How to Save Money for Your Next Holiday
Do you feel like you’re in need of a holiday? With a dark, cold winter only just behind us and a tough economic situation ongoing, lots of people will be craving a rejuvenating break. After all, two thirds of us value holidays for escaping the stresses of life.
Your ideal trip could include discovering new cultures in South America or simply soaking up some Spanish sun. But whatever the case, unless you’re in the lucky minority, you’ll need to think about how you’ll pay for it first.
Thankfully there are lots of practical ways to make your holiday a reality and return free from money worries. Below, read tips on planning what you need, making saving easier for yourself, reducing your spending and boosting your income.
Make a Holiday Budget
The first step is working out what kind of holiday you want and how much you need to save for it. Make sure to factor in all likely costs including:
Travel there and back, including airport transfers if you’re flying
Accommodation per night
Food and drink per day
Must-do activities and entertainment
Any holiday clothes you need
Extras like insurance
If the final cost is looking too high, there are plenty of ways to save in each area. Can you rent a basic apartment or hostel instead of a hotel for example, or go all-inclusive if you have children?
Get Savvy About Savings
With your savings target in mind, it pays to make the process easier. If you don’t have one already, opening a savings account could reduce any temptation for impulsive spending and might score you some introductory perks too.
Setting up automatic payments into this account can be helpful too. This way you’re less likely to forget or accidentally use the money you allocated for your holiday.
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Cut Your Outgoings
If you’re struggling to find any money to save, trimming your outgoings is a good place to start.
See if there are any opportunities to save on your major commitments like utility and council tax bills, plus mobile phone and broadband contracts. Alternatively, can you cut down on other non-essential spending like meals and drinks?
Cutting spending isn’t easy, but having your holiday goal in mind should provide some motivation.
Boost Your Income
Can’t cut your outgoings? You may be able to boost your income instead. Going for a promotion, higher paying job or freelance work won’t always be possible, but there are other ways to generate extra funds.
You could use online marketplaces to sell old items you no longer want or need, such as clothes, electronics, or furniture. Or if you’ve got some creative skills, could you sell products online through Etsy or other platforms?
Do you think these tips could make your holiday a reality? Saving is a habit, so if you hit your target and get away, you can keep using them to save for more holidays in the future.
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