How To Save For Your Next Holiday

***Collaborative post***

Travelling is one of life’s great experiences. Seeing new cultures, amazing landscapes, and revelling in other countries’ rich histories. It’s unparalleled.

The only catch is that these experiences are often expensive. First, there is the abroad travel, whether you go by car, boat, or plane. Then there’s the cost of staying somewhere, the cost of food, plus the cost of any experiences you have, like entry to a museum or a ticket to see a show. Then, on top of this, there are all the nitty-gritty costs you forget about.

It can feel overwhelming, looking at how much it will cost you to go on holiday – especially when you have a big family to pay for.

But it doesn’t need to overwhelm you. By starting early and using these easy saving tips, you don’t need the cost to stop you from having a great holiday.

Start saving early

Last minute holidays are really tricky to save for because you have to come up with the money in no time at all. Instead, book your holidays well in advance. Not only will they be cheaper this way, but you’ll also have more time to save. Once you’ve got a date in mind, start saving immediately. The earlier you start, the less financial burden you’ll feel.

Make saving part of your routine

Saving always feels easier when it’s just a part of everyday life. In the same way you budget so much money towards your food budget, you should also budget a certain amount to be saved each month. It doesn’t have to be loads – look at the date you’d like to go on holiday, and divide the amount by your amount of time. This terrifyingly big number should divide into something much more manageable and less scary looking.  

Put your savings somewhere smart

It can be tempting to use your savings. Maybe something comes up, like a car maintenance issue, or you’ve got a wedding and need a new outfit. In these moments, you might think to yourself: “It can’t hurt to just dip into the holiday savings.”

The problem is that, once you’ve dipped in once, it’s easy to dip in again. Before you know it, you don’t have enough savings to afford your holiday.

For this reason, you should think carefully about where to store your savings. Putting them in a savings account means it’s harder to access them immediately, so your impulse control is mostly done for you.

Another perk of a savings account is that you can earn interest on them, adding to your savings. The interest level will depend from bank to bank, so shop around for your best option.

If you want to risk making even more money, you could put your savings into an investment in the hopes that, when you need them, you can sell it off and make even money. This could be an investment in stocks or even currencies like Terra (LUNA). Make sure you do your research first to ensure you aren’t taking an unnecessary risk.

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