Whether you’re looking to jet off for a sunny beach getaway or you’re more of a city break kind of person, there’s no doubt that any time out of the country allows us to gain some much-needed rest and recovery. 

And, while it’s a great way to escape the hustle and bustle of the daily grind, sometimes it can feel overwhelming when you don’t know how much you should set aside if you plan on jetting away.

To help you wrap your head around how to save money for a holiday, we’ve included some of our top tips that’ll get you one step closer to your destination.

What does it mean to save money for a holiday?

Saving money for a holiday means setting aside funds specifically for your upcoming trip. It involves creating a budget, cutting back on any non-essential expenses, and allocating a certain amount each month to a designated savings account — even £3 here and there is better than nothing! 

It's important to prioritise your holiday savings and resist the temptation to use them for any non-essential expenses. With a clear savings goal, you can enjoy planning your holiday without financial stress.

Do I need to create a budget?

While the idea of creating a budget is entirely down to each individual person, it can be a good idea to have a budget in mind of how much you want — or are willing — to spend on a holiday.

However, creating a budget is always top of the list when it comes to managing your money correctly. When you know where every penny of your money is allocated, you have more control over it.

How much should I budget for a holiday?

How much you budget for a holiday is entirely up to you, but there can be certain factors that can influence how much you can afford to spend, including:

• The destination — Whether you prefer beach getaways or city breaks, the destination can have a serious impact on your budget. Some destinations are generally more expensive due to higher costs of living, transportation, accommodations, and activities, while others may offer more affordable options.

• The time of year — Popular travel seasons or peak periods, such as school holidays or major events, tend to have higher prices for flights, accommodations, and tourist activities. Off-peak seasons or less popular times can often provide better deals and discounts.

• The number of people — Depending on the number of people you’re taking on the trip, this can make the cost skyrocket. Some hotels and airlines offer free travel and stay for children under a certain age, so it can be a good idea to look into these hotels if you want to save money.

• Duration of the trip — Longer trips generally require more funds for accommodations, meals, transportation, and entertainment. Shorter trips might be more manageable for those on a tighter budget.

• Travel preferences — While some people prefer luxury accommodation, fine dining or exclusive experiences, others may not. Individual tastes and travel styles can affect the budget, so it’s important to make sure that everyone is on the same page before searching for a holiday.

It’s also important to consider the extra expenses that come with planning a holiday, such as:

Before you arrive:

• Travel money
• Travel insurance
• Toiletries (and lots of sun cream!)
• Holiday clothes
• Car hire (and car excess insurance)

The day-to-day:

• Excursions
• Entertainment
• Food and drink
• Souvenirs and treats

All these costs can quickly add up, so it’s best to get a top-level view of how much you’re going to spend in total.

 

 

Top 5 tips for saving for a holiday

When it comes to saving for a holiday, there are a few ways you can incorporate easy changes to get your trip on track.

1. Set a budget

A realistic budget is essential for a holiday, and it’s important to figure out how much you want to save and how much you can afford to put aside each month. 

A detailed budget plan designed around your income and outgoings is a great first step toward a saving goal. To do this, list all your monthly expenses; this way, you can see how much you’re spending in total and what you can and can’t live without. From here, you’ll then be able to see where you can make savings to put toward your holiday budget — you might be surprised at how small daily expenses can add up over time!

2. Cut back on non-essentials

Take a close look at your spending habits and identify non-essential expenses you can temporarily reduce or eliminate. Activities like dining out less frequently, cutting back on subscription services, or finding free or low-cost alternatives for entertainment can be a great way to get your savings up. 

3. Set up automated savings

Make saving a breeze by setting up automated transfers from your salary or bank account to a dedicated holiday savings account. This way, a portion of your income will be saved without you even thinking about it.

4. Look for deals and rewards

Keep an eye out for deals, discounts, and rewards programs that can help you save on travel-related expenses. Sign up for newsletters or follow the social media accounts of airlines, hotels, and travel agencies to stay updated on promotions and special offers. You might just find yourself a bargain.

5. Plan and book in advance 

Last-minute bookings can often come with higher prices. Plan your holiday well in advance, as this gives you more time to research and find the best deals. Booking early can also help you secure lower prices on flights and accommodations.

How to save money on flights

One of the biggest expenses you’ll face when budgeting for a holiday is the price of flights. Fortunately, there are a few ways you might be able to find a better deal:

Opt for night-time flights — Whether you’re flying halfway across the world or your destination is only a few hours away, you’ll find that flights are usually cheaper when you fly during the night. These off-peak hours are less popular with travellers, meaning the prices are generally cheaper — sometimes by hundreds of pounds — when you opt for a red-eye flight.

Choose your dates wisely — Flexibility with your travel dates can make a significant difference in the price of your flight. Avoid peak travel seasons and holidays when prices are typically higher. Instead, consider travelling during shoulder seasons — the periods between peak and off-peak — or weekdays, as airlines tend to offer more competitive fares during these periods.

Book flights and accommodation separately — While package deals can be convenient, they may not always offer the best value for your money. By booking your flights and accommodation separately, you have the freedom to compare prices and find the most affordable options for each. This way, you can tailor your travel arrangements to suit your budget and preferences.

Clear cookies — When searching for flights online, airlines and travel websites often use cookies to track your browsing history. This can result in prices appearing higher each time you search for the same route. To potentially find lower fares, clear your browser cookies or use an incognito or private browsing mode. This way, you'll start each search with a clean slate and may come across better deals.

How far in advance should I book my holiday?

The ideal timeframe for saving for your holiday depends on various factors, such as the destination, the duration of your trip, and your personal financial situation. However, as a general guideline, it's wise to start saving as early as possible to give yourself plenty of time to build up the necessary funds.

Aim to start saving at least 6 to 12 months in advance of your planned departure date. This time frame allows you to set realistic savings goals and contribute to your travel fund consistently over time. By starting early, you can also take advantage of any early-bird deals or discounted rates that may be available for flights, accommodation, and activities, and you may be able to pay for these in more affordable monthly instalments. 

Get holiday ready with Trtl Travel

No matter where you’re jetting off to, you want to do it in comfort. At Trtl Travel, our travel pillows will leave you feeling refreshed at your destination, whether it’s a quick trip of a few hours or a long-haul flight.