In the past, I used to struggle saving up for anything. Whether it was the latest Air Jordan trainers that I wanted, the recently released iPhone or even just to buy a lovely dress, I would look at my bank account and let out a small cry. With regards to holidays, I now devise a savings structure in order for me to afford my travels with ease and avoid being left out of pocket.

People use different means in order to save extra coins. Depending on how expensive a holiday costs, it can take a considerable amount of time to have the funds to book flights, accommodation and excursions and have some spending money.

There are lot of attractive holiday deals and slashed flight fares on offer all year round. If you wish to book a getaway abroad in the near future and need to save some money up for it, here are some suggestions.

 

Give a set amount of money to someone to save for you
  • I only recommend this option if you have someone you can completely trust with your money
  • This could be a family member, a friend or a relative. As long as they can give you back the money when you are ready to book the holiday
  • Setting a specific amount to handover weekly or monthly in proportion to your disposable income can aid you to save quicker, i.e. handing over £300 a month to my mum to keep away
Setting up a standing order to a different bank account
  • This is a method I regularly use to help me save for my travels. A dedicated holiday bank account with a different banking provider aside from where my main account is held stops me from spending money out of it
  • Setting up a weekly or monthly standing order from your main bank account to your secondary or tertiary account will enable you to quickly accumulate the holiday funds
  • The standing order amount can be changed at any time to your preferences
  • I’d recommend cutting up any debit cards associated with the holiday account to avoid being tempted to spend from it
Use a spare change jar
  • If you’re a heavy cash user and end up having spare change lying around, chuck them into a jar
  • I always have random notes and coins scattered around my room, pockets and bags. Using an empty glass jar has helped me save the money away rather than me spending it
  • After using some cash for any expenses, I advise to place any leftover change a jar and watch it grow over time
  • You could label the jars as “holiday fund” or “holiday spending money” which can be the motivation to add more coins into it
Set yourself a savings challenge
  • You can aim to save a specific amount of money during a period of time by sticking to a challenge
  • Challenges such as “save £100 a month” or “52 week money challenge ” can be motivating to reach your holiday savings goal
  • Set daily, weekly or monthly reminders on your smartphone to prompt you to add money to the savings account or jars
  • Creating a savings table using spreadsheets will help you keep track on how much you have saved so far
Cut down on some (and unnecessary) expenses
  • Ask yourself if you still need a gym membership or if you always eat out for lunch everyday
  • Reducing some daily and weekly expenses can significantly improve your ability to save with ease for your next getaway
  • Consider alternatives, i.e. working out at home or in a park instead of a monthly gym membership and eating breakfast at home rather than buying a coffee and croissant every morning
  • The cutback in expenses can be huge depending on how often you spend on specific items and activities, i.e. giving up expensive dining out options and cooking homemade meals can help you save hundreds of pounds per month

 

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