Seeing the sights and experiencing new cultures are things that are on most people’s bucket lists. If it’s been on your radar for a while, but money woes have held you back, then keep reading to see how our holiday saving tips can help you. You need expert financial planner who can help you to achieve this, as you are going to need solid plan to save money.
The planning stage
When it comes to booking holidays, early is always better! Prices always rise closer to the peak seasons, which is why it’s a good idea to plan as soon as you can. Make sure to figure out exactly what destination you would like to go to, how long you want to stay there, and whether you want a luxury or budget trip.
Once you’ve figured those factors out, it’s time to move onto planning the more nitty gritty stuff, such as:
- Upfront costs: These usually happen well in advance before you’ve even left your home country – things like flights, accommodation, travel insurance, visas, passport fees and vaccinations.
- Daily Budget: this step will require a bit of research on your part – you’ll need to work out your daily costs for things like accommodation, meals, entertainment, tours and shopping.
- Emergency funds: when things go awry it’s always good to have some extra dosh stashed away somewhere. From a medical emergency, to destination-related costs like tips or airport tax, you’ll be covered.
Keep a goal in mind
So you’ve done all your preliminary research and have good idea of how much you need to save. Now it’s time to put your plan into action:
- Get a budget going to see how much you can realistically set aside for the trip after each paycheck. If you feel like you might not be able to reach your savings goal before the trip, have a look at your daily costs and see how you can cut costs or save in other areas. Things like gym memberships, mobile phone plans, and restaurant dinners can be looked at, and see if they’re really needed or if you can go without for the saving period.
- A savings account is a great place to set aside your savings fortnightly or monthly. Already have a substantial amount saved? Why not open a term deposit? This way you’ll get a fixed rate of return for your chosen amount of time, giving you a clear value for your investment.
- Make sure you’re goal is your number one priority by setting reminders and visual cues – you can set a photo of your holiday destination as the background for your mobile or computer, or stick a photo on your bedroom or office wall.
Avoid high holiday costs
- Always try and book your flights, accommodation and tours early, as prices will skyrocket closer to peak holiday season. You can use flight comparison sites to find a budget-friendly deal.
- If you’ve been browsing flight sites and noticed that the prices have gone up since your last visit, don’t lose hope – some flight sites use this special trick to scare you into buying tickets sooner in case the price goes up again (they do this by using the cookies on your computer). Just delete your cookies and try visiting the website again.
- Insurance is a must! The cost of getting travel insurance is measly compared to the costs of unexpected medical emergencies or lost luggage.
- Remember that exchange rates are quite temperamental, so make sure to lock in a favorable rate while the dollar is strong. Using a money card specifically for travelling can help as the money you put on it will be in the currency of your choice.