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Today I have a guest post for you from the lovely Samantha over at Coco Butter Blog.
5 Holiday Saving Tips
Book in advance
The further you book in advance, the longer you have to save up. Even though you can get a cheap deal from booking last minute you may find it more difficult to save if you don’t have a fixed target to aim towards. Plus, picturing yourself in your bikini lapping up sun and countless cocktails will be awesome inspiration to save.
Work out an estimated spend
Write down everything you want to do when you’re on holiday and an estimate of how much it will cost and be realistic! Include meals, days out, drinks and anything else you can think of. This will give you a good target to aim towards and you can split it out to find out how much you need to save monthly.
Get a piggy bank
This works really well for Mr P and I. We have a piggy bank in our bedroom and we pop any spare change we have at the end of the week into it. If you also decide to save higher value coins like 50ps or £2 coins whenever you get them, you’ll find it soon adds up. This only works well if you practise self-restraint so don’t go digging into the piggy bank every time you go for a glass of vino.
Set up a savings account
It’s hard to save money in your current bank account without spending it, especially if you have your debit card handy for those spur of the moment purchases. Open a Cash ISA or similar savings account where it’s a little more difficult to get at your money. Transfer whatever’s left over from your wages at the end of the month and don’t go back to it again until it’s time to pay for your holiday. ISAs usually have a higher interest rate and so you might even earn a little bit extra while you’re saving.
That little bit extra
If you have recently received a pay rise or you get one whilst you’re trying to save, put the extra that you get every month into your savings. You managed to live on what you had before and so you won’t miss the extra money. If you have a part time job as well as your full time job, save your wages from this and live on your full time salary.
To read more of Samantha’s posts please visit her blog Coco Butter Blog.