8 Tips for Saving Money for Your Next Holiday

Saving money for a holiday can be tricky for young millennials who don't have much experience saving. When constantly flooded with ongoing bills, saving can be put on the back bench. Saving money is so important to the young traveller wanting to explore the world, as travelling costs! When we think about travel costs, they soon add up pretty quickly; airfares, hotels, insurance and spending money, there is a lot to save for!

That's why we have provided some simple tips to help you save for your next holiday, wherever you choose to go. Try some of our tips out, you may surprise yourself with the money you can save.

1. Work out a budget

Work out a budget

Working out a budget is key to saving money. Budgets can be tough to crack, but when worked out and planned, can really help you save. Budgets can consist of weekly grocery shopping allowances, fortnightly dinner allowances and any shopping essentials that you may need for the month. But be prepared to cut out any unneeded costs, such as any excess shopping or brunches.

2. Set money aside for bills

Setting money aside for bills is a great way to help you save for your next holiday. When thinking about bills, we know how much they can really stack up. That's why budgeting for bills is such as a great way of approaching saving. Think about how much your last gas, electricity or phone bill was, and work off that if you're unsure what to put aside for budget. Creating an Excel spreadsheet is a great way to work out costs, which may affect your saving goals.

3. Try to spend less on luxuries

Luxuries. We all are guilty of them, and cutting them out is one of the hardest parts. Luxuries tend to add up unnecessary and unwanted costs. Spending your money wisely is the way to go when trying to save for a holiday. Just think about it, would you rather buy a new handbag, or spend that extra cash on an island off the coast of Europe sipping on a Pina Colada?

4. Set realistic goals

Set realistic goals

Setting realistic goals is needed to successfully save for your next holiday. Realistic goals can include how much budgeting is needed to survive on limited groceries for the week, or goals such as missing that weekly dinner and drinks, or opting out on Uber Eats. Every bit of cash adds up, so spend wisely.

5. Educate yourself on saving

If you're finding it hard to save, a little bit of research and education can be a good starting point for any young traveller. The internet has a large range of saving tips and tricks, but if you wanted a professional to advise you, think about reading some books such as The Barefoot Investor, or Personal Finance Advice for Dummies. These books will not only educate you on savings, but it will also make you think about how you're already saving, and what you can do to save more.

6. Aim for savings that are achievable

When planning your next holiday, consider the cheaper travel destinations so that your savings goal is achievable. Achievable savings can be budgeted and worked towards weekly, fortnightly or even monthly. Suit your budgeting to your income and to your needs. Just think about all the holiday activities you could do when saving that little bit extra.

7. Try our travel card option

With a Latitude 28° Global Platinum Mastercard, you'll pay no annual fee with our credit card. If you have successfully saved money for your next holiday, avoid fees by using our credit card on your trip. Pay no annual fee, currency conversion fees or foreign transaction fees on purchases when travelling. Consider applying for a Latitude 28° Global Platinum Mastercard today.

Happy saving!