How to save for your summer holiday

holidaymakers on a sandy beach

Holidays can be fantastic experiences, but they can also be a big expense. Saving up for your summer holiday rather than trying to cover the cost in one go, makes it easier to manage your budget. Here are some tips on how to save for your summer holiday.

Choose the right holiday

Don’t rush into booking a holiday. Take some time to work out how long you can afford to go away for. It may seem like a two-week trip is better value than one week, but you’ll need an extra week’s worth of spending money. Pick a destination that is affordable; think about the cost of food, drink, day-trips and transport, as well as the cost of the holiday.

Plan your budget

Work out how much spending money you are likely to need each day. Do you have meals included in the cost of the holiday or will you need to buy three meals a day every day? Are there self-catering facilities or will you have to eat out? What local attractions are there and how much will they cost. Once you work out how much you will need, you have a target to work to.

Have a separate account

Separating your savings from your main bank account will make it easier to keep track of your money. You’ll also be less likely to dip into your holiday savings if they aren’t as easily accessible.

Cut back on luxuries

Cook meals at home using low-cost ingredients rather than eating out or ordering takeaways. Instead of paying for costly trips to the cinema, watch a DVD at home. Cut back on all the luxuries to help you save more for your holiday.

Have a no-spend weekend

Plan to have a no-spend weekend every month. There are lots of free activities you can do as a family; go on a bike ride, go to the park, have a board games night, read a book together. You can use the money you save to have an extra treat on holiday.

Walk more

Save money on petrol by walking short distances instead of taking the car.

Sell unwanted items

Clear out all your old clothes, toys, DVDs, books and unwanted items, and sell them online or at a local car boot for a little extra money.

Work overtime

If you have a job that allows you to take on extra shifts, then this can be a good way of making some extra money.

Borrow holiday items

Rather than spending a fortune buying new things for your holiday, see if you can borrow from friends or family. Items such as suitcases, beach towels, books and a camera could be borrowed rather than bought. Friends may even have leftover sun lotion that they are happy to let you have.

If you can put a little money aside each payday, it can make it easier to afford a holiday. It is important that you don’t try and make your money stretch too far or you could end up with debt you can’t repay. Make sure you are realistic about what you can afford.

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