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10 Ways to Save for that Family Holiday
We’ve had two big holidays in the last two years, both of them six weeks long. It took us a long time to save the money for each trip, but before we left home we knew everything was paid for and we had spending money for splurges (and we had a few!) was in the bank if we wanted it.
Right now we are saving for another holiday next year - again it will be about six weeks long and it will cost us around $7,000 (this is an estimate as the final cost will depend very much on the cost of fuel in May and June 2017 - but I based it on the most expensive cost per litre on our last trip and added 20%). We started saving for this holiday as soon as we arrived home last July.
Maybe you haven’t been on a real family holiday in years. Or maybe you’ve been on holiday, but they’ve proven to be less than thrilling due to a tight holiday budget. It’s possible to save for a dream holiday, even if your income is modest. Whether you’re dreaming of basking on a Hawaiian beach or a week in a five star resort, there’s a way to get there.
Start saving today and enjoy your next holiday, knowing it's paid for and you have money to splurge on holiday treats.
1. Start with something simple: take a sandwich to work. Roughly 2/3 of all employees purchase lunch rather than bringing it from home. It’s challenging to eat for less than $7, even if you limit yourself to fast food. That’s $1,750 per year for lunch. You can save most of that by packing your lunch. Most Cheapskaters already do this, but if you don't, how much of your holiday can be bought with that $1,750?
2. Sell your junk. Have a garage sale and get rid of inexpensive items and those items too large to ship. Consider using eBay or Gumtree to unload the items with more value. If you haven’t used it in a year, you’ll never miss it. Apply the funds towards your dream family holiday.
3. Hit the offseason. Check the climate information for your destination before you do anything rash. You might not want to visit parts of India when they receive 35 inches of rain per month. However, many destinations are still pleasurable outside the peak season. You’ll be rewarded with smaller crowds and lower expenses and more choice in accommodation.
4. Set up a separate account for your holiday funds. Avoid co-mingling your regular savings and your holiday money, it's all too easy to mix it up and before you know it you've used your holiday money to fix the washing machine or pay for sweetie-pie's ballet lessons.
5. Save your change. Again, it's really a no-brainer and something everyone in the family can do. Empty your pockets, wallet or purse each night and save your change. Whenever your piggy bank is full, deposit the money in your vacation account. We have a little money box that sits on my desk called the "Fuel Fund". Wayne and I both empty our coins into the money box every night and the money is then used to pay for the fuel when we go away. It's another painless way of saving.
6. Look for last minute deals. Many holiday opportunities become less expensive as time runs out. Cruises are an excellent example. Aside from food costs, it costs a cruise line the same amount to run a cruise, regardless of the number of people onboard. They’re desperate to fill the available cabins. Many hotels are in the same situation. Keep your eyes open for great deals and be ready to snap them up once you've saved your holiday money.
7. Review your credit card rewards opportunities. You might earn miles toward free airfare or deals on hotel rooms. Remember, if you can’t pay your credit card balance in full each month, the interest will probably cost more than the value of the reward. Be smart!
8. Determine your holiday expenses now. Be aware of how much you need to save and make the necessary plans to reach that goal. You'll need to include things like food, drinks, snacks, accommodation, fares, car hire, fuel, entertainment, sightseeing, travel insurance, souvenirs etc. Divide your expected expenses by the number of weeks left before your holiday. You’ve just calculated your weekly savings goal.
9. Consider a part-time job. Even a few hours of week can make your dream holiday a reality. Save as much of this extra income as possible straight into your holiday account.
10. Increase your motivation. Create reminders to maintain your focus and enthusiasm. It’s not always easy to stay motivated when your holiday is 10 months away. The background on your computer screen is one way to remind yourself of how wonderful your holiday will be. I like to create a folder and put all sorts of pictures, brochures, links to websites etc. in it. It helps with planning and it really does keep the excitement building.
Funding an exciting family holiday really is possible when you start saving early and make the holiday a saving priority.
