Going on vacation is always exciting. Whether you’re leaving on a long weekend this 2023 or blocking out an entire week for a holiday trip, it’s always nice going somewhere new alone or with your loved ones. However, planning a vacation can also be challenging.
Aside from plotting an itinerary, you must set a budget to ensure you fully enjoy your trip and return home without regrets. Without saving for a holiday, you may miss exploring unique destinations, enjoying new experiences, and buying memorable souvenirs. The earlier you learn how to save money for your holiday trips, the easier you can travel like a pro.
7 Holiday Money-Saving Tips
Setting aside a vacation fund can be challenging, especially if you don’t know where and how to start. Below are some holiday money-saving tips you can follow to prepare for your getaway trips financially.
1. Find new ways to work out
If you regularly go to the gym, consider slashing your gym subscription and working out at home for free instead. You can save money and build your holiday fund more quickly this way.
Stay fit without breaking the bank. For one, you can download a fitness app that offers free workout routines and helps you set exercise goals. You can also join fitness groups that gather and exercise together, whether it’s yoga, cycling, or Zumba.
If you live near nature, you can hike up a mountain or take a daily 30-minute walk outside. You can lose weight or build your muscles while enjoying the great outdoors.
2. Cook and pack your lunches
Eating out may harm your finances more, especially in today’s economy, where a single meal can cost between P200 and P300 or more. Instead of dining in a restaurant or ordering takeouts, cook at home and pack your lunches to work. Preparing your own food allows you to experiment with unique recipes, control portions, try healthy alternatives, and save money.
Invest in high-quality reusable containers and lunch bags for your meal preparation journey. Next, create a grocery list of essential food or ingredients like rice, vegetables, fruits, meat, and condiments and buy them at stores that accept coupons or offer items at lower prices.
Once you have the necessary ingredients, create a weekly meal plan. You can alternate between rice meals, sandwiches, pasta, and other types of food. To save time, you can cook all your meals in one day and freeze them, making them easier to prepare and pack when you leave for work.
3. Host nights in instead of heading out
Getting together with your family and friends can cost a lot of money. Regardless of where you go, you’ll likely shell out for transportation, food, and recreational activities.
To save money, spend time with your loved ones at home instead. You can have fun in the comforts of your own space without overspending.
For instance, you can watch a movie together in your living room instead of going to the cinema, where a movie ticket costs more than P300.
Likewise, if you share a hobby with friends, like reading books or doing art, invite them to your place so you can still bond over these activities. Better yet, you can hang out with them via audio or video so that they won’t worry about transportation costs.
4. Set a target budget
You may feel lost and overwhelmed building a vacation fund if you don’t know what you’re saving for. Aside from making an itinerary, you should create a list of probable expenses for your trip to know how much you need to keep.
Let’s say you plan to go to the beach on the long weekend leading to Independence Day this year. You should start saving for your trip as early as February or March. Of course, the earlier you start saving, the better.
Next, divide your expenses into food, entertainment, accommodations, souvenirs, etc. Then set a budget for each. Once you’ve settled everything, discipline yourself to start saving.
5. Open a savings account
A savings account allows you to safely store your money while having quick access to it, set your financial goals, and take advantage of good banking deals. Some banks offer automatic transfer services. These facilities let you deposit money from your account to another, so you don’t have to do it manually and worry about accidentally spending money meant for your holiday trip.
Plus, savings accounts earn interest, whether with digital or traditional banks. With that said, opt for a savings account with high-interest rates so your money can grow passively.
Let’s say you want to start saving in February for a week-long trip spanning Ninoy Aquino Day and National Heroes Day in August. If you deposit P2,000 monthly to a savings account with a 6% p.a. interest rate, you’ll likely earn over P120 from interest and get more than P12,000 within six months. Use a savings calculator to get an accurate estimate of your possible earnings.
6. Take advantage of credit card rewards
Some banks give credit card customers extra travel miles if they meet the minimum spend requirement within a specific period. Others also offer discounts on airlines, hotels, and travel agencies when you use your credit card.
Take advantage of these perks to minimize expenses and enjoy your holiday trips to the fullest. Pay your credit card bills on time to avoid getting penalties and even qualify for more travel offers in the future. The more you know how to reduce debt, the better.
7. Apply for an auto loan
A car allows you to visit remote destinations, travel at your own pace, and bring as many things as possible. However, without proper help, getting one can be stressful and costly.
You could apply for an auto loan to purchase a car. Getting a loan allows you to save money, establish good credit, and improve your budgeting methods. The key is finding a reliable lender who can understand your financial status and goals and give you the best loan offers in the market.
Be a Smart Traveler
Saving for a holiday could mean making certain sacrifices, such as giving up a costly hobby or lessening trips to malls or restaurants with your loved ones.
However, it’ll help you enjoy financial freedom and save you from more extensive, stressful financial obligations in the future. You only need some patience and discipline to fund your holiday trip in no time.
You can also turn to finance alternatives like an auto or collateral loan to save money while working on your financial obligations. AsiaLink Finance can help you in that regard. We offer online loans in the Philippines with competitive interest rates, helping our clients achieve their financial goals at their own pace.
Apply now for a loan at AsiaLink Finance to enjoy your holiday trips.
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