Saturday, December 21, 2019

Mama Life || How to Save For Your Dream Holiday

Mama Life || Collaborative Post

With the new year fast approaching, it's the perfect time to look at booking a special trip away, something nice to look forward to as we countdown the weeks once again. A trip to the Bahamas, an Indian adventure, a dream family holiday to Disney? Wherever it is, you’ve no doubt got a dream holiday destination. Aside from copious planning, it typically takes plenty of money to get to a desired spot, especially with kids in tow too. But, if you’re stuck for ways to save, don’t worry. Here are three simple tips to get you started with your dream holiday savings...

Assess your financial needs 

A holiday is hardly a vital cost, so before you start saving, it’s crucial to assess your financial needs. We’re talking about food, energy bills and other essentials. Can you afford to cover these over the next year? To gain a clear idea of your financial situation, compare your fixed outgoings against your projected income for over the next twelve months. You’ll then be able to assess if you can cover vital bills yourself, or whether you could benefit from extra help. If the latter applies to you, it may be best to wait until you’re financially independent to start building your dream holiday fund. There are plenty of affordable options right here in the UK though, so if it's not your time for the dream holiday, don't lose hope, just book something you can afford realistically in the coming months.

Set yourself monthly targets 

Once you’re in a position to start saving, you can start putting money away. It could be as little as £10 here and there when you can afford it – everything you can save puts you one step closer to your target. Or, you could try setting yourself monthly saving aims: calculate the likely overall cost of your trip and split this figure into monthly instalments over a 12 or 24 month period. Hitting your target each month will help keep your commitment strong.

Identify places you can make cuts

Most of us know where we’re frivolous with our money. Is it the coffee you buy on the way to work every day, or the twice-weekly takeaways you enjoy? Once you’ve identified what you’re frittering your money away on, you can make a commitment to cut it. Buy yourself a cafetière and start making freshly brewed coffee at work. Or cut those takeaways down to once a week, or even better, once a fortnight. Put the money you save directly into your holiday fund. You could also look at your bills and see if there's any subscriptions you could cancel or any that you may be able to get cheaper elsewhere.

Take on a side hustle 

Want to reach your target sooner? You could always take on a side hustle! Sometimes, as little as a few extra hours of paid work a week can make all the difference – especially when it comes to saving for a holiday. With this in mind, why don’t you take on an extra job? If you’re unable to find a post that suits your available hours, turn to your best skill. Are you a dab hand with a paintbrush, for example? If so, you could offer your skills as a decorator to local residents or even sell your art. Likewise, if you love animals, why not offer to walk your neighbour’s dogs for a small fee? Or to keep an eye on their pets while they’re out? Whatever your skills are, there's always something we can do to bring in a little extra income.

Who knew it could be so easy to save for the perfect holiday? With these top tips, you can do just that! Are you planning a dream family for your family?