Sometimes it feels like I only spend my money on holidays and travel. And that’s mostly the case (not that I’m complaining about it of course). But saving can be hard, especially if you’re planning on a big itinerary. It’s not always possible to save for a four-week trip across Europe. Sometimes you have to make sacrifices.
Here are my top tips on how to save for a holiday:
1. Plan a couple of holidays
Before I even think about how much money I need to save, I plan a couple of holidays. I look at how much time I can get off work throughout the year and plan holidays to accommodate. Plan a couple of small weekend getaways, a few week-long trips and one longer holiday you’d like to do. That way if you can’t possibly save for the longer holiday, you’ll be able to get away for a weekend, or maybe a week here and there. All travel is good travel after all!
2. Stop paying for lunch
It’s easy to spend a lot of money on food but you have to keep in mind, everything adds up. Spending and average of $10 a day on lunch (which by the way is pretty cheap in Sydney) will set you back around $50 a week or up to $2,500 in a year. That’s a nice relaxing holiday in Fiji for a week!
3. Stop paying for coffee
Spending money on coffee can add up much the same as spending money on lunch. Enjoy your morning coffee on the occasion or make do with coffee at home or in the office. You’ll thank yourself for the sacrifice when you’re sipping away on a cappuccino in Rome!
4. Put something away from every pay check
I’ve set up a separate account where I transfer a set amount from my pay each fortnight. That helps me save a certain amount every week. Give yourself some spending money to cover the cost of living, petrol, food and other necessities and put the rest away so you aren’t tempted to spend it.
5. Stop buying clothes
Do you really need a new pair of shoes? Cut back on buying new clothes. It might be hard at first but the shopping you do in Singapore over Christmas time will make up for it, trust me!
6. Sign up for deals
Sign up to websites like Expedia, Groupon and Cheapflights. You’ll be emailed daily or weekly with the cheapest flights, latest hotel deals or package deals. Sometimes these are actually worthwhile but you won’t know unless you sign up for the service. If you feel like that’s too many emails to go through daily, take a look at the most popular sites until you find one you like best and sign up to that.
7. Extra work
Where you can, get extra work. Freelancing is a great way to make some extra money. If you aren’t able to do that, try doing some tutoring or extra time. Everything you can do to make some extra money will make a huge difference.
8. Don’t stress
Stressing about saving enough money isn’t going to help. If you really want to take a longer trip, it’s going to take time to save. Money doesn’t grow on trees so be realistic about when and where you can travel to.
9. List your house on Airbnb while you’re away
If you can, rent out your place while you’re away to cover the rent when you’re not home. It’s a great way to cover the cost of your bills at home while you’re off in Europe eating pizza and ice cream!
10. Have fun
Allow yourself to spend money occasionally or you’ll feel like giving up. If you want to out for a night with some friends and spend money on a nice dinner, do it! Just don’t make it a habit. Your friends will understand when you explain the amazing holiday you’re going on.
Good luck and have an amazing time on your next holiday!
How do you save money for holidays? Let me know in the comments below!