Having trouble saving for holidays? Finding yourself spending your money wastefully? This article will help you set your goals and reach that dream destination!
The temptation to spend money is greater than ever. Companies are doing everything they can to get your hard earned dollars. But there is some things you can do to keep your savings account looking nice and healthy. A dedicated holiday savings account is one of the best steps you can employ to reaching your travel goals.
What is a Holiday Savings Account?
Some banks may advertise a dedicated holiday savings account. But the account is simply a separate account from your transaction and other savings account. The goal of the account is to build savings dedicated solely for your next travel. Separating your accounts and money is the best way to keep track of all your money and build them successfully.
Most banks will allow you to open a new account online. However if this option is not available give your bank a call. These accounts should be FREE. If you are being charged for your savings account, switch banks immediately.
Setting Up Your Holiday Savings Account
It is important to set up your holiday savings account to automatically transfer money each pay cycle. It’s human nature to be tempted and spend money if it is available. However automatically transferring the money allows the human element to be taken away.
Set your goal and budget of where you want to travel to. When budgeting, set aside some money each pay cycle for the account. Once you have worked out how much you are going to put away into your account, set up automatic transfers.
Setting up automatic transfers is the single most important tip I can give you to successfully save money. You won’t miss it if you don’t ever see it.
Read also: How Much Money Should I Save For Travelling?
Discipline and Time
If you have your account, have your budget and have set up your account, the next step is to have discipline and let the account build. Temptations will come and go and self discipline is the key to achieving your goals. Here are a few tips to help you control those urges:
- Know your weaknesses
- Remove temptations
- Set clear goals and expectations
- Reward yourself
The biggest piece of advice I can give you is that holiday memories will last a lifetime. Takeaway dinner or a carton of alcohol will be easily forgotten. This mindset has helped me a lot in saving money for travel. I have always been a sucker for fast food. I am always tempted. However keeping a positive mindset and rewarding myself occasionally has been the most successful strategy I have utilised. Get out there and smash some goals!