Don’t let Brexit money worries ruin your holiday plans this year…
With Brexit or maybe not Brexit on the horizon and wages still not raising in line with inflation, it’s no surprise that many families are struggling to either afford or plan their annual holiday in the sun. Times are tough for a lot of people, not because the economy isn’t growing – it is – but because all that new money isn’t getting into the pockets of regular people.
Holidays together, as a family, are one of life’s pleasures and something that many families aren’t prepared to sacrifice when they work hard all year. But what can people do to save money during this uncertain time?
Let’s take a look at some of the unusual ways you could save money for your next holiday. Trust me: with these tips, you can do it.
Start Using Your Credit Card Advantages
Many of us have credit cards, but do all of us use their advantages? Probably not. It turns out that many credit card companies offer rewards to customers who use their cards, but that their customers don’t use them. There are lots of ways that you could benefit from using credit card rewards, such as building up air miles for your next flight. We’ve done this with American Express for over 5 years and combined Avios Points with a companion voucher to have a fair few trips away including our family break to Canada.
Stop Spending For Two Months Beforehand
Not spending anything for two months, besides rent, food, and utilities, might sound like a bit of stretch. But according to Danielle Marquis, a finance expert at the Rocks Community College in the US, it is entirely possible. She says that families should institute a couple of months every year – maybe January and February – where they cut back on spending entirely. No meals out. No new toys. No additional spending aside from the necessities. Families can then divert all their extra income to a savings accounts called “summer holiday” and watch their money grow. Marquis says that families should be able to earn a relatively healthy interest rate on any money they put away, boosting their overall pot of money by the time the summer arrives.
Look For Bargains
Holidaymakers have an advantage in the travel industry because so many of their products are what they call “time-sensitive.” For instance, an unbooked seat on an aeroplane or empty room in a hotel makes no money at all and represents a loss to the operating company. Firms in the travel industry are often prepared to offer people like you substantial discounts over the official retail price for rooms they don’t think they can fill at the regular price, giving you the chance to snap something up on the cheap. Look for last-minute bookings, be flexible with where you go, and see if you can get a discount holiday for you and your family.
Also if you’re travelling with children look for child goes free places on package holidays to cut down on costs for your little ones.
Travel During The October Half Term
Summer holidays are expensive. During peak times, travel companies bump up the price because space on flights and room in hotels is limited. Savvy families, though, know that there are other times of year they can travel and still enjoy nice weather -some destinations like Morocco, parts of the Mediterranean, and the Canaries are all still hot and warm well into November so perfect for this time of year.
If you want to book and secure a holiday in October but are struggling after Christmas and before the next pay day Secured instalment loans can help you meet expenses if you struggle to save enough money until the time the autumn comes around but be warned the interest rates are high so be careful!!
A better way may be to look at the package holiday companies who allow you to book but pay a low deposit now and then the rest in instalments before the trip.
Check Price Comparison Sites, But Do Your Homework
Price comparison websites seem like a win-win for customers. Families get to view a range of holiday prices for a bunch of tour operators and then just select the cheapest or highest-quality from a list. But remember, price comparison websites have to make money too, and they do so by selling advertising space to the companies they host. You’ll see advertised prices at the top of the page, and the offers might look good, but do your homework. Promotions can often exclude holiday essentials, like insurance, baggage and transfers, so be careful before clicking what you think is the cheapest offer. It might not be.
Keep An Eye On Your Spam/Promotions Email Folder
Travel companies like to keep their customers informed of their latest offers. The reason? As we discussed earlier, they want to fill seats and get as many people through their facilities as possible. It’s worth keeping an eye on emails for special offers. Travel companies will usually send customers deals to their inboxes to encourage them to make an impulse purchase, buying a holiday at a fraction of the full retail price.
Don’t Buy Food At The Airport (Or On the Plane)
Let’s say that you get to the airport at lunchtime and then depart for your destination a few hours later, meaning that you’ll have dinner on the plane. The total cost of lunch and dinner for your whole family on one day’s travel could easily top £80 – money that you’d rather spend enjoying yourself when you get to your destination.
If airport rules allow it, bring your own food. You don’t have to bring anything elaborate: just something in your hand luggage that’ll keep you and your children going until you reach your destination.
Rent Your Home While You’re Away
Okay, so maybe you can’t bring yourself not to spend anything in the months running up to your holiday. Well, perhaps there’s another way, besides getting a promotion. Maybe you could rent out your existing property if it’s in a desirable location, offsetting the cost of your holiday abroad. It’s not uncommon for people to get more than £1,000 for renting out a home. If you own a four-bedroom detached house in a national park or a landmark, for instance, you could quickly get £1,500 a week during the summer months. Throw in a couple of extras, like a jacuzzi and a stunning view, and you could rent it out for even more. Sound good?
Time Your Purchase Of Foreign Currency
At some point, you’ll need to buy some foreign currency. But as we’ve seen with Brexit, the value of money is all over the place. Last year, for instance, you could buy $1.40 for £1. Now it’s more like $1.28, so when you buy can make a difference. I know people who’d already bought currency ahead of the Brexit vote last night as they knew the damage it could cause to the markets!
Opt for a staycation
If financially you won’t be able to get abroad this year then you could look at using some holiday time to explore all that the U.K. has to offer. We’ve opted to do a U.K. based break this year because of the uncertainty over Brexit and will be visiting Dorset and Cornwall staying in some lovely Airbnbs.
Are you changing your holiday plans because of Brexit?