How To Save For Your Travels

Posted by admin | Posted in Uncategorized | Posted on 05-05-2018

Nowadays, we’re all looking for ways to economise in our daily lives and avoid unnecessary spending. Our holidays and trips are a key expense and a great area for making savings without compromising on the experience. A range of strategies and approaches can be used for this, from finding the best savings accounts at MoneySupermarket to maximise interest earned on holiday savings through to booking flights online for the best prices.

As with the regular monthly budget, planning and discipline is key to building up savings for a holiday or trip. Estimate the total cost of the trip and the number of pay days until you leave, then use this to work out how much you’ll need to save from your salary to build up the necessary savings pot.

Save in the Right Way
When you start to save, make sure it’s with the best account. Interest rates are historically low at the moment, but decent rates can still be found if you search for the best savings accounts. The rates change regularly, so keep your eye out for the best deals and check that you’re happy with any terms and conditions imposed. Regular savings accounts are a good option if your trip is at least 12 months away and the promotional interest rates for these can be particularly good.

If you’re struggling to save regular sums, do your weekly or monthly budget in detail and keep a spending diary to see where savings can be made. Often, money is frittered away through unplanned or ill-considered spending, such as snacks, magazines, drinks or other small purchases that add up surprisingly fast. Try making your own lunch each day for a month rather than buying it when you’re at work. This can save a significant sum towards your holiday and you can make healthier choices too.

Plan for Success
Look at the holiday and parts of it in which money is often spent unnecessarily. Airports are a classic example, full of shiny gizmos, overpriced food, souvenirs, expensive knick knacks and other things which you don’t need. Go prepared with snacks, eat beforehand and bring your own reading material to ensure that your money is actually used on your holiday.

Adopt a Cost-Conscious Mentality
The best way to save money without feeling the effects is to adopt the mentality of cost saving throughout everyday life. So when booking flights, spend time doing price comparisons first. Consider travelling off-peak for better prices. Avoid excess baggage charges by travelling light. Look around for the best currency exchange rates and adopt the same approach for your holiday travel insurance.

Also, consider taking a different type of holiday, such as staying with a host rather than a hotel. You’ll avoid all the expensive tourist traps and get to see the ‘real’ destination and visit the local restaurants, bars, entertainments and attractions without paying an excess for the privilege. Alternatively, camp sites and hostels offer a wide range of accommodation of a quality which often surprises new visitors at a very reasonable price.