If you are planning a holiday for next summer, you may want to think about saving some money for it. While it could be a number of months away, the earlier you start planning, the more time you have to ensure everything is ready and your finances are up to date.
Here are a few ways you can effectively start to save up for the holiday of a lifetime next summer.
Start early
The sooner you start putting money aside into children’s building society savings, the more you will have by the time your holiday comes around. Even if you haven't decided where you want to go or booked anything yet, that doesn't mean you can't start saving for your spending money straight away. On top of that, it can sometimes pay off to book very far in advance. You may be able to get cheaper flights for being so advanced or, alternatively, some travel agents will give you the option to pay off your holiday in instalments if you book early, rather than having to pay for the whole thing in one go. The alternative to this is to leave everything to the very last minute. Some holidays have very heavy discounts applied to them in the days running up to the departure date so if you are in a position to leave it late, it could save you a small fortune.
Be cheeky – ask for discounts
When booking your holiday, ask the travel agent if they can give you some money off the price. Alternatively, see if they can throw in some added extras for you. Check if the agency offers a discount for staff who work in the areas or whose companies are corporate partners; there are often hidden discounts given to staff who work for these firms so don't be afraid to ask. If you don't ask, you don't get so bear in mind that the worst answer you can hear is "no" and ask away.
Budget
Many people don't actually know exactly what is going in and out of their bank account every month, nor do they draw out a budget. Make a point of writing down absolutely everything that you spend and you'll soon see how much money is being unnecessarily spent. Try to make a plan of meals for the week to cut down on the amount you spend at the supermarket and consider taking a packed lunch to work rather than buying it each day. You could save yourself hundreds of pounds across the course of the month if you make your own sandwich and stop taking trips to the coffee shop every day.
Bulk book
If you book a holiday with several people, you can often get a better deal on your accommodation. A villa that sleeps ten or 12 people will work out cheaper per head than if two of you stay in a cottage. Consider getting a group of friends together to share the accommodation costs and you may be able to negotiate other group discounts while you're away. Car hire and entry to attractions can sometimes be cheaper for large groups so it's worth asking wherever you go. You might find that you have more fun by going away with a large group of friends as well.
photo © Andres Rodriguez