Everyone deserves to travel, but if you can’t quite sacrifice three months of your life to jet across the world, at least you can enjoy a well deserved holiday with your family, friends or partner instead. Sadly, there is one slight detail that prevents people from realising their dreams or enjoying some much-needed family time – money.
You might be worried that your current financial situation renders you unable to have a vacation this year. But, you’re wrong! With some careful planning, budgeting and making full use of financial aids such as saving accounts and ISAs – click here to find out more about junior ISAs – you may find yourself on a sun-kissed beach and sipping cocktails a lot sooner than you think.
Read on for 5 easy ways you can save for your annual vacation.
Figure out what you need to pay for
The idea of paying out for a vacation can seem a little daunting when you’re already on a budget, but if you want to get to grips with the situation and you want to feel more in control, you need to decide what you need to plan and budget for to build the holiday you want. Consider the following in your holiday budget:
- Travel Insurance
- Car hire (including insurance)
- Your accommodation
- Travel money
- Money for food
- An emergency fund
- Entertainment and excursions
All of these things (plus any extras you need) added together is ultimately, your holiday savings goal. So keep it in mind when you’re spending money!
Cancel your non-essential subscriptions
Subscription boxes, magazines, membership costs for online clubs, and TV streaming services are just the tip of the iceberg for many households. A simple cost of £7.99 here or £4.99 there doesn’t seem like a lot when you sign up, but the combination of time and multiple subscriptions means that these simple costs soon add up. Go through your non-essential subscriptions and strip them all back as much as you can.
Stop buying lattes
Lattes, mochas, cappuccinos and all that cake. We all like a treat now and again, but when that treat extends to every day of the week, on your way to work and on your way home, you could be taking away the much-needed money from your holiday fund. The answer is simple – switch those coffee shop drinks for home-brewed coffee instead and you’ll notice the difference in your bank account.
Bulk buy where appropriate
Of course, bulk buying products like fresh fruit and veg isn’t wise, however, if you choose to bulk buy certain items like pasta, rice, toilet paper and other non-perishables, you might be able to make a saving, dramatically reducing your weekly food bill.
Get rid of all your old stuff
Do the kids have toys they don’t play with anymore? Or is your closet bursting with clothes you haven’t worn in years? Go through anything that is no longer loved or used and sell it online, not only can you enjoy decluttering your home, but you can add to your holiday fund at the same time.