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How to Save For Your Next Holiday

Warm weather is approaching. With summer around the corner, many people are thinking about how they’ll spend their upcoming holiday. Unfortunately, the operative word here is “spend.”

For many families on a tight budget, the summer months can be a source of stress. Ironically, the season that’s supposed to be relaxing may come with some of the biggest financial frustrations.
If you find yourself wishing you could find the money to get away, here are a few steps you can take to save money for your next holiday.

1. Drive Less. Fuel is Expensive

Start using public transportation as much as possible, even if it’s less convenient. You’ll be surprised how much you can save just by swapping your car for walking, biking, or public transit. Try it once or twice a week. Small changes can add up.

2. Become More Cost-Conscious at the Grocery Store

Not all foods are created equally. Meat, in particular, can be a rather expensive item. If taking a holiday with friends or family is your priority, find cheaper sources of protein such as eggs or beans.

Dried beans purchased in bulk can be a very economical source of protein. Figure out what the difference in your grocery bill is and transfer your savings to a holiday travel fund.

3. Skip the Normal Shopping

There’s no law saying you can’t continue to wear clothing that’s already in your closet.
Do you normally upgrade your wardrobe, accessories, or shoe collection during the summer? Try cutting back in order to put aside money for the upcoming summer months. Take stock of what you already have and learn to shop your closet.

4. Find Additional Work

You might be relieved to hear money management isn’t all about cutting back. Some of the best improvements in your financial life come from earning more.

Look for ways you can increase your income by babysitting, freelancing, consulting, or selling older belongings. There are numerous money making activities that can be pursued during your time off work.

Just an extra 4 hours of paid work per week can be the difference between having a tight budget and enjoying some breathing room.

5. Create a Written Plan

Are you the type to stay stressed until you write down exactly what you need to do to accomplish your goals? Then create a plan by writing down (using old-fashioned paper and pen) exactly how much your holiday will cost. Divide that by the number of weeks leading to the holiday. Voila – you now know how much you need to save and/or earn per week between now and then to make it happen.

It’s All About Priorities

Saving money for your holiday doesn’t have to be difficult. It doesn’t even have to require tons of sacrifice. It’s just a matter of making your holiday a priority. Once you do that, the saving will happen automatically as your focus is on getting away and enjoying your time off.

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MARCH 23RD 2020

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IMPORTANT:The last day we can accept a new claim is Friday 23rd August – midday – to ensure the paperwork is properly processed and lodged with your lender before the cut-off time.