How to save money for a holiday

May 16, 2022 • Chris Bardsley

The weather is heating up, and the holiday season is almost upon us. Everyone needs a holiday from time to time to relax and recharge. But between flights, hotels and travel insurance, the cost of going on holiday can quickly exceed your budget. Start saving money for your dream destination today and put your money worries aside.

Whether you are booking a dream holiday or weekend minibreak, there is almost always a way to save some extra cash. Check out these tips and tricks to save money for your next holiday, and stay on budget while you’re away.

Look for a package deal

If you are going away for one to two weeks, a package holiday is often cheaper. You can book your flights, accommodation and sometimes airport transfers in one package. Airlines, like Jet2 Holidays and British Airways, provide discounts on these packages throughout the year. For example, in April 2022, you could save £50 per person on a Jet2 package holiday, and young children can go for free. Package holidays tend to offer better consumer protection against coronavirus as well.

Start a savings account

When saving money for a holiday, you need to be realistic and consistent. Do some research and estimate how much your holiday is going to cost. Remember you need to consider travel money as well as flights, hotels etc. Divide this sum by the number of months until your holiday date – this is how much you need to save every month.

Schedule a regular sum to come out of your bank account every month and into your holiday savings account. You need to factor this holiday payment into the monthly budget for your current account.

Holiday savings jars

Struggling to find the money to save for a holiday? Almost one-fifth of UK adults have less than £100 in savings accounts, according to The Yorkshire Building Society (2021). This equates to 10.3 million Brits with minimal savings and with the current economic crisis, we have even less disposable income to play with.

It’s time to get creative with your approach to savings accounts. Like Monzo and Lloyds, many banks now offer round-up options to help you save that spare change. Each time you make a payment, the amount will round up to the nearest whole number. Allocate the change to a specific savings account and watch your holiday fund grow. Equally, a coin jar would have the same effect in saving your spare change.

Household essentials tend to take priority over your holiday saving fund. Perhaps your fridge has started faltering, or your cooker is on the way out. With Fair for You, you can purchase new household appliances on a flexible repayment plan that works for you. Start saving for your next holiday and take care of things at home.

Likewise, you could review your household bills and switch to a cheaper energy supplier. Although, the recent energy crisis means most suppliers are offering sky-high rates with limited affordable tariffs on offer. Make sure you have the best energy deal available and direct any savings towards your holiday accounts.

Set a holiday budget

A realistic budget is essential for your summer holiday. Here are a few things you need to consider:

  • Travel money
  • Holiday clothes
  • Flights
  • Travel insurance
  • Accommodation
  • Car hire and insurance
  • Toiletries, like sun cream
  • Entertainment
  • Food and drink

Setting a budget is only one part of the puzzle. You need to stick to it by consistently monitoring your holiday costs. If you can’t quite save enough for your chosen holiday, you need to identify which areas of your budget could be adjusted. It may come down to prioritising some elements over others. For example, you could pack holiday clothes you already own and save that money for hiring a car instead.

Find deals and compare prices

Check out the best deals available for the different tour operators in your destination. Comparison sites, like Skyscanner, help you find the cheapest flights for the shortest journey time. You can also access big discounts for activities and experience days on your trip abroad at Groupon. Sign up for email alerts at promotional clubs, like Jacks Flight Club, and watch out for flash sales.

Reduce your baggage weight

Budget airlines often charge extra money for baggage – on top of the flight ticket. The cheapest flight ticket usually only includes a small backpack or handbag. If you need extra baggage, opt for a carry-on suitcase instead of checked luggage to save money.

Change your destination and timing

Tourist hotspots can quickly drive up the price of your holiday. Check out some more affordable locations off the beaten track and enjoy a different type of holiday. There will be fewer crowds and tourist attractions, making room for more culture. Sometimes a quaint Spanish village or Greek beach town makes the most relaxing holiday.

The school holidays are the most expensive time to go away. You can make significant savings just by avoiding peak times.

Look for deals on an all-inclusive package

Managing a tight budget on holiday can be difficult. With an all-inclusive holiday package, you don’t need to worry about going over your spending budget. Food, drinks and entertainment are included in the total price.

Pay for it in an affordable way

Paying for a holiday all in one go is unrealistic for many people. It’s not always possible to save for a holiday in advance.

Fortunately, some holiday providers offer plans so you can pay for your holiday in monthly instalments. You can usually book the holiday with a deposit and pay the rest later down the line. Remember to factor these payments into your monthly budget and savings goal.

Find Out More

If you or anyone you know is struggling to afford the basic items they need to furnish their home or support their family, then Fair for You is here to help.

As mentioned, we look to offer essential goods to those on a low income, but in a way, that’s different to the companies that set out to do so for massive profit at your expense. Instead, Fair for You is on your side, and we strive to offer our stock at the lowest price possible in line with retail value with a flexible payment schedule. Our focus is on people, not profit.

Check out our online shop to view our products for sale, including beds, laptops, sofa, dining room furniture, children’s beds, hoovers and much more.

This entry was posted in Health and Wellness, Budgeting Tips and How To's
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