How to Save for a Holiday
Saving is one aspect of planning a holiday that doesn't always come so easily. But If you get yourself organised, work out a budget (and stick to it), you could end up saving your way to the holiday you've always wanted without much hassle at all.
Here are some quick and easy tips to get you saving like a champion:
Set a savings goal
This can sometimes feel a bit pie in the sky. In a dream world, our holiday savings would probably be somewhere in the millions. But if we're keeping it real, we'll need to strike a balance between what we want to spend and what we can afford to spend.
Make a budget
Begin by factoring in the big costs like flights and accommodation. It's also a good idea to work out roughly how much money you'll need each day – think about food, transport, shopping, exhibitions and attractions.
Like all budgets, yours might change, but knowing the total cost of your trip gives you a good idea of how much you should be saving each week. And having a plan will help you stay on track with your spending while you're away.
Save something every payday, no matter what
If some months you find yourself unable to put your goal amount aside, make sure you try to put something into your holiday fund. It's easy to have an all-or-nothing attitude when saving, but it doesn't have to be that way. Even $10 set aside could cover one of your lunches while you're overseas.
Try and save all (or at least half) of any unexpected funds you receive.
Money can often spring from the most unexpected of places. Maybe you'll get a gift or a tax return or you'll find some cash on the street. However your little windfalls land in your lap, commit to putting a bit (if not all of it) into your holiday savings. You'll reach your goal much faster and you may even find you end up with more than you planned.
Need a helping hand to get you on your way? Apply for a travel loan today and give your savings the cash injection they need