Saving Your Way to Serenity: Affordable Holiday Tips
For the majority of the working population who put in a solid 8-9 hours of work 5 days a week, 52 weeks a year, an annual vacation is the ultimate form of relaxation and a highlight that everyone looks forward to. However, with the increasing cost of living crisis, that dream holiday seems to be slipping beyond the horizon for so many.
Affording to take yourself – let alone a whole family – on holiday is not cheap, and it’s not always easy to build towards in the current economic climate. In this article, we look at some basic, practical tips that can help you on your savings journey towards your next holiday as well as picking some of the best spots for holidaying on a budget.
Savings Done Right
Saving for a future holiday is never easy. How much should I save each month? How long should I save for? Where should I keep my savings?
These are all valid questions and require answers before you can efficiently save for a holiday. How much you should save is closely tied in with how much you can save, and this is affected by a bunch of factors beyond your control. Inflation, interest rates and the cost of living are all variables you might need to track online, and, depending on where you plan on heading, it’s probably wise to keep an eye on the strength of your domestic currency, using a tool like the ES futures chart. This will give you a better idea of how far your money will stretch in relation to foreign currencies and the cost of living.
Once you’ve done some research, focus on your own numbers: what portion of your monthly salary can you afford to put aside for a holiday, without infringing upon your other spending? If you can save $200 a month, how many months will it take until you can splash out on a holiday? You may need to adjust your withholdings to fully optimize your take-home pay. To make things easier, try using Taxcaster to see how adjusting your withholdings can impact your tax liability. From there, you can then start to look for affordable holidays around this date once you have projected your finances.
Affording the Destination
Holidays don’t have to be bankrupting. In fact, some holiday destinations are unbelievably cheap! There are a bunch of awesome holiday destinations that are very affordable:
Vietnam
When it comes to Southeast Asia, getting there will be the only real financial obstacle, depending on where you are located. However, once you are there, you won’t find many more affordable locations – and that’s not to mention the stunning views, lovely people and rich culture!
Portugal
With considerably cheaper travel expenses, Portugal is a stunning country with beautiful weather, historic cities and stunning beaches. Costs are relatively low and it’s the perfect, affordable holiday destination!
Bulgaria
With flights as cheap as you’ll find them, Bulgaria is a scenic holiday destination that is well within budget. Cop a coffee for under $0.60 or even a few beers for less than $1! What’s not to love?
In conclusion, holidays don’t have to break the bank. While everyone is struggling to manage their finances right now, being smart with your money and your spending can help you save toward an affordable holiday to give you the well-deserved break that you need.
