Five Ways To Save Money For Your Next Holiday

(Guest post) The lockdown may be easing, but the travel industry has suffered heavily and the price of your holiday may increase if you choose to go abroad. Not that you have to. You could just as easily holiday in the UK on a staycation. While one option is to make money from home, you’ll also want to get saving, so here are five tips to help you stash away the coin and pay for your next holiday:

A woman staring at an orange and blue piggy bank

Image by luxstorm, used under Pixabay licence

Set A Budget

The first thing you need to do is set up a budget. This will give you an idea of how much you can spend while you’re saving for your holiday and how much to save. You’ll need to think about things such as travel insurance, accommodation, travel costs and holiday clothes. Then you’ll have to consider expenses when you’re there, including food, entertainment and vehicle hire. Using a budget planner can help.

Review Your Bills And Recurring Expenses

It always pays to review your different bills and subscriptions and start cutting back. Netflix… gym memberships… utility bills… car insurance… it all mounts up and the chance are, you can get some or all of these things a little cheaper by shopping around. 

One area you should definitely look into is your internet service provider. There’s a lot of competition between service providers. They all want your business, so you should browse the cheap broadband deals currently available and make the most of it to cut your internet bill. Check the contract length and any fees you might have to pay before you sign up, though.

Automate Your Saving

Ever heard of ‘paying yourself first’? It’s a simple personal finance principle in which you automatically pay a fixed percentage of your net income into your savings and investments regularly. You can apply it here by setting up a separate account for your holiday. When you decide how much you want to save, you can create a standing order and transfer money automatically into your holiday account regularly until you hit your target. 

Review Your Wardrobe

Take a look at your wardrobe. You can be sure you have clothes in there you never wear and they’re just taking up space. Time to free up some space, sell them online and add a few pounds to your holiday coffers. You could also set up a stall at a car boot sale, but you’ll have to pay a little for setting up the stall. Share the costs by sharing the stall with a friend. 

Cut Back On The Takeaways

How many take away coffees and other ‘to-gos‘ do you buy during your working week? Let’s suppose you spend that Monday to Friday. If you spend £5 per day Monday to Friday, that’s at least £25 per week — and £100 per month. It soon mounts up and it could all be going towards your holiday instead. When you put it into perspective like this, you might even do away with all that expense after your holiday too.

A holiday can seem like a big expense, but saving up to pay for it is easier than you think. It’s a question of reviewing your current expenses and trimming down any unnecessary ones or looking for cheaper options. Then you can treat yourself to an excellent holiday!

***Collaborative post***

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