Everyone’s holiday of a lifetime looks a little different; whether it’s exploring Asia, trekking South America or Disney World with the kids, there is one common theme – the money you need to get there!
As with any saving, it can always feel daunting when you’re starting out – when you know how much money you’re aiming for, it can almost feel that you’re already at the foot of a mountain! Here are a few ideas you could use to help grow your savings pot.
Before you start saving, it is important to ensure you’ve cleared any existing debts. If you do have any, why not get some friendly advice from Creditfix? They can run through your debts and create a bespoke and manageable repayment plan for you.
Begin by visualising your end goal
You can really improve your focus and determination to save by leaving yourself some visual prompts for why you are saving. Start by renaming your savings account on your banking app to “holiday fund” or one better, the destination that you’re aiming to reach.
Source some nice pictures of where you want to go and have them everywhere! Add it to your desktop background just in case you get swayed by internet shopping. Add a small one to your wallet or purse on the off-chance you nearly buy something frivolous!
Make a budget, and withdraw that amount of money every week
The usual advice tends to be “make a budget and stick to it”, but nowadays contactless payments and the like have made it more difficult to realise what we are actually spending.
Decide how much you need for the week – groceries, work lunches, travel, the lot, and then take that amount of money out of a cashpoint. Once you see a real amount of money getting smaller and smaller, you’ll feel a lot closer to what you are actually spending.
Run a price comparison on all your bills
There’s no bonus for loyal customers with most utility or insurance providers and the best rates are reserved for luring in brand new customers. As such, it has become more beneficial to switch supplier at the end of every minimum contract, to ensure that you’re getting a good rate.
The real bonus here is that price comparison sites have not only made it easy to compare prices, but often they will also manage the switch for you. Spend an afternoon doing this for your gas, electricity, broadband, phone contract, car insurance and home insurance.
Currently on standardised charges for water? Contact your supplier and enquire about getting a water meter fitted at your property. Not only is it free to have one installed, but invariably the amount you will pay will be lower than what you are being charged at current. The reason for this is that you will be charged an average price based on the rooms in your home – if you are a couple living in a 3-bed house then you will be paying much more than you should be.
The great news is, if you don’t save money within 12 months, then you’ll be able to switch back to standardised billing free of charge.