Whether you are leaving for an all-inclusive luxury resort on a wonderful palm beach or standing in a tent in Zeeland, nothing is better than taking a break. Unfortunately, vacations also cost a lot of money. That is why it is wise (or necessary) to save for your vacation. In this article you will find useful tips for this.
Saving for holidays – Determine the saving target
First of all you make an estimate of the costs of the holiday. Think not only of the booking costs, but also of the trip itself and the expenses that you expect to make at the destination. On travel websites, compare the prices of trips you want to make and search forums about the costs in the country itself. Have you determined your savings amount? Then count a few percent on top for unforeseen costs.
Then you see when you need what amount. If you start saving in September, want to book in January and want to go on holiday in July, you already need part of the amount in January.
Saving money for vacation – Monthly amount
Now that you know what amount you need and when, you decide how much to put aside each month. Take into account your possible end-of-year bonus and holiday pay and other windfalls that you expect. But also bear in mind that December, for example, is an expensive month and that the annual bills and municipal taxes fall on the mat in January. In short: take extra income and expenses into account when determining your monthly amount.
Saving for holidays – Open savings account
To save specifically for your vacation, it is best to open a separate savings account on which you save for this purpose only. This way you keep an overview of how much you save and how much you still need. The best form of saving for this saving goal is a normal savings account. This offers freedom to deposit money and withdraw money at any time, for example to pay for your flight and booking costs.
Almost every bank offers this type of savings and opening a savings account costs nothing. In addition, you always open and manage your savings account online, so you don’t have to remain loyal to your own bank.
Saving money for vacation – Tips
Then it’s time to start saving. The following tips can help you save for your vacation:
- Little discipline? Then choose a savings account with an automatic saving function. The bank then automatically transfers money each month from your checking account to your savings account.
- Some savings accounts offer the possibility to create piggy banks within a savings account. That way you don’t have to open a new savings account.
- Take a critical look at your expenses: what can you save? Do you spend a lot unnoticed on groceries or do you pay too high a premium for your insurance policies? Everything you save can be put back on vacation.
- Save together with the other vacationer (s). In this way you encourage each other to keep saving and you already share some anticipation.
- Immediately transfer your savings to the savings account at the start of the month. This way you prevent spending the money on other things.
- Not only save for the vacation and all the costs that you think you will incur, but also make sure you have money in hand once you are on vacation. Something can always happen that makes you need extra money, for example if you want to go home unexpectedly or if you lose things.