December holidays present an ideal time to take the family on a well deserved break, but given our current weakening economic climate many South Africans may consider dipping into credit in order to fund their holiday travels.
Lezanne Human, CEO of FNB Savings, Investments and Fiduciary, says “paying for your vacation in cash would be ideal especially where indebtedness is a major setback. When it comes to saving, time is your ally. Plan well in advance so that you know how much you need to save for and start saving towards this goal right away.”
Consider the following savings tips and ideas when planning your next family holiday:
Create a holiday budget
Start putting together a comprehensive budget for your family holiday; remember to factor in costs such as: accommodation, entertainment, sightseeing, transport, food and spending money. By doing this you will get a clear idea of how much your holiday will cost and how much you need to save.
Open a savings or investment account
Different savings or investment accounts will have different features to meet your specific needs, so make sure you take the time to find out what works best for you, also bear in mind how long you have to save. An account like the 32 Day Flexi Notice is ideal for savings towards a specific goal such as a holiday, it allows you to add money at anytime and you can access your money after 32 days at no cost allowing you to take advantage of any travel special that may arise.
Set up a Scheduled Transfer
A useful way is to calculate how much you need in advance, calculate how much you can contribute towards the holiday every month and then set up a Scheduled Transfer with your bank.
Get the children involved
This is a family holiday so everyone, including the children, should be involved in saving towards it. This is a good way of bringing in the importance of savings from an early age.
Time your trip
Saving money on travel often comes down to timing. If you are flying, try to fly during off-peak times as these flights tend to be a lot cheaper.
Shop around for the best deals
Take the time to shop around for the right holiday packages or deals, compare prices and try book well in advance to ensure that you get the best price.