How to Save Money for a Holiday

How to Save Money for a Holiday

How to Save Money for a Holiday

Saving money can be a very difficult goal to achieve, as unexpected bills and payments can eat away at our finances with little to no warning, leaving us out of pocket and demotivated. Saving up for any big purchase, such as your next holiday, can be hard to do, but there are ways that you can cut the cost of your next holiday, and all they need is a little time, patience and effort.

Open a Savings Account

This is something that can very easily be done, and many savings accounts can be opened with just 1 as a first deposit. Go into your bank and ask to speak to an advisor about opening a savings account. You might have to make an appointment to come back later in the day or later in the week to see someone, but these appointments are free of charge, and you have no obligation to open an account at the end of the appointment.

Set Up a Direct Debit

Once you've found and opened your new savings account, it's a good idea to set up a direct debit from your current account to your savings account. If you choose to do this, the trick is to only put aside what you can afford. It may be tempting to pay in half the amount of your pay, but that's just not practical, as you won't have left enough money to pay for basic essentials, such as rent, bills and food. So when you set up your direct debit, it could be a small amount, something like 10 a month to start with, which you can choose to increase if you can afford it. Another thing you could do, is pay in a little bit more on top of your direct debit if you find you've got a little bit extra left over at the end of the month.

Look For Your Perfect Price

When you're saving up for your holiday, it's good to have an idea of what the price you're going to have to pay for flights, accommodation and daily living expenses. So find out the general price of these for your chosen destination and set that as your goal, perhaps even set a date that you want to have saved this money by, such as: "I want to save 500 by the end of the year."

Find a Good Deal

Budget holidays are readily advertised but sometimes hard to find, so make sure you thoroughly search online for the best deals, as some sites advertise holidays at low prices, but then add taxes on top of that price at the checkout, which can make the price you'll eventually pay. So choose wisely, or you could end up paying more than you should.

These steps are simple and achievable methods for you to achieve your goal of saving up for your next holiday, so remember not to put away too much each month, and always leave enough money for you to survive on.

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