Follow these six saving hacks and you’ll be floating in the Mediterranean Sea in no time.
1. Create an itinerary.
Saving for a week in Bali is a little easier than saving for a 6 week summer holiday in Europe. So, knowing where you want to go and what you want to see will help you plan a budget
List the essential costs, such as airfares, accommodation, transport, visas and travel insurance. Then estimate the amount of spending money you’ll need per day of your trip – think drinks, meals, souvenirs, and entry fees to tourist attractions.
Add these numbers together and you have your total budget and savings goal.
2. Send your money on holiday.
Treat your hard-earned cash to high interest destination. Investing money on a regular basis into a high interest savings account can offer a solid return on investment.
Do your research and make sure you find the best savings account to help you reach your goal. There are many online savings accounts that offer high interest rates.
Divide your savings goal into more manageable chunks, such as weekly or daily amounts.
Once you know how much you need to save and how often, make the whole process easier by setting up automatic transfers between your transactions accounts and savings accounts.
3. Ditch any excess baggage.
Say au revoir to any accounts with unwanted maintenance or ATM fees that dip into your hard-earned cash.
Debt consolidation – where you move multiple personal loans and credit card debts into a single line of debt – can also help you save on accounting fees. Your Bloom Lending broker can assist with debt consolidation.
4. Keep a travel diary.
Logging your savings will help keep you focused and motivated.
Check your savings progress regularly. Celebrating the small milestones along the way will keep you feeling motivated. And, hopefully, help you to keep your savings in check.
5. Have a plan B.
Left your dash to the savings finish line a bit late? Your last destination is small loans. While some credit cards and personal loans can attract higher interest rates and fees, pick the right one and you can have your dream holiday without too much financial strain once you’re back.
Budgeting for your dream holiday doesn’t mean sleeping in a 12-bed dorm. With a few smart switches, some planning and a realistic goal, you can take off to a first-class experience.
This article is prepared based on general information. It does not take into account individual financial objectives or needs and is not financial product advice.