How to save for your holiday

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family holiday savings

family holiday savingsIt suddenly feels as if summer is nearly upon us.  If you’re taking a summer holiday this year, you probably have around four months to go before you start packing!

This gives you time to do two things:

  • Get fit for the beach – lose some pounds
  • Build up a holiday fund – gain some pounds

Four-month holiday plan

Wouldn’t it be fantastic if you could go on holiday and it didn’t cost you an arm and a leg?  If you spread the cost over the next four months, it will take all the pain away.

Here are some suggestions of things to do before you set off for the Bureau de Change:

  • Every night empty your small change into your suitcase.  The suitcase thing will help motivate you.  Some banks have change machines that don’t charge you any commission – the funds are simply transferred to your account.  You could count it yourself, into change bags.  Last resort should be the machines in supermarkets, which take 8.9p in every pound (a charge of 8.9%).
  • Keep your £5 notes.  If you want to build up more than just a cash bonus, you’d be amazed how much you can save by stashing your fivers into the suitcase!
  • Give up something between now and your holiday, and put the money in the case.  It could be something that will help you lose the pounds (chocolate, coffee, wine).  Double whammy.
  • Is there anything you pay for that you do not use?  Be honest.  Do you actually use that gym? DVD club?  Put it in the case!
  • If you have a birthday between now and then, ask your friends and family for cash in the denomination of your destination (don’t forget to send them a postcard).

When you get back, you can do the same for Christmas!

Henrietta Oxlade is an Independent Financial Planner with Radcliffe & Newlands and MyFamilyClub’s in-house finance sage! She has been advising individual clients since March 1988, which is why many of her clients consider her part of the family. If you want to contact Henrietta, email us on [email protected] and we’ll put you in touch.