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Holiday budget calculator

How to work out your holiday budget

Along with travel insurance, a holiday budget can help you enjoy your trip without financial worries.

We've made budgeting a breeze with our calculator:

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Holiday budget calculator

One of the trickiest parts of getting ready for a trip is figuring out how much money you'll need to take.

There's food, drink, transportation, souvenirs, tips, and even travel insurance to consider. And, what about all those spontaneous activities that make a holiday unforgettable?

We get it. Working out your spending money can be stressful, especially when you want to stick to a budget.

But, this is where our holiday budget calculator comes in!

Our calculator can be used to help you estimate out how much you want to spend.

Below, we'll be sharing tips on how to make the most of our calculator, including helpful advice on how to save toward your budget.

What our expert says

"When planning a holiday, it's easy to focus on the big expenses like flights and accommodation. This can mean that smaller, but just as important, costs can slip through the cracks.

"Think about transportation to and from the airport, or the cost of a kennel for your pets while you're away. Unexpected expenses can really take the fun out of your trip. So it's worth making sure you've got everything covered beforehand.

"Our holiday budget calculator can be used to create a realistic budget. This can help you to stay financially prepared, so you're able to relax and fully enjoy your trip."

Alvaro Iturmendi - Confused.com travel insurance expert
Travel insurance expert Confused.com logo

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Why should I plan my holiday budget?

  • Avoid overspending. A budget can help you avoid spending more than you can afford. For example, without a budget, you might book a hotel that's too expensive and then struggle to pay other holiday costs.
  • Prioritise what matters. Maybe you want to splurge on a guided tour, or you want to have a fancy dinner. A budget can help you decide what you want to set money aside for.
  • Handle unexpected expenses. Planning ahead can allow you to save money for unexpected expenses you might not have thought of, like vaccinations.
  • Cover overlooked costs. It can be easy to forget to budget for smaller expenses like tips or gifts. That's why including them in a budget can help to prevent costly surprises.
  • Manage exchange rates and fees. Budgeting can help prepare you for any fees you may get for using credit cards abroad, or when converting currency.

What are some travel essentials?

Once the flights are booked, it can be easy to want to switch into holiday mode. But, to make your holiday as enjoyable as possible, it's important to consider other essentials.

These include things like:

  • Travel insurance. It's generally not a legal requirement. But, the right policy could cover you for unexpected situations, like medical emergencies. But, in Cuba, it's an entry requirement.

  • Spending money. You'll need spending money to cover daily expenses like meals, drinks, and activities. Having a clear idea of how much you'll need will help prevent you from running out of money during the trip.

  • Transport. This includes local transport you might need to get around while on holiday. As well as transport to and from the airport.

  • Accommodation. For a comfortable experience, you'll need to make sure you've booked accommodation, whether it's a hotel, hostel, villa or you're on a camping holiday.

  • Travel documents. Make sure you have all necessary travel documents, like your passport. Depending on where you're going, you might need a visa, such as an ETIAS or an ESTA.

  • Packing essentials. Don't forget the basics like your clothing, toiletries, and any medication you may need.

  • Tech gear. This includes devices like your phone, charger, camera, and adapters. Make sure you bring along all the necessary gadgets to stay connected while you're away from home If you're planning on taking these with you, it may want to consider travel insurance with gadget cover.

Tip: want some more help on what to pack? Read our holiday checklist guide.

How much should I budget for travel insurance?

The cost of travel insurance can vary depending on personal circumstances. This includes age, pre-existing medical conditions, and where you're going.

To give you an idea of what to expect, here are 3 example travel insurance quote prices for various destinations:

Destination Price¹
Europe
£11.85
Worldwide, excluding the US, Canada and the Caribbean
£18.60
Worldwide, including the US, Canada and the Caribbean
£29.95

1The cheapest annual policy based on 1 adult aged 30, with no previous medical conditions. Based on Confused.com data, April 2024.

What affects the price of travel insurance?

