to Keep Track of Your Spending on Holiday

A holiday is one of those few luxuries that, despite being on a budget, can burn a hole in the pocket and wipe out a large portion of the savings. It is difficult to keep an estimate of the amount of money that will be spent on a vacation, and it is especially complicated to keep track of the expenses midstream and distressing to curb the spending, in case the budget goes off the rails. Instead of leaving the vacation in the hands of luck and coming back with a burnt pocket, one can follow some of these tips for staying well within the budget.

saving money envelope technique

With everything said and done, here are some effective ways to find an answer to ‘where did all the money go’ after coming back from a holiday. This would certainly help one stick to the budget and enjoy a holiday with a controlled inclination towards expenditures.

Get Old Fashioned with a Pen and Paper

No matter how technically advanced the world may become, the use of paper and pen is still the most viable means of recording almost anything. Maintaining a small diary or a notebook to record the daily expenses during a holiday can prove to be a nice way of keeping an eye on excessive spending. This will surely make one think twice prior to indulging in any unwanted disbursements. One will have a comprehensive journal of daily expenses for better understanding of where exactly the money is being spent.

The Envelope Technique

This method of tracking money-spending actually involves the use of envelopes. One just needs to figure out a maximum amount of money to be spent on various activities like shopping, food, revelry, drinks, accommodation, etc., and must keep the stipulated sum in different envelopes for each category. This helps in allotting a specific sum of money for certain activities. One can indulge in those specific activities until the very last dime available in the envelope is spent.

Electronic Tracking

With the world going digital, there is no harm in jumping into the rat race and using digital gadgets and tools to keep a track of holiday expenses. Various smartphones and tablets PCs have specific applications that allow users to track all their purchases, digitally. With the help of these applications, one can easily set up a budget and upload the daily transactions to stay within the pre-set budget limits. These apps often alert the users, in case the expenditure is nearing the stipulated budget, and make them control their spending.

These are just the three methods out of several others that can prove to be helpful for keeping track of the holiday expenses and staying well within the budget. Following any of the aforesaid methods would help manage the income and expenditure accounts automatically and make the holiday a happy one.

 

Hopefully these tips can help you keep your spending under control whilst enjoying your holiday. To make sure you have plenty so spend, be sure to make use of flight comparison sites like Momondo.com in order to find the cheapest airfares.