We all know how hard it can be to save money but the high cost of credit card debt is a good reason to plan ahead and pay for holidays up front. So what’s the best way to save money for a holiday? It’s good to start with a clear idea of how much you need to save and how long you have to save it. Obviously the more time you give yourself the less stress there’ll be in putting the money aside. So here are a few saving tips that will help make sure you’re all cashed up at holiday time.
Set up a Holiday Savings Account
Once you’ve established how much you need to save per week, open a separate holiday account. Make sure it is a low fee account that offers higher interest when only deposits are made and no withdrawals, and don’t get a keycard attached to it. This way you won’t be tempted to withdraw funds when you shouldn’t.
Start a loose change jar at home and throw in all your spare change each week – you’ll be surprised how quickly the money builds up. Make sure you deposit it into your ‘holiday’ account at least monthly so you’re not tempted to ‘borrow’ from it.
Cost Cutting Ideas
Make some cost cutting changes in the kitchen for example always cooking a double batch of meals that can be frozen like spaghetti Bolognese, so that when you don’t feel like cooking you can pull one out of the freezer instead of spending money on take away. Put the money you would have spent on the take away aside and make sure it makes it into your savings account.
Pack your own lunch to take to work instead of buying it, this doesn’t take as long as you think if you’re organised and can save you a substantial amount each week. Try and buy cuts of meat that are on sale and plan the week’s meals around these.
Buy in bulk where possible and always shop from a shopping list as this will help stop impulse buys. Look for discount vouchers for local restaurants and take away on the back of shopping dockets, the Internet and in your letterbox, and when planning an evening out pick from one of these restaurants.
Skip the Coffee Shop
Have a cup of tea at home instead of that second cup of coffee from a coffee shop. There are hundreds of little ways to save a dollar or two each day if you put your mind to it and as the saying goes ‘watch the pennies and the pounds look after themselves’.
Book Early and Save
At Choice Hotels, we offer Specials, which will help you save money and work out your budget in advance. All you need to do is book and pay for your accommodation at least 21 days prior to your holiday and you can save up to 20% on your accommodation costs.