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Monday 11 April 2022

Top Tips for budgeting for a holiday

 How to budget for your dream holiday

It feels like forever since our last holiday which was Cape Verde in Winter 2019 and life has changed a whole heap since then. We didn't go on a honeymoon because I was pregnant and traveling was difficult with the pandemic so I want our next holiday to be the dream holiday/honeymoon we wanted. In order to get there it's going to take some fine planning and budgeting to get there.
Budgeting for a holiday

Learning to budget has been a skill I developed fairly quickly after moving out, it's a necessity of life to make sure bills are paid on time and that I don't have more month than money left, if you need a budgeting guide click here. A big purchase or spend like a holiday requires the same discipline as bill management so here's my top tips for saving and creating a holiday budget

Plan your holiday

Before you start deciding on a budget you need to get the travel guides out and decide where in the world you want to go to. One of our dream holidays we did complete was going to Disney World and that took epic amounts of planning! By taking a look at travel agents and guides you can get a good idea of where you'd like to go, how to travel sustainably and average price ranges for the duration. Once you've got a figure in mind for the holiday, don't forget to add on spending money. You should now have a target in mind for your budget.

Regular Payments

To save for a holiday you need to treat the amount like a bill. Pay a regular amount into your savings every payday to help you reach your holiday budget target. That way it's out of your current account and you're less likely to spend the money. 

Another method I like to use which works well with internet banking is rounding up or auto saving. There are a number of bank accounts or apps which do this automatically but I still do it manually. Each morning I open my current account and I move any spare change into my savings pot so I start the day on a nice round number and the pennies and pounds add up really quickly

Side Hustles

If you need to give your holiday budget a bit of a boost then have a think about different side hustles you could do to gain some extra cash. My favourite way of earning quickly is through blogging opportunities or selling items on Ebay or Vinted. I give my house a blitz and fill a box of items I no longer want and sell them on. It's surprising just how much money you can make from selling your preloved items

Lifestyle Changes

If you've got a set date you need to meet or a time in mind for your holiday you may need to tighten your belt a little quicker so take a look at what you currently spend money on each month, is there anything you can cut back on?

I know personally one thing I can cut back on is fast food or food delivery services. With a baby it's so easy to just feel too tired to cook but now I'm saving for a holiday I need to think would that £20 - £30 each week look better in my savings account? Just saving that each month would be over £1k in a year so it really does add up

What's your top tip for budgeting for a holiday?

Budgeting for a Holiday

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