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Best Ways to Save for a Holiday

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by Joy (subscribe)
“Creativity Is Intelligence Having Fun.” – Albert Einstein
Published April 15th 2013
Easy and simple tips to save thousands for your next holiday
Image by Joya D

If you have found yourself turning green with envy when you heard someone gloating about an exotic oriental trip or found yourself drooling over the vivid details of someone's latest Hawaii trip and thought you cannot afford a nice holiday, then this article is for you. I bring to you some easy and simple ways of saving up for the holiday of your dreams. Read on.

1. Holiday account – Open up a high-interest earning savings account and christen this account as the 'Holiday Account'. The very name of the account will provide the necessary impetus to start saving for the elusive and much-needed holiday. Once you have your holiday account up and running, direct all the residue from your regular income as well as any second or third income stream towards this holiday account.

You can also deposit occasional gains like tax refunds, reimbursement of a debt, a gift and so forth. Avoid all temptations to ever touch this account and even before you know it you will have a hefty sum of money awaiting you in your wonderful holiday account. Shop around and pay a visit to the website of Ubank to find some lucrative high-interest earning savings accounts.

2. Personal grooming – Try to get into a habit of incrementing the distance between your regular personal grooming sessions. Reconsider whether you really need a facial, a manicure, a pedicure, a haircut every week or month. Maybe you could perform the manicure and pedicure at your home and have a haircut at a cheaper place every two months instead of every month. I am not suggesting that you stop indulging yourself. By all means, you deserve some luxury and, personal grooming is integral to our daily life. But doing all your pampering in moderation will lead to huge savings over months and years.

3. $5 note – You can purchase a piggy bank and start saving coins in it every day. At the end of one year, you would have some savings but it may not be anything significant. Then how about changing the rules a bit? Invest in a piggy bank or a moneybox and make it a rule to chuck in any $5 note that crosses your path. Someone I know adopted this tip and ended up saving two hundred $5 notes in a year which added up to a $1,000. You can also trying saving all $10 notes that enter your wallet. You will be surprised by how much you can save in a year by following this simple tip.

4. Expenses – Trying to harness your expenses will do wonders for your budget and will contribute significantly towards saving a healthy sum of money for a fabulous holiday. Assess your expenses and try to identify ways to diminish your expenses. Some handy tips are bringing your lunch and snacks to work, eradicating barista made coffee from your routine, avoiding regular trips to shopping centres, culling harmful and expensive habits like smoking and gambling and so on.

5. Extra income – Try to find an extra source of income. There are several ways to make some extra cash, in your own time. Feel free to read Bizarre Ways To Make Some Quick Cash and Bizarre Ways To Make Some Quick Cash -2 for some handy tips on making some extra income. Finally, channel all your extra income to your holiday account (see tip 1).

Do you know simple tricks to save up for a nice holiday? Then please share your pearls of wisdom with our avid readers.
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