5 ways to save money for your next holiday*
As soon as Christmas is over, it’s time to start planning your holidays for 2019. I love to banish the January blues as soon as possible by thinking about my travel plans for the year ahead. However, travelling can be expensive (I saved so hard for my trip to Australia last year!), and so here is my guide to saving up for your next holiday…
1. Keep your spare change
I find that this is a really effective way of saving up quite a lot of money in a short amount of time. Every coin that I get that’s lower than a 50p, I just throw in a money box and it soon adds up. Get yourself one of those travel plans money boxes that you have to smash to get the money out of – this will stop you from being tempted to dip into it now and again.
There are even apps which will do this for you now if you’re not the type to carry cash around – Moneybox rounds up your purchases to the nearest pound and then keeps the spare change in an investment for you.
2. Go without
I’m really quite good at being strict with myself and I always have a little word with myself before I buy anything. Do I really need a new dress, or do I already have something in my wardrobe which will do? Picture the end goal and that will help motivate you to cut out any unnecessary spending.
3. Credit cards and loans
I hate missing out on travel experiences, especially if I find a great deal which I know will only be available for a limited time, and so I sometimes pay for something on one of my credit cards and then split the payment over the next few months.
Short term loans work in a similar sort of way and lenders such as Cash Lady can help you get a short term loan quickly. If you are going to borrow money to pay for your trip, just ensure that you can manage the repayments and that you don’t end up getting yourself into debt that you can’t repay.
4. Put leftovers in a savings account
I opened a cash ISA a few years ago when I was saving to buy my house and it has really helped me when saving for something big. At the end of each month, you should transfer any leftover money in your bank account into your ISA. You can always get it again if you need it, but having it in a different account makes me that much more reluctant to spend it.
5. Cut back on takeaways (and buying food in general)
We have got a terrible habit of buying takeaways – they’re quick, easy and tasty, especially when we’re busy working or we’re getting home late and we’re hungry. However, if you get just one takeaway per week, that could add up to almost £1000 over the year – easily enough for a flight somewhere amazing.
Try taking a packed lunch to work instead of nipping to town to buy food and maybe even setting yourself a cost per day for your dinner. Planning your meals in advance will cut down on those impulse purchases and may even have health benefits as you can plan lower calorie dishes when you’re less hungry.
So there are my top 5 ways to save for a big holiday. Have you got any great tips for saving? Let me know in the comments.
[post in collaboration with Cash Lady]