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Planning a holiday? Having limited funds doesn’t mean you have to skimp on your holiday. There are plenty of fast loans you can use to fund your holiday, or you can just adjust your plans a little. Surprisingly, whichever way you decide to pay for your holiday, the result will be the same.

Let’s take a look at how you can plan your next holiday and get the best value for your dollar.

First of all, you should be thinking about a budget. This means sitting down and taking a few hours to write down some basic figures that will really help you enjoy your holiday more. Here are the steps you should take.

• Make a note of your average take-home pay by looking back over your payslips for the last few months. It is important not to overstate your income, so make sure you exclude any payments you received for overtime or other allowances that you don’t receive every pay. In other words, use your base salary as the starting point.

• Get a total of all the loan repayments you are committed to, including credit cards. If your credit card balance changes from month-to-month, the best way to estimate the expenditure is to allow 3% of your total credit limit as the minimum monthly repayment.

• Work out how much you have to spend on rent or mortgage repayments, and don’t forget to add in the additional amounts for insurance, council rates and other ancillary services like telephone, electricity and gas. Next, add up your average expenditure for food and groceries.

• The final thing to tally is your discretionary expenditure. Here you should include your average monthly spend on things like entertainment, alcohol, going out and any other thing that you choose to spend your money on.

• At the end of this process you will have an excellent idea of how much cash you have to play with every month and make a decision about how much you can afford to save for your holiday. If you want to be really ruthless, you can cut out all, or most, of your discretionary expenditure and bank it in a special savings account which you use to save money for your holiday.

• Finally, you should work out how much your holiday will cost, including everything you can think of like air fares, accommodation, entry fees into tourist attractions, hire of equipment if necessary, and a daily allowance for food, drink and other things you want.

You can now easily work out how long it will take you to save for your holiday. If you feel that it is too long to wait for, it is time to look at some of the cash loans you see advertised and compare the repayments with your savings plan.

In many cases you will find that the loan repayments are easily manageable, and you can direct the money that you would have saved into loan repayments instead. Using a loan to fund your holiday doesn’t have to be scary if you take the time to work out the details.

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