With the cold weather, the dark mornings, the dreary days and gloomy forecast, it is no wonder that many people want to escape at this time of year. Thoughts of sunshine, laid on a beach with a cold beverage is appealing to many, and if things are put into action, you could be enjoying the summer sun with a holiday that’s paid for up front.
I have said before that we don’t scrimp on our travel, as we want to create memories that will last us a lifetime. Creating memories and enjoying different experiences is up there at the top for us. Traveling and seeing different cultures and experiencing the world really does make us appreciate our lives even more.
Here are 5 easy ways to save for a holiday:
1. Be realistic. Although this isn’t a savings tip as such, you have to start off with the basics. Even though we’d all like to spend a month in the bahamas, for the majority of us, the price will be so much that it would be an unrealistic goal. Be realistic with the type of holiday you can afford without stretching the budget too much.
2. Have a specific place to save your money. Have a specified savings account, or jar to keep your money in. Don’t touch it! If your savings are designated for a definitive purpose, then you are less likely to spend them. Plus, if you have your savings in a savings account, you might also get some interest on your savings. Free money!
3. At the end of each week, do an account sweep. At the end of the working week, check your current account. Any spare pennies, sweep them over to your savings account. I try and have our current account at a round number, so this works well for this. Say you had £29.82 left at the end of the week, you would sweep across the £9.82 to your savings account. If you’re feeling flush, then sweep over the whole amount! It is surprising how quickly this method can add up.
Related post: This One Simple Trick Will Save You Over £100 A Month!
4. Keep a loose change jar. In the same way as an account sweep, at the end of the week, empty all pockets into the loose change jar. Find some money? That goes in! Again, this can add up quickly. Every so often, count the change and pay into your savings account if possible, so you don’t miss out on too much interest.
5. Sell your unwanted stuff. We all have objects in our home that we no longer need, or are no longer fit for purpose. Have a clear out! Get those things onto Ebay, GumTree or Craigslist and then wait for the money to roll in. Sure, this takes a bit of effort, but J Money from Budgets Are Sexy is doing a challenge that proves just how money adds up over time, including money for selling unwanted stuff around the house.
Last but not least, do not spend your savings! If you’ve put in all that effort, don’t dip into your savings for anything. If you’re truly serious about saving for a holiday (or vacation if you’re from other parts of the world!) then you need to leave your money alone until you need. If necessary, print off a picture of a beach or somewhere where you want to travel and stick it to your loose change jar.
So there you have it; 5 easy ways to save for a holiday! We have nothing planned this year after taking an amazing trip around Canada and America in 2014, but it doesn’t stop me saving for the “just in case we go away” moment.
Do you agree? Have I missed anything out here? I’d love to hear from you in the comments!
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We do an end of the month account sweep. I track all of our expenses closely, but we still seem to have extra cash lying around than what I found the leftover income to be. At least it doesn’t go the other way!!
Extra cash lying around is an awesome position to be in 🙂
I completely agree especially with being realistic. This is the most important because this makes our saving real show what we really need to do to achieve our financial goals.