I’m the first to put my hand up when someone asks if anyone struggles to stick to a budget when it comes to our summer holiday! I always act on impulse and then deal with the consequences later and it seems I’m not alone, so much so, that CYBG’s digital banking service B held an event at their Kensington High Street branch with a panel of experts to offer some advice, including Alice Beer (This Morning), Jasmine Birtles (Money Magpie), Cate Dixon (Kuoni Travel) and David Judic from the bank itself and headed up by Jane Anderson, the editor at Family Traveller magazine. It was pretty funny as you can see below! And we all came away feeling good and with some brilliant holiday savings tips.
Apparently we not only spend too much on our flights and hotel, we also spend too much before we go with 57% of us putting everything on a credit card to worry about later and 37% admitting over spending on their summer holiday means they will have to cut back on essentials on their return home. Here are a few of the tips we were given;
David from B suggests using their innovative banking app to manage your money and see your holiday savings grow, this is also helpful when you have children and you can show them the money building which encourages them to also start saving. It allows you to have different goals to save for, and put the money in each ‘savings pot’ accordingly, so you can put your weekly cinema money into your holiday fund or the money you save taking a packed lunch into the toy pot.
Clothes: Sort through your wardrobe before you go, sell anything you don’t want at a car boot sale or online and use the money you make to buy a few new key pieces to update your existing outfits, you can do this with your children too and use it as a good opportunity to teach them about the value of things. My advice would also be to check out your local charity shops, as they say, one man’s trash is another man’s treasure and I have found some serious gems in ours.
Beauty: Don’t believe that expensive suncream is best, testing has been done to show that actually, a lot of the basic supermarket own brand suncreams are exactly the same as the big names. You also need to put far more on then you realise and so if you buy super expensive products, you may then try and use it sparingly which defeats the point. It was also recommended that we checked out the brand ‘The Ordinary’ as a lot of products are the exact same inside the tubes, from the same factory, same formula, but the branding makes it more or less expensive and they are trying to smash through that and provide good product cheaply.
Booking: Use a travel agent, Cate suggested that it’s come full circle now, and we are moving back to booking through agents rather then trying to do it ourselves. It protects you if your flight is cancelled and you don’t get to your hotel for example, she also said that travel agents can get the best deals as they book so many rooms and build relationships with hotels, and also have great insider info, like knowing the town further up the coast is just as beautiful but far cheaper.
As Alice said, to work out your holiday budget, you really need to decide beforehand what it means to you and how important it is. If you know that you will have a brilliant time and it will be the one time of the year that you are truly relaxed, is the belt tightening after worth it? Only you can decide, but hopefully these tips will help bring the cost down a little!
Read what my companion for the day, Emma from Emma’s Savvy Savings thought here.
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