Only true millionaires can afford to go on vacation whenever they want without having to spend a lot of time saving money for them. For us, regular folks, vacation means pre-planning, and a lot of savings. To make sure you have enough to enjoy that long awaited holiday, having an entire year to save is sure to get you what you need. Here is some one-year saving ideas.
To have an idea as to how much you need to save for your next getaway, determine your vacation costs ASAP. This will give you a sure target that you will do your best to reach by the time the year ends. With a fixed amount in mind, you’ll also avoid ‘over saving’ and having more than you need when this can be used on some other expense. When putting together a figure, make sure everything is included from major things like plane tickets to minor ones like souvenirs. Make sure you are reasonable and only think about vacations that you can actually afford.
If your bank offers it, 1 year fixed rate bonds are another perfect, tamper safe option for a one-year vacation saving plan. This account pays a fixed rate of interest that is agreed upon at the onset which is paid only at the end of the term. If you get a big bonus and want to put it away for your vacation, these accounts are ideal since you can neither make regular savings nor withdraw your money once it is invested. Usually international banks such as Lloyds TSB International offer these bond types which are available in different currencies and easily accessible during travel.
Making use of your banks automatic transfer system is another way to segregate a specified amount immediately it reaches your account. This way, you’ll not need to personally do any transferring which may tempt you to spend. Instead, your bank will do all the transferring to you.
Having an entire year to plan your vacation can also allow you time to get a side job for a few months and put the income you get to your holiday fund. Even seemingly simple things like making coffee at home instead of taking lattes at coffee shops can go a long way.
If you get your savings plan right, at the end of the year, you’ll be able to treat yourself to the best holiday ever so let today be day 1 of your one year savings plan.