Saving For a Summer Holiday

I’m sure summer is the season that most of us enjoy the most. The hot weather, days out and just a positive mindset. Well, maybe the hot weather part was a little dramatic. Luckily, if you’re planning on going on holiday, the hot weather is what you will get. But, you might be wondering how you can save up enough money for a trip away without having to break the bank all at once. Carry on reading for our favourite saving tips:

Saving isn’t an easy task

Depending on your income and your lifestyle saving might be harder or easier for you than it is for others. You might not be able to save as much as your friends and family can, but don’t worry. As everybody’s income is different, you need to work out what amount you can comfortably put away each month and what your goal is.

Tricks and ideas

One of our favourite ways to save money efficiently is using the 50/30/20 rule. This is where you take your monthly income and categorise it into 3 sections. 50% of your income goes on essentials like food and bills, 30% goes on things you want and then the last 20% is saved. Therefore you are able to build up a secure amount and get yourself into a routine of saving. Meaning that you will have a sum of money saved up by the time you are needing to pay or book a summer holiday.

Another saving tip of ours is to use a jar or a money savings tub to help you feel motivated. Yes, you might not get the same feeling putting money in it as you did when you were a child, but, the heavier the jar gets the more motivated you will get to keep filling it. Don’t forget opening it at the end is equally as fun.

Our last saving tip for you is to try switching to cash only. Not only will this help you keep track of how much cash you have, but it’ll also make you aware of how much those little card purchases you make can add up. It is so much easier to tap or scan a card when buying small items like snacks than it is to pay using cash. You will be able to see the cash amount going down too, hopefully making you slow down with unnecessary purchases too. This will result in you saving money. You could even throw the change from the day into a jar to save it, it would soon add up.

More

Maybe a holiday loan is the best idea for you. If you have left it too late to be able to save up the full sum of money for this year’s summer holiday, a loan could be the answer to your prayers. Simple Personal Loans offers loans up to £35,000 to help you in situations like these. Apply now!

Read our previous blog here: Lower Mortgage Rates.