Holidays can get expensive, and if not funded the proper way, you could take a big hit financially. On the other hand, if you can manage to save appropriately, you can enjoy a nice vacation without any financial burdens. So let’s talk about some excellent ways you can fund your next holiday, and depending on the type of holiday you are looking to indulge in, make sure to save accordingly.
SAVE AT LEAST 10% OF YOUR PAY-CHECK
Saving 10% of your paycheck will give you a large lump sum of money that can be used to book flights and cover expenses on the trip. This will also give you a safety net for your financial needs. Once you have saved enough money for your trip, you won’t have to worry about your bills or anything else, as the 10% you were saving each month will all go towards your holiday, and none of that will be coming out of your paycheck.
If you are looking to go on an expensive holiday then you can do two things, first is to save for longer or if you can’t be patient then we suggest saving more money every month so you can have a set amount for your holiday. Having cash is very important when on a holiday, so once you are done paying for your flights and hotel make sure to keep some petty cash with you so you can enjoy and not worry about running out of money.
USE A GOOD CREDIT CARD
Saving cash is important, but whats more important is the credit cards you use when paying for your trip. There are many travel credit cards which can not only help you get better deals, but will reward you with points allowing you to get massive discounts on flight and hotels.
We recommend you pay for your hotel and flights using credit cards which give you rewards, and then pay off the balance and keep using the credit card to pay for food and other things on the trip. This will allow you to collect points and use it towards your next trip, or to pay your credit card bill.
The rewards system will depend on the credit card you have, so make sure to research the credit card you will be using to pay for your trip and make sure you will be rewarded. Always remember to pay off the balance one you are done paying for your trip using the credit card, as that will keep your credit score high, allowing you to approved for more credit cards.
An alternative to using a credit card could be a loan. Depending on your credit rating and if youβre on benefits you could be paying as much as 1000% APR for a loan of a few thousands pounds. Itβs best to use Now Loan or a similar service to make sure youβre getting the best loan for bad credit.
CONCLUSION
The cash you save will allow you to pay for your trip, but the credit cards you use will make it so that you get a better deal when you travel the next time allowing you to save money when booking hotels and flights.