PUTTING money away for a holiday may seem impossible amid the cost-of-living crisis.
But regular saving tricks can make it that much easier to scrape together a getaway fund.
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Try one of these challenges and watch your cash grow . . .
SET A GOAL: Work out how much you need for a holiday. If you don’t think you will afford a holiday by summer, make your target saving for a break later on in the year.
Moneypot.co.uk’s Lucinda O’Brien says: “Starting a savings pot is always easier when you have a goal in mind.”
LITTLE AND OFTEN: Put away a small amount each day and you will be surprised to see cash starts to add up.
Saving small amounts regularly tends to be easier than taking out larger sums less regularly.
For example, setting up a standing order for £2 a day would land you with £730 after a year.
The same challenge can work backwards when you have a specific goal. So if you want £1,000 in a year’s time, save £2.74 each day.
365 CHALLENGE: The idea behind this daily savings habit is to start gently, saving £1 on Monday, £2 on Tuesday, increasing by a pound each day until you put away £7 on Sunday.
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Then start the week over, to save £28 each week for a year, giving a total pot of £1,456.
MONTHLY SAVINGS: Check you are on the best rates for all your household bills and switch to a new deal if you can. Put the difference in a savings account each month.
If you saved £20 on bills a month, you would end up with £240 after a year.
You could also set up a standing order close to pay day when you are less likely to miss the cash. If you get paid monthly, try transferring £25 direct to your savings account.
If you did this for a year, with the bills savings, you’d end up with £540. Make sure you keep your savings in an account with a decent interest rate to get a few extra pennies added to your pot.
- All prices on page correct at time of going to press. Deals and offers subject to availability.
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