There's a few different things that can affect the price of travel insurance:

  • Pre-existing medical conditionsinsurance might be more expensive for those with pre-existing medical conditions. It's important to declare these conditions to avoid invalidating cover.
  • Destination: depending on where you're travelling, your policy might be more expensive. For example, travel insurance for the Caribbean or the USA could cost more than European travel insurance.
  • Age: the price of a policy can vary based on age, with travellers aged over 50 often facing higher costs.
  • Insurance type: different policies can have different costs. For instance:

Single-trip: this type of policy covers one trip, from the time you leave your home until you return. These can be more affordable for infrequent travelers.

Multi-trip: this covers multiple trips over a 12-month period. They can offer savings to those who travel frequently. For example, a multi-trip policy for a 30-year-old with no medical conditions can be as cheap as £11.852. But, a worldwide multi-trip policy can be more expensive than European policies. This is because healthcare can be more expensive outside of the EU.

Cruise: If you plan on going on a cruise, you can get tailored cover with cruise travel insurance. This type of insurance is typically more expensive than standard travel insurance, as cruises carry their own risks. To give you an idea, a 1 week European cruise policy for a 30 year old with no medical conditions could cost £15.493.

Business: this type of insurance might cost more than standard travel insurance. This is because It can cover business losses, along with things that normal travel insurance tends to cover. For example, a 1 week business policy for a 30-year-old with no medical conditions could cost £6.994.

2The cheapest annual policy based on 1 adult aged 30, with no previous medical conditions travelling in Europe. Based on Confused.com data, April 2024.

3The cheapest price for a 30 year old travelling on a cruise for 1 week in Europe, with no pre-existing medical conditions. Based on Confused.com data, May 2024.

4The cheapest business policy based on 1 adult aged 30, with no previous medical conditions travelling to Spain for 1 week. Based on Confused.com data, May 2024.

How to save money for your trip

Set your budget by using our calculator

Begin your holiday planning by using our budget calculator. It helps you estimate all your expenses, from flights and accomodation to smaller costs like transfers.

This way, you'll have a good idea of how much you'll need for your holiday.

Saving up for a holiday doesn't need to feel overwhelming.

In fact, why don't you consider setting aside a small amount each month?

Instead of trying to get your money together in one go, you can gradually build up your holiday fund instead.

Look for accommodation that allows you to pay closer to your departure date

When booking, consider options that let you pay closer to your departure day.

This will give you more time to save up, and can help you manage your finances better In the run-up to your trip.

Plus? It can be useful if your plans change unexpectedly.

Avoid busy times (school holidays)

Consider planning your holiday during off-peak times.

Traveling outside of school holidays often means lower prices for flights and accommodation.

And, did you know that this is a great way to avoid the crowds too.

Book flights and accommodation separately

Booking your flights and accommodation separately can be a great way to find the best deals.

Package holidays can be more expensive than booking each trip component separately.

This approach can also allow you to take advantage of special offers or discounts. Yay!

But this depends on the holiday provider you're booking with. So, It could be worth shopping around to see what savings are on offer.

Page last reviewed: 6 August 2024

Reviewed by: Alvaro Iturmendi

*https://www.numbeo.com/cost-of-living/ - Correct as of May 2024
1The cheapest price for a single-trip family travel insurance policy. Based on family of 4, including 2 adults over 30 and 2 children under 10 with no previous medical conditions travelling to Spain for 7 nights. Confused.com data - April 2024.
2The cheapest price for a European annual travel insurance policy. Based on a 30-year-old with no previous medical conditions. Confused.com data - April 2024.
3The cheapest price for a single-trip travel insurance policy. Based on 2 30-year-olds with no previous medical conditions travelling to Spain for 3 nights. Confused.com data - April 2024.
4The cheapest business policy based on 1 adult aged 30, with no previous medical conditions travelling to Spain for 1 week. Based on Confused.com data, May 2024.
5The cheapest price for a single-trip travel insurance policy. Based on 2 55-year-old with no previous medical conditions travelling to Spain for 3 nights. Confused.com data - April 2024.