5 Ways to Save for Your Next Holiday

Save money

After months of waking up early in the morning and going to bed late at night, either because of work or school, it is not out of place to desire a holiday. Unfortunately, going on a much-deserved holiday is out of reach for most people because they cannot afford it. 

If you have been putting off going on a holiday because of budget constraints, here are a few smart tips that will help you save for your next holiday. Now pill no longer have a reason to put it off.

1. Set A Realistic Budget

Before you can set a holiday budget, you’ll need to plan your holiday. Before jumping into saving, conclude on where you want to go for your holiday, the activities you will engage in, who you may be going with, and where you will stay. These details will inform the travel costs, accommodation, food, drinks, and holiday activities. If you don’t know where to start with your holiday planning, there are a lot of holiday planning tips online to give you an idea of what you’ll need to cover. 

After creating a rough plan for your holiday, tally the estimated cost and write it down somewhere. Then divide this amount by the number of weeks left until your intended travel date. This will help you decide how much to set aside every week towards your holiday fund.

2. Avoid Impulsive Purchases

Almost everyone is guilty of buying things on an impulse, and in most cases, impulsive buying involves things that are not necessary. To save enough money for your next holiday, avoid the temptation to buy things on impulse, In fact, you will also have to cut down on your purchases to meet your weekly savings target. 

Go through your financial records and identify where you routinely spend those few pounds and put them on hold until after your holiday. The money you will save from unnecessary purchases will go a long way in boosting your holiday fund. This also applies to buying things for your holiday. It’s understandable that you might be needing new holiday-appropriate clothing or essentials – but be careful. Make sure that anything you are buying for your holidays is something that is 100% needed. 

3. Cook Your Own Meals

If you are in the habit of eating out, you should already know that this is an expensive habit to have. The amount of money you’ll spend on lunch or dinner in a cheap restaurant may be enough to feed you for two days if you cook your own meals at home. This means extra savings that can go into your holiday fund.

Saving money, however, is not the only reason to cook your own meals. Eating home-cooked meals also has a lot of health benefits, compared to ready meals or fast food. So, hit the grocery store, stock up your kitchen, cook your own meals and save both money and your health. 

4. Start Converting Your Money Early

If you plan on visiting a foreign country where they spend a different currency, you should start converting the amount you need at home before travelling. If you decide to leave it until you arrive at your destination, you may end up paying more, particularly if you change currency at the airport.

Instead, shop around carefully, look for good deals and convert what you need on time. Make sure you are keeping an eye on current currency trends as you are not guaranteed to receive the same exchange rates from day to day, so it would be wise to change all your money at the same time to avoid getting two different exchange rates.

5. Hunt for Discounts and Deals

Do you know that in the UK alone, there are millions of discounts and deals available every day for travel? This is such a huge opportunity to make savings towards your holiday. Instead of buying your holiday at face value from the first provider you see, shop around.There are a whole host of travel price comparison sites out there that can offer you’re the same holiday for much less, in fact, the price comparison industry in the UK is worth an estimated £1 billion. The leftover cash will make a lot of sense when you are on holiday and need that little extra bit of cash.

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