I am a huge believer in budgeting. If you can budget well, you can achieve anything! It may be hard but, trust me, when you land in paradise, you will forget the hardship and appreciate where you are even more!
I have set a few guidelines on how I have budgeted and saved for my holidays. I hope they help you!!
#1 Get a job/stable income
This one should be obvious. To have any kind of budget, you need money and to earn money, you need a stable income from a job. If you are at university, your student loan is a great help to cover all the boring stuff like rent and electricity but you still need a stable income from a job. You can also think about work and travel. Check out websites like STA travel and GAP 360 for inspiration. Travel around your favourite country between shifts. Sounds good to me!
#2 Plan your spending
Once you know how much you are earning a week, plan how much to spend every week. This will help you set aside a percentage of your earning for your trip! Keep a note of how much you spent every day so you know whether you kept within your budget. Make sure your budget is realistic. There is no point setting a low budget if it doesn’t even cover your basic living costs (rent, food, electricity, heat and a little extra spending money).
#3 Cheaper alternatives
Cut down your average spending by buying the cheaper alternatives. I guarantee, you are spending money on things you don’t need. Buy the store brand cereal, buy the Primark version of those dreamy shoes, drink tap water instead of bottled water. These sacrifices will cut down your spending tremendously. You probably won’t even notice a difference in the cheaper alternatives! Picture yourself in your paradise- sipping on cocktails, sand between your toes and the sun in your face… does it really matter you bought Tesco baked beans instead of Heinz beans?
#4 Swear box
The swear box is a great way to save money. It doesn’t have to be a swear box, it can be something simpler e.g. filling a jar with your loose change from your purse once a week. Once the jar is filled, count it all up and place it into your bank account. Every penny helps!
#5 Get the best deal
When you see the end in sight, start planning your trip. Use comparison sights when booking your flights, accommodation and car rental. My favourite comparison sights are:
For flights: Skyscanner
For car rental: Skyscanner
#6 Look at the bigger picture
It will be hard. You might think it is boring. BUT look at the bigger picture before destroying your progress. Before buying anything I always say to myself ‘I could go to Amsterdam and back with this amount of money’ or ‘I could stay in a hostel for 3 nights instead of buying these jeans’. This puts everything is perspective. Yes, they may be a really nice pair of jeans, but how much more fun would a night in Bali be? You will thank yourself when you are sunbathing on a stunning beach!
P.S. Share this post with someone you want to share your dream holiday …. or someone who is very bad at saving!