Bank Better, Live Better
top tips to save for your next holiday
Big break = big spending? Not if you plan it well. We share helpful tips on how and when to start saving for your next holiday.
Whether you’re planning a getaway on home soil or looking forward to a trip abroad, these tips can help you to save and stretch your holiday budget.
Get the basics right
Work out your travel budget and start saving now. The sooner you start your holiday fund, the less stressful it will be when you make those bookings. Plus, the more you’re able to save, the more money you’ll have available.
If you use a debit order to put away a certain amount after payday every month, you will be less tempted to use that money on something else. With Capitec Global One, your main savings account offers affordable banking and access to a flexible savings plan. It also gives you access to 4 free savings plans, making it easy to channel savings into one plan specifically for a holiday fund.
Find a side hustle
Increase your income in the months leading up to your holiday. Think about taking on a freelance job, renting out a room in your house, doing house-sitting or being your neighbourhood’s paid dog walker. Boosting your income can be a better strategy to increase funds than trying to cut expenses.
Don’t do this
Avoid sales! You may be tempted to buy unnecessary items simply because they’re offered at a good price. Also, don’t buy on impulse. If you see something you like, wait a day or 2 before deciding whether or not to purchase it. Remind yourself that every rand spent is money that could go towards an awesome holiday experience.
Save on food
Depending on your circumstances, bulking up on home-cooked meals with veggies and legumes can be cost-effective. Plan the week’s meals ahead of time to reduce waste and ask friends to contribute dishes when you’re entertaining. And go easy on expensive drinks.
Tips for a budget-friendly holiday
- Plan your trip well in advance and keep an eye out for travel specials. Using an aggregator website like Travelstart allows you to search hundreds of travel sites at once to find the best deals. For example, within minutes of submitting your travel dates, you’ll get a global view of the cheapest (and fastest) flights
Avoid peak times. If you’re planning a local holiday, rather spend time at home over busy December. Go away when things have quieted down in late January or February instead. Prices are also likely to drop after the rush
Opt for self-catering accommodation if you’re travelling to a destination where eating out could be expensive. If you have your own kitchen, you can shop at local markets or shops and eat at a fraction of the price
Travel in a group. Booking a house that hosts 4 couples generally works out cheaper than booking separate rooms in a hotel
Search online for holiday packages that include flights, accommodation and an excursion or two. These often work out cheaper. Also do a search for cheap holiday destinations – for example, in Sri Lanka or Brazil your money can go further because of the stronger rand exchange rate, compared to holidaying in Hawaii
Camp or stay in a rustic cabin or chalet instead of a more expensive hotel or guesthouse. South African National Parks and CapeNature both offer family-friendly accommodation in beautiful parks
Simplify your banking
Using your Capitec app to do your banking, including transferring money from your savings accounts while travelling, is one of the best ways to bank. It's secure and easy to use anywhere in the world. The app can also help you to manage your holiday budget by tracking your spending.
you may also like...
tips for spending your year-end bonus
Spending your annual bonus wisely or investing some of the money is a better idea than spending it all over the festive season.
why you should go cashless
If there was an easy way to save money, would you do it? Find out what it means to go cashless, and how doing so could cut your monthly bank fees by over 90%.
financial bunny: the money makeover I wish I did sooner
SA TV personality Nicolette Mashile has been “sprinkling glitter around finance” as the Financial Bunny for 4 years. But even this property investor and financial educator had to start somewhere. Here, she shares what she wishes she had known sooner.