For so many people, going on holiday is something that they relish and look forward to for the entirety of the year. While the availability of travel is improving, external factors such as an unpredictable economy, Brexit fears and travel bans are making travelling appear more expensive and difficult. Travel has so many great benefits as well as being a way for the family to spend quality time together, to learn a little more about the world we live in, and to simply take some time away from everyday life to chill out and relax. If you are looking to make the most of your income and want to find the best possible ways to save up for a holiday, then we suggest that you take a look at the following top tips for holiday saving. You could find yourself on the beach or hitting the slopes in no time at all…
- Open a savings account
In order to improve the likelihood of you being able to save money each month, we advise you to open up a dedicated savings account that will allow you to separate your holiday savings with your other expenses. This will make it easier for you to keep track of where your money is going, how much you have and how much is available to be spent on your holiday. Just make sure to keep the account dedicated to savings and not just day-to-day spending money.
- Consider automatic transfers
Once you have set up your savings account, it is then very much advisable that you look towards setting up an automatic money transfer between your everyday account and dedicated holiday savings account as this will mean that you will be able to make regular payments without having to manually move money across. If you set up a transfer on the day that you get paid, you will soon begin to not notice the money that is taken out and moved into your other account.
- Get some help
From using a money saving app to getting a quick loan from a reputable source, seeking the help of someone else in your quest for holiday savings could prove to be fast and effective in raising the funds you need.
- Use the money jar trick
The oldest trick in the book has to be to find a large jar (or any container for that matter) and use it to store all your extra and unwanted change. While this can take time, it is a proven and reliable way of securing your future holiday. By putting a little change away each week, you will soon find that by the end of the year you could have amassed an impressive amount of cash that can be put towards giving you a much needed break away in another country.
- True budgeting
Something that so many people fail to do is work out their ‘true budget’ when considering a holiday. This involves exploring every avenue when it comes to costs and savings that you will be making over the duration of you trip. This includes factoring in your savings while you will be away (for example, food shopping and work travel costs) as well as your expenses (such as boarding for pets etc.). You will quickly see how much your travel will truly cost and this will enable you to better plan for the occasion.
- Get rid of your old stuff
Perhaps one of the most obvious ways to get some extra cash together is through selling off some of your belongings and raising funds through eBay or setting up a table sale, for example. While this may take some time and sacrifice, it will soon be well worth it once you are sunning yourself on a beach somewhere!
- Volunteer or get a grant
One of the best ways of getting some cash together quickly is through looking at your options when it comes to grants, particularly if you are looking to travel for educational or research purposes. Similarly, joining a volunteer group would help to cut the cost of your travel if you look towards working abroad for free, for example.
- Get more and more people involved
If you are a parent who is struggling to make ends meet with the mounting costs of taking your whole family away on a trip, then be sure to get everyone involved to make a contribution. Teaching your children about the value of their pocket money and asking them to put a little aside each month to help fund a trip should teach them to properly manage their finances.
- Ask your family
This is something fun that may come as a last resort, but is great if you are strapped for cash and need money quickly. Find a way to present the idea of needing funding for travel in an intelligent and interesting way rather than simply asking for it outright, such as preparing a grant application. This is also a great way for kids to begin learning about how much something like travel and holidays cost, as you can encourage them to essentially apply for a grant from you or their grandparents.
Here at LoanPig we are passionate about helping everyone looking to save money, do just that. We hope that our handy tips on holiday savings will see you jetting off to a far flung destination as soon as possible!