A few small sacrifices in the short term can make your dream family holiday a reality much sooner than you ever thought!
Get started today - you never know, we might bump into each other on our travels!
Right now we are saving for another holiday next year - again it will be about six weeks long and it will cost us around $7,000 (this is an estimate as the final cost will depend very much on the cost of fuel in May and June 2017 - but I based it on the most expensive cost per litre on our last trip and added 20%). We started saving for this holiday as soon as we arrived home last July.
Maybe you haven’t been on a real family holiday in years. Or maybe you’ve been on holiday, but they’ve proven to be less than thrilling due to a tight holiday budget. It’s possible to save for a dream holiday, even if your income is modest. Whether you’re dreaming of basking on a Hawaiian beach or a week in a five star resort, there’s a way to get there.
Start saving today and enjoy your next holiday, knowing it's paid for and you have money to splurge on holiday treats.
1. Start with something simple: take a sandwich to work. Roughly 2/3 of all employees purchase lunch rather than bringing it from home. It’s challenging to eat for less than $7, even if you limit yourself to fast food. That’s $1,750 per year for lunch. You can save most of that by packing your lunch. Most Cheapskaters already do this, but if you don't, how much of your holiday can be bought with that $1,750?
2. Sell your junk. Have a garage sale and get rid of inexpensive items and those items too large to ship. Consider using eBay or Gumtree to unload the items with more value. If you haven’t used it in a year, you’ll never miss it. Apply the funds towards your dream family holiday.
3. Hit the offseason. Check the climate information for your destination before you do anything rash. You might not want to visit parts of India when they receive 35 inches of rain per month. However, many destinations are still pleasurable outside the peak season. You’ll be rewarded with smaller crowds and lower expenses and more choice in accommodation.
4. Set up a separate account for your holiday funds. Avoid co-mingling your regular savings and your holiday money, it's all too easy to mix it up and before you know it you've used your holiday money to fix the washing machine or pay for sweetie-pie's ballet lessons.
5. Save your change. Again, it's really a no-brainer and something everyone in the family can do. Empty your pockets, wallet or purse each night and save your change. Whenever your piggy bank is full, deposit the money in your vacation account. We have a little money box that sits on my desk called the "Fuel Fund". Wayne and I both empty our coins into the money box every night and the money is then used to pay for the fuel when we go away. It's another painless way of saving.
6. Look for last minute deals. Many holiday opportunities become less expensive as time runs out. Cruises are an excellent example. Aside from food costs, it costs a cruise line the same amount to run a cruise, regardless of the number of people onboard. They’re desperate to fill the available cabins. Many hotels are in the same situation. Keep your eyes open for great deals and be ready to snap them up once you've saved your holiday money.
7. Review your credit card rewards opportunities. You might earn miles toward free airfare or deals on hotel rooms. Remember, if you can’t pay your credit card balance in full each month, the interest will probably cost more than the value of the reward. Be smart!
8. Determine your holiday expenses now. Be aware of how much you need to save and make the necessary plans to reach that goal. You'll need to include things like food, drinks, snacks, accommodation, fares, car hire, fuel, entertainment, sightseeing, travel insurance, souvenirs etc. Divide your expected expenses by the number of weeks left before your holiday. You’ve just calculated your weekly savings goal.
9. Consider a part-time job. Even a few hours of week can make your dream holiday a reality. Save as much of this extra income as possible straight into your holiday account.
10. Increase your motivation. Create reminders to maintain your focus and enthusiasm. It’s not always easy to stay motivated when your holiday is 10 months away. The background on your computer screen is one way to remind yourself of how wonderful your holiday will be. I like to create a folder and put all sorts of pictures, brochures, links to websites etc. in it. It helps with planning and it really does keep the excitement building.
Funding an exciting family holiday really is possible when you start saving early and make the holiday a saving priority.
A few small sacrifices in the short term can make your dream family holiday a reality much sooner than you ever thought!
Get started today - you never know, we might bump into each other on our travels!