With most of the nation still trying to recover financially from Christmas, it may seem a strange idea to start thinking about your summer holiday. However, by trying to plan your finances early you should have a good pot when the time comes to book later in the year, removing the need for further hammering of the credit cards.
We’ve put together our top saving tips to help you on your way – make sure you look at holidays before you start cost-cutting so you know exactly how much you need to save. Then you can cherry pick which ideas will get you to your target.
1) Cut your energy use by changing habits
Fuel takes up a large proportion of everyone’s budget, whether it’s putting petrol in the car or heating the boiler. You can decrease your consumption significantly just by changing your habits. Check out these tips for cutting your petrol/diesel costs and tips for reducing your home fuel use.
Work out how much you’re currently paying for fuel each month and then add the savings you make directly to your summer holiday fund.
2) Switch providers where possible
Most phone, broadband and energy contracts last 12-18 months and if you’re contract is up, switching providers can help you to save hundreds of pounds in the first year.
Broadband/phone/TV switching often results in the highest savings, are companies scramble around for new customers. You’ll benefit from slashed prices for the first few months of your contract and it’s highly likely the full price will still be less than you’re currently paying. Again, make sure any savings you make go directly into the money pot.
3) Use online tools to cut your food bills
With the average household spending £150-£200 per month on food, after rent and mortgage repayments it’s one of our biggest expenditures. You may already shop around to get the best price but by using tools like MySupermarket.co.uk you can let someone else do the hardwork for you.
Prices are compared in seconds and you could save 5-10% per month by seeing which supermarket overall will be cheapest for your shop each time.
4) Sacrifice a drink now for one on the beach
With the average pint at around £3 and a half decent glass of wine for a fiver, going out for a drink or two soon adds up. It’s hard to say no, no-one likes to but sometimes it’s absolutely worth it.
Everytime you get invited out, think about having that drink on the beach rather than in your local boozer. Then pop the money you would have spent in your holiday fund pot.
5) Cancel that gym membership and enjoy FREE fitness
Sounds bad hey, us recommending you to cancel a gym membership? No, we’re not saying don’t be fit, just don’t pay for it. If your New Year resolution was to get fit, take yourself out for a FREE run or start cycling your commute – especially if you’re not really making the most of your gym membership.
In just 6 months this could save you over £200 – that’s enough for a small holiday on it’s own.
6) Be a bragger
We think it’s alright to brag if you’ve been a savvy saver. Take a photo of your holiday money pot each month, share it on Facebook or with family over email and you’ll be surprised how much their encouragement will help you to continue saving. And what’s more, you may even save a little harder. One tip – if you’re sharing on social media, don’t make it obvious where you keep your money pot ☺