How to budget for your summer holiday in 2015

With the cost of living rising and financial uncertainty still high, it can be difficult to afford a summer holiday for you and your family.  Following this simple financial advice can help you make going on holiday achievable, whatever your budget.

Firstly

Shop around for deals that will help cut costs.  For example, free child places or frequent flyer programmes can make the overall cost that little bit lower.  You can also haggle with your tour operator to see if they can get you a better deal.  They might throw in some upgrades such as a larger room or a free airport transfer – it’s worth a try.  Try price comparison sites and then call or e-mail the hotel directly to see if you can get it even cheaper.

Secondly

Consider is the total cost of your travel, accommodation, spends and activities.  You should draw up a budget that ensures you set aside enough money each month leading up to your holiday to cover all the costs.  You could set up a standing order from your current account to an instant access savings account with your bank.  If you treat your savings as an expense you are more likely to reach your goal – financial advice that applies to anything not just saving for a holiday. 

Thirdly

Think about the type of holiday you are going on.  If your budget is tight it may work out cheaper for you to choose a self-catering option rather than all inclusive.  You may also want to re-consider your destination – Mexico may look very tempting but maybe the price of an air ticket to Spain is a bit more realistic.    

As with any financial advice is it also important to ensure its right for your specific circumstances.  If you’d like help achieving you savings goals why not book a review with one of our financial advisers.  You never know maybe you’ll be able to afford your dream holiday after all.

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