If you sorely missed being able to hop on a flight and head abroad for a holiday, with restrictions being lifted in just a few days, then rest assured, the wait is nearly over.
While domestic travel restrictions have been relatively lax for a little while now, there is only so much exploring that you can hope to do so close to home. There comes a time when you just need to pack up and head out on an adventure abroad, and it seems like that time is now.
That’s if you can afford it, that is.
Travel abroad is – and always will be – something that you will need to prepare for financially. From the cost of transport and plane tickets to accommodation and food, you will need to have a bit of money saved up. But with the pandemic having a significant impact on household earnings, for some, affording that much needed holiday is going to be harder this year.
That’s not to say it can’t be done. Here are 6 ways to save up for your next adventure abroad.
EAT IN TO HELP OUT
Here at IDEAL, we believe there’s nothing better than a good meal out with friends, family, or even dining solo. With hospitality open once again, and loved ones permitted to socialise, it feels like the spending hasn’t stopped since the lockdown drawbridge was lowered.
If you now find yourself nursing a pretty massive hangover and an empty wallet, then this is certainly going to impact your holiday savings.
For now, try to park those pub visits and restaurant meals, keeping that money back for your holiday kitty.
That doesn’t mean the socialising has to stop entirely; hell, it’s been more than a year since we could do so properly, after all. If your friends invite you out for a meal – why not suggest something cheaper like a picnic in the park instead? Or, invite them round for a potluck dinner where everyone brings a dish and a bottle of wine. Cheers!
TELL YOUR FRIENDS YOU’RE ON A BUDGET
Speaking of which, one of the hardest challenges of saving money is letting your friends know that you’re on a spending diet.
Honestly is the best policy, here. Simply say to them “I’d love to but I’m saving for a holiday’’, or suggest meeting up for something equally fun but more importantly, free. Fortunately, London has so many brilliant things to do that shouldn’t cost you a penny. Check out a whole 101 of them here.
GIVE YOUR EXPENDITURE AN AUDIT
If you want to increase the amount you’re setting aside every month for your holiday, take another look at your budget and see whether there is any unnecessary expenditure you can cut.
If you have active subscriptions or memberships that you no longer use, for example, cancelling them is an easy way to reduce your budget and increase the amount you’re able to save. Similarly, switching to a new mobile phone contract or utility provider can save you a surprising amount while scouring the market for the cheapest insurance is another way to cut costs.
Don’t only look at the monthly outgoings. There are things you can cut back on daily that will make a difference, too. Most people will tell you that the key to saving more in the long term is to start with small adjustments and cutbacks – do you really need that coffee from your favourite coffee shop or that ice cream in the park? With enough persistence, this approach can really help you to save for your next adventure abroad.
BUY USED
Costly emergencies that you haven’t financially prepared for can happen at any time. Perhaps the washing machine or dishwasher breaks. Maybe your hoover stops working. Or, your car is on its last legs (wheels!) and in need of a replacement.
Instead of going out and replacing these major investment items with the newest models out, you might find you can save some money by instead buying used items where possible. For instance, a large purchase, like a car, shouldn’t have to break the bank.
The experts from the RWC Motor Company, who sell used cars Suffolk, suggest you should prioritise those dealers who have signed up the AA Dealer Promise, to ensure that your car doesn’t require further investment soon after you buy it. The promise provides a minimum of 6 months MOT on all vehicles, road tests the vehicle to ensure it’s in good nick, and many more pledges.
OPEN A HOLIDAY SAVINGS ACCOUNT
If you struggle to save, or find it difficult to exact rapid change to your daily habits, then consider the bigger picture and open a holiday savings account, sometimes referred to as a Christmas Club. Such an account receives routine deposits as a percentage of your paycheck, accruing a little interest along the way and keeping that money safe until your holiday.
It should be noted that such accounts, when done contractually via your bank, may charge you for early withdrawal. As such, it might be a better idea to arrange such payments in a more ‘casual’ way, such as via Monzo’s ‘Create a Pot’ feature.
MAKE SOME EXTRA MONEY
Almost everyone has a few items that they don’t use that could be enjoyed by someone else. It could be clothes you no longer wear, furniture that no longer suits your style,
As long as your items are in good condition (or in the case of furniture, salvageable), you can most definitely sell them to someone else. As the saying goes, one person’s trash is another person’s treasure, so if you’ve got something that no longer has a place in your home, take photos of it and sell it.
On that subject, check out these 5 IDEAL ways to earn a little extra money today. You won’t regret it!