Family | Life | Food | Travel

08 October 2015

Summer 2016… it’s time to start saving

The children may only have just gone back to school, and the nights may only have just started drawing in, but it won’t be long before Christmas is upon us and, before we know it, next year’s summer holidays will be here. It’s amazing how fast time flies!

Next year, if you're thinking about taking the children away for a week or so during the summer, you may want to start preparing early – If you haven't already, it's a good time to start scouring the internet for potential deals and locations, and think about your finances.

If you've decided that 2016 will be the year for a really memorable family holiday, it may be worth opening a savings account (and aptly calling it ‘The Holiday Fund’!).

You may already have a number of savings accounts but, by having an account solely dedicated to your holiday, it makes it so much easier to track your progress. We’ve also found that it really spurs you on to save as much as you possibly can to meet your target.

Although you're probably hoping to save up enough money to pay for the holiday upfront, without needing to take out any credit, when the time comes, you might find myself having to apply for a credit card, or other form of finance to pay for trips and activities while away or to cover any remaining balance.

To put myself in the best possible position, it's a wise idea to check your credit report (try just to be sure that, if you do decide to apply for a small amount of credit, you'll be able to access it. After all, there’d be nothing worse than basing your financial plan on the basis of having a credit injection, only to discover you arent eligible!

Of course, having a dedicated savings account is one thing, but it’s no use if it stays pretty much empty! To ensure that you can save as much as physically possible, without compromising on your standard of living, carefully take a look at all of your spending and identify a number of places you can cut back.

By swapping utility suppliers, for example, many have managed to save a considerable amount. Also try to cut back on eating out, food shopping, and family days out – that’s not to say you can't have a great time together, just think a bit more about what you do and how much you spend.

Where will you be holidaying next year?
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  1. Those pictures look amazing above, but we'll be going for a small caravan break I think. My son recently went for a weekend with family and he had the BEST time and wants to go back, it's the only affordable thing for us right now so that's what we'll be doing


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