Money saving tips for your next big holiday

As a professional, you work hard and deserve a break every now and then. But do you find that, no matter how much you earn, you battle to save any of your hard-earned wealth for a holiday? And we don’t mean a weekend away – we mean an extended trip somewhere exciting, preferably overseas.

Isn’t it amazing how we tend to leave our holiday savings till the end of the month and then don’t have any extra money to add to those savings?

We’ve gathered together 5 top tips for saving for your next big holiday:

1. Name your goal

If going on holiday is just a vague idea you have rather than concrete goal, you probably will never get up enough motivation to make it happen. Want to go on a big holiday? Settle on a date and location and make it known. Tell other people – the more you talk about your goal, the more real it will become. This, in turn, should motivate you to sit down and plan how you are going to reach it.

2. Commit to saving

Prove to yourself that you are committed to saving for this holiday by opening up a dedicated savings account. Most savings accounts won’t cost you anything to set up but some of your time. An account shows you that you are serious about saving this money. It also allows you to track your spending once you are finally on holiday. 

3. Save first

Once the account is set up, put in place automatic transfers into that account from your personal bank account so that, as soon as you get paid, a set amount goes into the savings account. Treat saving like a bill that must be paid. Save first, spend second and you’ll be well on your way to a healthy holiday fund soon. 

4. Change one daily habit into a saving habit

Grab a cup of take-away coffee on the way to work every day? Buy a new pair of heels every month even if you don’t need them? Big or small, if you take the money from one daily habit and put it into your holiday fund instead, you will see the Rands multiplying before your eyes. And wouldn’t you rather be enjoying a fabulous world cruise than drinking yet another cup of over-priced coffee?

5. Stick with the smart ones

This might seem like a strange tip, but when you are saving for something big like a holiday, it is best to stay away from financially irresponsible people – those family members and friends who might encourage you (or tempt you) to spend your money on non-essentials like going out for a night on the town. Instead, spend time with those that have the same financial goals as you do or the same understanding of what you would like your money to do for you and be inspired by their good choices. With the right advice, you can make your holidays a reality rather than a pipe dream.

Need help saving? Chat to your financial adviser about the best ways to manage your wealth and save for your goals.