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How to save for a vacation – 10 tips
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How to save for a vacation – 10 tips

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The holidays are just around the corner, and most South Africans are dreaming about that perfect festive getaway – however, many probably haven’t thought about how they will afford it, and so will rely on expensive credit when the time comes to pay those holiday season bills.

 

Luckily, this can be avoided with some forward planning. If you follow the below tips, you could be able to pay for your holiday with cash:

 

  1. Consider your existing budget

Review your bank statement to see where you can cut costs and free up cash. For example, do you really need to eat out once a week?

 

  1. Open a separate savings account

Transfer a set amount of money into this account each month, and make sure that the bank requires a notice period before allowing you access, as this will prevent impulse buys.

 

  1. Calculate how much you need to save

By estimating the holiday’s cost, you will know how much to put away each week or month.  

 

  1. Save without spending

Schedule your holiday during off-peak seasons, consider all-inclusive packages, or make use of your bank’s rewards programme – these options can help you save substantially.

 

  1. Sell unnecessary items

You’ll be surprised how much you can earn by selling your unwanted items. Go through each room in your home and collect as many as possible.

 

  1. Use the ‘old money jar’

At the end of each day, put all your change in a container. Avoid exchanging the coins until you need the money, because you may be tempted to spend it before you reach your goal.

 

  1. Only use your bank

Only withdraw from your bank, as withdrawing from others is more costly, and fees add up fast.

 

  1. Look at the way you use your car

Frequent short trips can increase your petrol bill. Also consider downscaling if you have a big engine – this will save you thousands in petrol and insurance.

 

  1. Stick with your current cellphone

If your current phone works, avoid upgrading to a new one or a new contract that costs a few extra hundred rands a month – this money could cover one more vacation day.

 

  1. Be realistic

If you can’t afford a holiday even if you save, consider alternative ways to relax; remember that money spent on credit is borrowed and you will have to pay it back.

 

For more help reaching your savings goals, visit your nearest Standard Bank advisor. They will craft a strategy to suit your needs, ambitions and timeframe. Alternatively, you can read more about our Savings and Investments opportunities on our webisite.

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