Monday, June 9, 2014

5 Ways to Save For Your Dream Holiday

Photo credits to Daily Telegraph

Holidaying is one of the ways people use to rejuvenate, explore the world and to spend quality time with friends and family. Going for holiday is slowly becoming part of our lifestyles. Planning ahead is one sure way of making your holiday unforgettable without affecting your financial goals. The following are 5 ways to help you save for the holiday of your dreams.

Set Up a Holiday Savings Account
This account will provide you with the necessary impetus to save for your dream holiday. You should channel surplus income and any other additional income to this account. E.g. debt reimbursements and tax refunds. It is imperative that you avoid any temptation to touch the money in this account. However, you should shop around for a bank that offers a decent interest rate on savings.

Check the Internet
It is important to make use of the internet to find about special offers being given by airlines and travel destinations.  Conducting extensive research will ensure that you end up paying less for the holiday since it allows you to compare the prices of different travel companies. Some of the information that might come in handy include, currency exchange rates (if travelling abroad), how to avoid peak times (avoid traveling during school holidays and avoiding visiting destinations during their peak period) and booking travel tickets in advance so as to get the best rates.

Cutting Out On Expenses
Cutting on your expenses will ensure that you save a healthy sum of money towards your holiday. Assessing your expenses will enable you to look at various ways which can help you cut down your expenses. Tips for cutting down on expenses include; avoiding impulse buying, carrying lunch to work, avoiding shopping centers and culling out bad habits like gambling and drinking. Some of us buy newspapers and magazines that we rarely have time to read. You should cut down on such unnecessary expenses.

Piggy Bank
If you don’t have one, you should consider purchasing a piggy bank. A piggy bank will help you save all your spare change. The amount saved using a piggy bank may not be substantial, but this money can grow tenfold over a period of time. Once the piggy bank is full, you may pay the whole amount into your holiday savings account. You might consider changing the rules a bit and start saving small value notes to your piggy bank. People who have used this method have been surprised at the amount of money they have been able to save following this tip.

Extra income
One of the best ways to save for a holiday is to find other sources of income apart from your mainstream income.  This can be done in your own extra time. You might also consider clearing out your garage and basement. This will help you find all the stuff that you do not use. You can then hold a yard sale, do an online auction or sell the stuff at a car boot sale. The money should be channeled into your holiday savings account.

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