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Some say that the most wonderful time of the year is Christmas, but for others, it’s the time of year when holidays are on the horizon. Whether your dream holiday consists of blazing sunshine, bustling cities, rainforest adventures or hitting the slopes, holidays have to be paid for. To make your holiday dreams come true, you’ll need a good amount of savings to get it booked up. You may be looking forward to being busy doing nothing on a sandy beach, but you need to get busy saving first.
But how can you save that money realistically?
This blog will show you how to save money for a holiday, budgeting tips, choosing the best savings account, and more.
Where can you find money to save?
If you want to save money for a holiday, you may not know where to start. By taking a deeper look at your finances, you can find money to save. If you can find small amounts of money here and there, they will add up to boost your savings. You need to be honest about your spending habits, and you may have to be a little ruthless, but it will be worth it when you’re finally catching that flight.
Here are some areas where you can find money to save:
Set up a budget and track your spending
· Be strict with your budget and be realistic about what you can spend, and save
· Keep your holiday in your mind, so you’re not tempted to overspend
· Introduce consequences if you do overspend
· Keep track of your spending with the HyperJar spending notifications
· Make sure you are receiving any benefits you are entitled to
Reduce spending in your biggest areas
· Look for ways to save money on your everyday expenses. For example, you could cook at home more, shop at discount stores, or don’t renew your mobile phone for a while
· Be mindful of each transaction. Is it really a need or just a want?
· Review your household bills and shop around for better deals on your energy, phone, and broadband expenses
· Cancel subscriptions to streaming services like Amazon, Netflix, and Disney+, even if it is just temporarily. Cancelling all 3 of these would save you around £30 per month. That’s £360 in one year
· HyperJar Local offers rewards and perks with local stores when you use your HyperJar card. It encourages thoughtful spending and better budgeting which unlocks exclusive discounts and special offers
Sell things you don’t need
· Clear out your wardrobe and sell clothes you don’t want anyone on apps like Vinted
· Sell items you don’t need on eBay and put the money you make towards a holiday
· Have a garage sale to get organised and make some extra cash too
Create a budget
How to save for travel is easier when you create a budget. Put together a list of all your outgoings and compare this with your income. If your outgoings are more than your income, you’re living above your means and saving for a holiday will be almost impossible. A budget will help you get a handle on your finances and show you where you can cut back and save more.
You can realistically save money for a holiday by creating a budget.
- Start by determining approximately how much money you need for your holiday. This should include all aspects and extra for any unexpected or emergency costs
- Make a list of current expenses and see where you could cut back. Once all your essential payments are covered (Housing, Food, Utilities, Medical), the remaining transactions could be deemed non-essential
- It is better to over-estimate the amount you will need, so you aren’t left short or risk getting into debt
- Identify where you are spending unnecessarily and cut back on these areas. Try making coffee at home, cancelling a streaming service subscription, or socialising with friends at home
- You can track your savings progress by setting up a HyperJar jar Savings Jar. Personalise your jar, call it whatever you want, and get saving
To help you get started, we have a free budget planner that you can print or download here.
How to save for a holiday
The idea of saving for a holiday is simple. Spend less and save more. But it’s not always that easy, so having some tips on how to realistically save for a holiday would be helpful, right? Well, you’re in luck because that’s what we’ve done.
Here are some ideas on how to save for a holiday:
- Be realistic and only save what you can afford to. A small manageable sum is better than not saving at all
- Join up with your travel buddies and save together
- Make saving fun. Find out how in our blog creative and fun ways to save money
- Try a saving challenge like the 1p saving challenge[SY2]
- Find out how much you need for your holiday and use that as your goal. If you hit your goal before your deadline, keep saving!
- Put aside a small amount each month, to begin with. If this amount is manageable, then increase it next month
- Set up a direct debit into your savings account, so your savings are automated
- Plan your holiday carefully. Summer is the most expensive time to travel, so cut costs by travelling during the off-peak season to find better deals on flights and hotels.
- Look at hotels outside of the city centre or save money with package deals
Think about everything you’ll need to make this holiday the best one yet. When you have enough money, you can fully enjoy the experience and won’t have any money worries holding you back.
You need to save enough money to cover:
· Destination (The cost will vary depending on where you go and for how long)
· Excursions and activities
· Food
· Insurance
· Clothing
· Entertainment
· Accommodation
· Airport Transfers
· Car hire
· Public transport
· Toiletries
· Shopping
· Increased phone bill
· Pre-holiday medical costs (vaccinations or tablets)
Finding a good savings account
Having a good savings account to keep your money safe makes perfect sense. A good savings account will make your money work harder for you, giving you a little extra money to make your savings go further. To find a good saving account, you should look for:
- A good interest rate so you can earn money on your savings.
- A savings account that offers rewards and perks that you will get the most use out of, such as travel rewards or better exchange rates
- Extra benefits include access to other useful financial products
- Visit comparison websites to see which savings account is the best
HyperJar Jars Saving Account
Saving with HyperJar is more than just putting money into a digital jar (although that’s pretty cool). You can visualise your money better than ever and stay in control when you divide your budget between Jars. HyperJar offers 4.8% annual interest rates on local stores when you shop with them. This will help you save even more money when saving for a holiday.
Conclusion
So now you have many ideas on how to save for a holiday. The only thing left to do is to start saving with a HyperJar jar today. When you’ve reached your goal, don’t forget to celebrate and enjoy it. You have worked hard to earn and save that money and now your holiday is your reward. You can keep saving, so saving becomes a habit, and your jar will continue to fill to save for anything you like… or next year’s holiday.
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