How to save for a holiday this year

How often do you dream about getting away from it all? Booking that time off work and looking forward to those amazing memories that you can make on your holidays. Whether you are pencilled in a family vacation, a boys trip, a weekend with the girls or a couples trip to the city, how do you save up for these holidays? With money perhaps tighter than ever, we might need to start cutting back in some areas. Holidays are maybe one part of our lives that we don’t want to give up though. Especially as they can rejuvenate us, relax us and give us amazing memories that last a lifetime. Let’s have a look at how to save for a holiday this year.

Know How Much You Need

One of the first things to figure out when you are looking at how to save for a holiday is how much money you are actually going to need. What is the figure you are aiming to save? That goal amount? Not just to pay for the travel and accommodation, but to buy everything you are going to need. When you know how much you need, you know how much you are going to aim to save. That means you have the cash for every part of the holiday, from the drinks in the airport to the souveniers to bring home.

Having a handle on our finances means that the money is there for what we need it to be. We then don’t need to take cash from another pot in order to pay for those things we haven’t budgeted for. Work out how much you are going to see and then you can start to look at exactly how to save for a holiday this year.

Where Do You Want To Go

One of the key parts of saving for a holiday is where you will be going on holiday. It is much different saving for two weeks in Florida compared to getting the money for a weekend in Skegness. Some of us return to the same places year after year. With this in mind, you likely know how much you will need for this trip. Other people like to venture to different lands in incredible parts of the world. Some wish to stay closer to home and might travel to a caravan site or stay in a budget hotel. There are so many options.

Do your research and figure out what you can actually afford, along with the potential destinations that the money will take you to. If things are tight money-wise, you can always look at alternatives. If there is an incredibly popular destination, the prices are likely to be higher. Find somewhere different, where you can still get the same experiences out of your time away. Or opt for a different kind of holiday, one that is more affordable.

Save Throughout The Year

When you know how much you are going to need to save, start to save up throughout the year for your vacation. This means you can save every week or every month for your time away. It is a great idea to save in this manner if you are able because you don’t have to find a lump sum in one go. Open up a dedicated savings account with a good interest rate and start shifting some money into it every month.

Divide the amount you are going to need by 12 to get monthly amounts, or by 52 to work out weekly amounts. Shift this into your holiday fund so it is there when you need it. You’ll also earn that bit of additional interest too. It certainly can believe a bit of stress, which you don’t need before going on holiday! You could also use this ‘save throughout the year’ idea for other things you pay for annually. This could include house insurance, car payments, birthdays and even Christmas.

Opt For Short Breaks

If money is a problem and you are struggling when looking at how to save for a holiday, a great idea is to book a shorter trip. Maybe a few nights away where you can enjoy time with your loved ones, rather than a lengthier holiday. This change, compared to what you normally do, can certainly help you save money, paying less whilst still having some much-needed fun. Short breaks can be fantastic! You can pack less, fit more in and experience a concentrated holiday, rather than one which is perhaps more diluted. You could even just book a budget hotel as a base, with no frills included. It is, after all, just somewhere to sleep. Then head out every day and enjoy making memories!

Book Last Minute

A great way to save on how much you are going to need for your annual holiday is to wait until the very last minute to book. Holidaying outside of the school holidays will save you money as there is less of a supply and demand issue, but have you ever thought about booking something at the very last minute? Holiday companies have seats to fill and hotel rooms to occupy, so if there is availability, they will often drastically reduce the rates at the last minute.

If you have put money aside throughout the year, you will have the cash there ready to use. Know when you are able to leave and have a little bit of flexibility to grab a great bargain on wonderful travel! You might have your money organised when looking at how to save for a holiday, but booking last minute can save you even more!

Knowing how to save for a holiday can help you actually enjoy your time away. Many people borrow to have a vacation, however, that isn’t a great idea as you’ll be worried about paying it back all the time you are away. Where will you go this year? Whatever destinations are on your list, save for them before you go so you can enjoy yourself properly.