One Little Thought Of Way To Go On Holiday Without Going Into Debt

Dear fellow financial freedom seeker, 

Summer is fast approaching and unless you’re an organisational machine like me you might not have planned out your summer holiday yet. 

But that doesn’t mean you can’t go on it! 

Your One Simple Step this week is to 

Start Saving Towards Your Holiday Budget

Let’s say you want to go on holiday in 20 weeks because it’s out of peak season in September which means you’ll get more for your money. 

Let’s also say that your budget is £500. 

That means you need to save £25 per week to afford that holiday. 

You can save that £25 either by not spending your money on something else e.g. eating out, or by expanding your income by that amount e.g. selling something you own, or a combination of both. 

By saving little and often you can also accumulate interest on that money which means you either have a bigger budget for your holiday or you save the money in a shorter amount of time. 

Pro tip: you probably won’t want to book your holiday the day you intend to go on it (the current calculation using 20 weeks takes you up to the time you want to go on holiday, I just did this to keep the calculation simple). Starting earlier will enable you to pay for the holiday in advance. 

There are some schemes where you can buy a holiday and pay towards it over a fixed period of time. Here are some considerations on that. 

You can use this free tool to calculate how much you need to save each week to afford a holiday based on your start date, holiday payment date and holiday budget. 

Where do you plan to travel this summer and how do you save for it? More insight on these things if more help this community can offer each other. 

Til next week, 

Pernia | Your Finance Travel Buddy