We all have a place in the world that we want to visit more than anywhere else. Usually, it’s a far-flung place, steeped in history and a culture that is the complete opposite to our own.
The one problem though is funding it. Holidays of a lifetime don’t come cheap and if you want to enjoy the most memorable of experiences, you’re not going to be able to scrimp.
There are many ways in which you can fund the ultimate getaway- from innovative ways to make money to playing the lottery and crossing your fingers.
Here’s our guide on how to save money for dream vacation.
Find The Best Value Credit Card
Credit cards are the most common way of funding a huge trip. Booking flights and accommodation by credit card is not only sensible in terms of finance but will also cover you more should anything happen to your booking.
Many of us just use the credit card we’ve got and don’t make the most of 0% interest offers or cards that offer travel rewards.
There are tons of great cards out there that’ll help to cut the cost of your travels. And paying on a 0% card makes good sense if you plan on paying the card off within the period the card is offering it.
It’s well worth exploring if you’re planning on paying with a credit card. After all, nobody wants to be paying huge amounts of interest.
Secure a Loan
Another option is to secure a loan. If you can similarly get one with low-interest rates, it really can be a worthwhile move.
At various stages in our life, there are things we need to do. If it’s before you settle down with children, for example, a loan can give you that opportunity. It gives you the chance to pay your holiday back at a reasonable rate.
It’s an option many take but it can be difficult to acquire if you have bad credit. You also must be sure you can afford the monthly payments. Otherwise, you could end up in trouble.
Review Your Finances
It’s likely we’re all paying more than we should be in one way or another, whether that be on our utility bills or the gym membership we haven’t used in over six months.
There are dozens of ways in which you can cut your daily running costs, and you really can save hundreds of dollars in the process.
One of the best ways to do this is by looking at utility bills and deciding whether you could save by switching provider. In some cases, you could cut costs by £300 which is a significant chunk in flight or accommodation costs.
Other methods include changing the way you travel to work, cutting branded products in your weekly shop, and selling anything you have wasted capital in.
Create a Plan
First and foremost, you should create a plan and map out your finances.
You’ll find this more helpful than anything else as it’ll allow you to break down your income and expenses and realistically budget and forecast how long it will take you to save.
This will then give you a clear idea of when you can take your holiday. It will give you clear dates of when you’re going and even the right time to book the trip.
It’ll help bring you a firmer purpose for saving and all in all, make it much more effective. Within the plan, if you can set up a direct debit plan for saving, this will also hold you in great stead and help avoid spending what you should be saving.