Your Guide to Saving for a Holiday

Counting down to a getaway is exciting. Turning that dream into reality, however, usually requires planning and disciplined saving.

A holiday fund works best when it’s built steadily over time and aligned with your personal financial circumstances. Here’s how to approach it.

7 Ways to Save for a Holiday

1. Decide where, when, and how much

Start with a realistic estimate. Research flights, accommodation, food, insurance, transport and daily spending. Add a buffer for unexpected costs.

Once you know your target, break it down into weekly or monthly savings goals based on your travel timeline.

2. Automate your savings

Consider setting up an automatic transfer into a separate savings account when you’re paid. Even small, consistent contributions can accumulate over time.

3. Review everyday spending

Small adjustments can make a difference:

• Reduce unused subscriptions
• Cook more meals at home
• Sell items you no longer use
• Track spending to identify savings opportunities

4. Compare and plan ahead

Booking flights and accommodation in advance can sometimes reduce costs. Comparing providers and being flexible with travel dates may also help.

5. Choose cost-effective options

Accommodation types, transport choices and travel seasons all influence overall costs. Researching alternatives may help you stay within budget.

6. Monitor your progress

Tracking your savings can help maintain motivation and allow you to adjust your plan if needed.

7. Review affordability carefully

Before committing to travel expenses, ensure the cost fits comfortably within your broader financial position and does not compromise essential expenses or emergency savings.

Planning First, Spending Second

Saving consistently and planning early can reduce financial stress before and after your trip.

If you are considering using credit for discretionary expenses such as travel, carefully assess whether repayments will fit comfortably within your budget and align with your financial circumstances.

Important Information

The information provided here is general in nature and does not take into account your objectives, financial situation or needs. It is not financial advice.

Before making any financial decision, consider whether the information is appropriate for your circumstances and seek independent professional advice if required.