The only thing better than a holiday is a holiday paid for in cash. Trust me when I say the peace that comes with coming back home with only memories and pictures instead of credit card debt is unmatched.
Many people go on holiday every year, but very free people do it on a budget and with cash.
Because very few people do it, we tend to assume it never happens.
Without further rambling, let us talk about the best tips on how to save money for your next holiday.
How to save money for your next Holiday trip
Right before the holiday season, there is a buzz around town. There is excitement in the air because every man, cat, and dog are planning to go away to enjoy the summer season.
Many people however tend to be caught up in this wave and end up going on unplanned holidays without a holiday budget, the biggest financial mistake that you will pay for dearly straight into winter.
1. Be strict and use a Savings Planner
During this saving period will hurt but be prepared to do it. Let go of those little delicacies in the interest of a holiday. This means you will have to put off buying a new car, the washing machine you have always wanted, and any other large purchases on your shopping list.
You will need to focus.
This is the first item on the list of how to save money for your next holiday because it deals with the mental preparation you have to do.
Many think they are ready but when it all comes down to it many bail out and cash out those savings. Be sure you are not one of those people.
I have a list of free PDF savings printable. Simply download and start tracking your savings. You will never know how much you have if you never track it.
2. Understand the currency.
This is the first step and a great way to plan accordingly. Knowing the currency allows you to know how much money you should be saving in your bank account.
There is always a risk in planning for a savings goal in a currency that is different from the holiday destination. Especially if you are not aware of the proper exchange rates.
Be prepared for the foreign transaction fees as well. Those can accumulate very fast and can cause unwanted financial stress while on holiday or after the holiday.
Understanding the currency allows you to have enough money to enjoy life.
3. Draw a full budget.
Having holiday savings is one thing but having a travel budget is where the actual magic happens. Decide how much you will need for:
- Holiday gifts
- Travel insurance.
- Travel costs.
- Emergency funds or extra cash to save.
- Plane ticket or flight prices.
- Rental Cars
- Hotel stays
These are very few holiday expenses, but I am sure the list goes on. The point here is for you to be as detailed as possible. Although it’s always a good idea to look for a better deal with some of these items, it’s always better to budget on what could be the worst price.
Starting holiday savings requires you to understand your fixed expenses and the ones that could be variable. Also, understand your spending habits so that you are not caught off guard.
Remember that even though you are on holiday, it is a good idea for you to still be financially responsible. Being financially responsible is the best way on how to save money for your next holiday.
4. Save for the miscellaneous expenses – they can easily get out of hand.
You can always find a better deal but when it comes to miscellaneous expenditures those sneak up on you badly. The best way to prepare for this is to save for it.
While on holiday travel you will always spend more than you plan to, but it’s important that you somehow plan for the unknown. You will sometimes save more or less than what you will need in this plan, but planning like this is important.
Remember that if you do not plan, you plan to fail.
5. Do your research.
This means looking for a holiday special on black Friday instead of the latest technology gadgets. But I must want you to always read the fine print otherwise it expires before you even go on holiday.
Spend Sunday night looking for flight specials and looking at the exchange rates so that you at least know what to save.
You will realize that you will save a lot of money just by booking things in advance.
You might even find that other holiday destinations are cheaper in summer than in winter and that might change your view on what a dream holiday looks like.
Research allows you to earn bonus points towards your finances. The easy way to get the best deals is through doing research. So, google and social media is your friend.
Use those influencer codes and Instagram accounts to get the best deals. Follow people who plug you with cheap but nice things to do at your destination.
6. Open a GoFundMe account to raise funds (fundraiser).
This one is a little unconventional but if you do not mind sharing personal information, this one will be one to look at.
Go online and open a fundraising website. This vacation fund will allow other people to contribute towards your dream vacation. A vacation fund can also be done using a garage sale where you sell things, and all proceeds go towards the holiday season.
7. Get the family involved.
Remember that a dream vacation is not only about you especially if you are going to be enjoying it with the rest of your family. That is why the easiest way to save money for your next trip is to involve everyone.
I know that if it’s a girl’s trip then this can be a daunting task.
But this will be a task that will save you a lot of money. Open a vacation fund and allow everyone to contribute. This holiday fund will allow everyone to add a little extra money whenever they can.
Even if it’s just a fund for you and your husband and the kids, account opening allows everyone to be focused on one goal which is saving for a summer vacation.
Never underestimate the power of unity and having a shared goal.
That’s all I have on how to save money for your next holiday, but there are more financial tips ahead.
Final thoughts
Yes, holiday travel is huge, but it does not have to break your bank. Your family trip can happen even if you are in any financial situation. Avoid holiday mistakes by getting on top of your travel expenses.
Use these saving tips to help with your travel plans and you will be well on your way to having a good time. It just takes a little bit of planning, and you can start planning a great time.
If you have any more tips on how to save money for your next holiday, please share them in the comments section below. Let us help each other.
