Got a big trip coming up? Finding the funds can be a daunting task, but there are plenty of ways you can save, provided you have the right mindset and access to resources. Here, we’ll have a look at both, by considering what you need to know before you get started and how to physically save up.
From setting your budget to finalising your trip, here’s everything you need to know.
Before you start saving, it’s a good idea to know exactly what it is you’re saving for. You can do this by making a list of the things you’ll need to pay for as part of your holiday. It might look something like this:
So, in the months leading up to your big holiday, how do you squeeze the pennies? Here are our best holiday money-saving tips.
Consider how much money you already have in savings and how much you’ll realistically be likely to save before you travel. Once you have a rough idea of what this looks like, you’ll be able to set yourself a sensible budget.
The most important part of this is to stick to your budget once you’ve set it. Try to resist the urge to go over for add-ons.
When you’re planning your holiday, you’ll probably book the majority in advance in UK currency. When it comes to putting money aside for spending on your arrival, however, you should bear the conversion rate in mind if you’re going somewhere with a different currency.
Keep an eye on this conversion rate in the months leading up to your holiday, as they tend to fluctuate.
For longer-term goals, you might want to consider setting up a separate holiday savings account. Saving for a holiday account will allow you to keep the money entirely separate from your current account as well as any other savings you might have.
You can have a look at our personal savings accounts to find out which one is best suited for your saving requirements.
There are several techniques you can use when it comes to saving for a holiday. Ultimately, it comes down to creating a routine in setting money aside. It’s not realistic to squirrel away bulk amounts of cash, so here’s how you can save up for your holiday, a little at a time.
Start small by putting a few pounds aside on a daily or weekly basis. Transferring just £10 a week will come to £520 after a full year. If this works, see if you can set aside a bit more. If it’s too much, lower it. The amount you’re able to save will be completely relative to your own financial circumstances – and every penny counts!
To keep yourself accountable for putting money aside, you can set up a separate holiday savings account and set up a standing order into it, from your current account. This way, you won’t miss any of your regular payments to yourself.
Having something physical to represent your savings can make it easier to visualise them. For example, create a progress chart in your diary or put it on your fridge so you can see how close you are to your goal.
If you’re looking to save up for a holiday, take a look at our personal savings accounts to discover the best way for you to start saving today with Aldermore.