We all know how important it is to save money for a ‘rainy day’, but it’s equally important to put aside some money to allow us to get away (albeit temporarily) from those rainy days.
The perfect holiday doesn’t come cheap though. Deciding on your destination is only the beginning, you also need to work out how to pay for it and thinking ahead can make all the difference when planning your next trip.
Putting money aside on a regular basis is a great way to ensure you have enough to be able to enjoy the holiday you dream of. The obvious things to take into consideration are travel expenses (flights etc.), accommodation costs and food & drink allowances. You will also need to budget for travel insurance, any excursions or activities, souvenirs and a contingency fund for possible emergencies whilst away.
So, when and how should you begin planning your holiday budget?
Well, you can never start too early when it comes to saving the money to pay for it. Something as simple as stashing away surplus money (or emptying your purse/wallet of spare change) into a cash box once a week can make a significant difference over time. Maybe you could encourage family members to join in and contribute in this way too? Over the course of several months (or a year) you’d be surprised how much you could save.
You could also consider whether there are things you could give up in order to save money. Walking instead of taking the bus or car for short journeys, for example, or, looking for cheaper alternatives when doing your grocery shopping.
Calculate your savings and put the amount away towards your holiday.
If you have household items, clothes or toys that you don’t need or use any more, why not sell them through websites such as eBay or Gumtree or via your Facebook page? This can be a great way to make some extra cash and get rid of unwanted clutter at the same time. Local car boot sales are another means of selling unwanted items.
High street banks and building societies offer a range of savings accounts to suit different needs – you may already have one or more of these accounts?
Although interest rates are relatively low at the moment, they are still a simple and convenient way to save and can help discourage you from dipping into the cash.
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One particular type of account to consider is a regular savings account which can be a great way to put money aside each month, earning some of the highest rates of interest available just now.
You would normally need to have a current account with the bank to enjoy the best rates, so it’s worth checking out what your bank can offer. These high-interest accounts are often only available for 12-month periods, making them ideal for holiday saving; once you get used to the money being automatically transferred each month, you won’t miss it!
A useful and fun way of motivating you, and helping you to keep track of your savings, is to download an app to your phone.
This way you can easily track your spending (and saving) while on the go. There are various apps available for both iPhone and Android users. Just search your app store to find the one that best suits your needs, download it and watch your savings grow.
Hopefully, this article has given you some ideas for saving towards your next holiday. If you need further inspiration, the Money Advice Service is a great resource and their website provides plenty of useful tips.
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