Simple tips to save for a holiday.

Don't let your ideal holiday pass you by!

Holidays and trips away take careful preparation, often you need to start a savings goal, you need to do research for your destination and then start to look for best offers to then make the right reservations. So, whether it be an international trip, or even a weekend away we have some handy hints to get you ahead and save to enjoy a financially stress-free holiday.

Tip 1 - Set a goal.

Estimate how much your holiday will be or how much you think you should spend per day? This includes thinking about accommodation, transport (how are you going to get around?), tours, experiences, food, plus do not forget to set aside additional funds for emergencies and the unexpected.

Now that you have a rough figure in mind, set a goal for how much you want to save and how often. Set up a separate savings account and transfer money into it regularly, to help you track your progress.

Tip 2 - Track your spending.

Create a budget tracking system that works for you. Start by writing down how much you earn, then list and take away your expenses giving you an amount that potentially could be the beginning of your savings. Now write down how much you holiday savings goal is, are you close or way off? Don’t be put off, it’s good to understand your goal at this early stage so you know how much you need to save each week, month etc.

Another handy hint is to keep track of your spending each week, each month to make sure you don’t get side-tracked and spend the money early on something else. Remember it can often be the little things, that un-used gym membership, that dinner at home instead and even the good old coffee can save you $1825 over a year! These cuts don’t have to last forever but will have you heading off on that dream holiday sooner rather than later.

Tip 3 – Make Use of Loyalty Programs and Points.

Make use of loyalty programs and points and reduce your holiday travel expenses. Whether shopping in-store or online, taking advantage of cash back rewards, loyalty programs and rewards credit cards can substantially reduce out of pocket holiday expenses.

Remember it takes time to build up your points so avoid the temptation to use points throughout the year and instead bank them to pay for your travel.

Tip 4 – Research.

Make use of the many online travel and booking sites to compare prices and take advantage of any offers or discounts on flights and accommodation.

There is no such thing as booking too early when it comes to holidays plans, the early bird always wins here so try to book tours, attractions, flights, and accommodation well in advance. But check the cancellation policy as well just in case!

Tip 5 - Exchange money in advance.

If travelling overseas, make sure to exchange currency before you start your trip. Your local bank or credit union generally offer the best rates, and without the exorbitant fees charged by businesses overseas who charge extra to make a profit.

By following these tips, you'll be well on your way to saving enough for your dream holiday!

So, there you have a few hints that could make all the difference when it comes to your next trip away, of course, if you need a little extra help, Finance King can help get you there with a personal loan.