Buying a house is a massive achievement, and one that you no doubt want to celebrate with a holiday. The house gods know David and I did! To celebrate purchasing our first home, we spent a week filling our tummies with the delicacies of Hong Kong and Macau.
If there’s one thing that’s universally true about buying a house, it’s that they cost a lot of money. Like, a lot. Especially if you’re anything like us and you opted to save a bit more to purchase a larger house on more land near the beach.
However, I’m here to tell you that you can still travel and own a house at the same time! Sure, it won’t be as often or as extravagant as it was pre-home ownership, but it’s enough to satisfy those itchy feet. So, here are five ways you can save for a holiday:
1 Refine that budget
If you were hoping to save for a holiday without having to think about budgets, you were wrong. As a homeowner, you’re already budgeting for the household expenses. All you need to do now is allocate some funds into a holiday saving. Set a weekly or fortnightly savings goal depending on how often you get paid. Make sure it’s achievable or the whole experience will end up making you feel like you could do with a nice relaxing holiday.
2 Stop spending
OK, obviously you’ll still need to spend some money on the mortgage repayments, household bills and groceries, but other than that, you don’t! Try to not spend any money on anything that’s not a necessity for an entire month and see how much you’ll save. By “not a necessity” I mean everything from that gym membership to the ice cream you were just thinking about picking up at the supermarket. Instead, opt for free exercise and the very occasional ice cream treat. Do this for two months and before you know it, you’ll be booking a holiday to New Zealand!
3 Start planning your holiday early
Early bird sales exist for a reason – I’m not sure what that reason is, but it doesn’t mean that you can’t take advantage of them! Start thinking about where you want to holiday in the next couple of months to a year’s time. Not only will you be able to bag yourself some of those discount flights and accommodation, you’ll also give yourself ample time to save your spending money.
4 Offset your mortgage
If you haven’t already, look into opening an offset account for your mortgage. Although you won’t be able to make interest on your savings, you’ll significantly lower your mortgage repayments, thus allowing you to save more expendable cash each fortnight. If you’re not sure how to go about this, or whether your home loan supports this, speak to your home loan provider or a mortgage broker.
5 Travel in the off-peak season
If you’re keeping an eye out for the best travel deals, you’ll soon notice that a lot of the dates fall outside of school holidays, away from major public holidays like Christmas and outside of the popular travel season. Plan your holiday for just outside of peak seasons to save money on accommodation and airfares. Your bank account will thank you for it.
Saving for a holiday doesn’t need to be impossible. Difficult, yes, but not impossible. Now that you’ve managed to save, it’s time to book that holiday! Let me know where you’re heading off to next in the comments below!