January is a time for setting goals and making plans for the year ahead. It can sometimes feel like a bit of an anti-climax after the festive season, but it doesn’t need to. One thing we definitely all enjoy thinking about is getting away for a holiday!
Usually the first thing that springs to mind when we think of holidays (other than sleeping in until 11am guilt-free!) is the cost involved. Before you start to worry about this, have a look at our list of practical ways you can start to save money right now for that idyllic, summer get-away.
Short-Term Savings
- Sell Old Smartphones - If you have old but functioning smartphones lying around your home, see if you can sell them to a refurbishment shop.
- Online Surveys - Keep an eye out for online surveys that provide monetary rewards for answering simple questions.
- Make Reservations in Advance - Plan ahead and book your holiday as early as possible as last-minute flights and accommodation often work out more expensive. Making reservations in advance also means that you can set aside some spending money each week since the big payments have already been made.
- Add Change to a Piggy Bank - Never underestimate a change jar or piggy bank. Throwing in just €5 a week allows you to save €260 each year which can be used on food, public transport or gifts.
- Switch Nights Out for Nights at Home - Skip nights out and opt for a night at home instead. An average family night out can cost €130.
- Avoid Unnecessary Purchases - When purchasing products or services, consider whether it is a need or a want. Avoid instant gratifications as they are only short-term feelings of euphoria. If you have your eye on something new, wait 10 days and if you don’t need it that badly then forget about the purchase. Put the equivalent into your holiday saving instead.
- Cash is King - Try avoiding using your credit card as much as possible. It’s easier to spend money using a card than it is with cash. Perhaps you can ask a family member to hide it in a safe place.
- Forget Those Morning Coffees - Cut back on those daily cups of coffee. One takeaway coffee a day adds up to approximately €800 a year while buying lunch out each day has an average annual cost of €1,150. Brewing your own coffee and making your own lunch means that the money saved can be put towards your hard-earned summer holiday instead.
- Shop at Charity Shops - Start shopping at charity shops rather than fast fashion stores. Not only can buying used or second-hand clothes save you money, but it also allows you to contribute to helping the environment. Charity stores have brilliant finds from clothes and books to homeware and entertainment.
Long-Term Savings
- Save on Mortgage Protection - You can switch your mortgage protection and enjoy long-term savings. With Aviva, you can protect your mortgage for as little as €10 a month.
- Set Up a Savings Account - Set up a separate savings account, especially for holidays. Some banks also offer accounts whereby you need to give a few day's notice to access the savings making it less likely that you’ll access the money for day-to-day expenses.
- Install a Thermostat - Installing a thermostat can help you save on energy costs in your home. Did you know that turning it down by just 1°C can help you save 10% off your heating bill?
- Open Up Your Home to Renters - If you have a spare room, consider renting it out. You can earn up to €14,000 tax-free through the government’s Rent a Room Relief scheme. You can also take in foreign exchange students or put your free room up on Airbnb.
- Invest Your Money - Rather than have your savings sit idle in a bank account you could invest some of it and potentially make more money from it. You can invest as little as €100 a month and choose what kind of investment risk you are willing to take.
Don’t forget that if you’re jetting off somewhere this year, it’s important that you remember to take out a travel insurance policy.
