IF YOU are desperate to go abroad next summer, but the thought of booking a dream getaway makes your purse shudder, then you need to grab a leaf from This Savvy Mom’s Book.
The Money Saving Expert has revealed his top eight easy tips to help you save Â£ 1,000 before summer to help you get on a vacation.
Vicky Smith, 38, from Berkshire, said her favorite thing about saving money is the “peace of mind” it gives you knowing you can afford the big things you really need .
But the freelance writer and blogger of More Than a Mummy, revealed that if you want to save Â£ 1,000 in time for summer vacation, start by figuring out how much you would need to set aside per week to reach your goal.
The money-saving expert, who is a mother of two daughters, aged six and five, said: ‘If you have 26 weeks until you need your Â£ 1,000 you will have to put in some money. side around Â£ 38.50 per week.
âTo help you reach your goal, you might want to consider cutting your budget and maybe increasing your income as well. Try these tips to make it easier to reach your summer savings goal.
TAKE CONTROL OF YOUR FOOD BUDGET
Vicky said you should start by taking control of your food budget by looking at your weekly food expenses and seeing if there are ways to save money.
She suggested moving to a cheaper supermarket, cooking meals in bulk, and using cheaper ingredients.
She said, âBulk a chili with red beans because they are cheaper than ground beef. If you work away from home, take your lunch with you, as well as your daily coffee.
âWhen making your shopping list, be sure to shop for your own kitchen first. What cans are in the cupboard and is there meat or fish in the freezer? This means you spend less at the supermarket.
Vicky also said she would encourage people to swap take out for cheaper, homemade food.
She explained that the benefit of saving money on your food budget is that you will immediately see an impact and it only takes 20 minutes to plan meals each week.
The economics pro has revealed that you can save up to Â£ 20 a week or more by getting really strict with your food budget.
REDUCE SUBSCRIPTIONS AND EXCESSIVE EXPENSES
Vicky also advised people to cut down on subscriptions and excess spending by noting all outgoing monthly expenses and analyzing what can go right.
Can you do without one of your TV subscriptions? If you have regular beauty treatments, can you try spending an extra month between treatments to reduce it?
She said, âThis is another way to save that can have an instant impact if you write off monthly withdrawals for things you decide you can live without. You could save Â£ 30 or more! “
APPLY A 30-DAY RULE FOR PURCHASES
Another way to save Â£ 1,000 for the summer is to have a 30-day rule for purchases, Vicky said.
She said, âWhen trying to reach a savings goal, it’s important to differentiate between what you want and what you really need.
âTo avoid impulse buying, apply a 30-day rule to buy new things. This gives you time to figure out if it’s something you really need or if it’s just something you want.
“If you are a heavy buyer this could save you Â£ 50 or more per month.”
She also advised people to halve the number of their evenings in restaurants and bars, so they can continue to have fun while cutting expenses.
The money-saving expert suggested instead to invite people in and each bring a bottle and contribute food. This can save Â£ 50 or more per month.
EARN ADDITIONAL MONEY ON SURVEY SITES
Vicky also revealed that you can use online survey sites to increase your income and it’s great because you can jump in and out of surveys whenever you have the time.
She said: âI recommend the Prolific, which has a reasonably low payout threshold compared to other survey sites like YouGov.
âTry signing up for different survey sites so that you have more opportunities to take surveys and earn money.
âIt may take a few weeks for you to receive your first payment using survey sites, and it takes some time to earn some decent extra money.
âHowever, it’s a great way to make money out of your pajamas at home. You can earn extra Â£ 100 per month using survey sites.
START A SIDE HUSTLE
Vicky also advised people to think about what skills and interests they can use to make some extra cash.
There are a range of related ideas that can help increase income, such as making and selling products on Etsy, freelance writing, photography, child care, and pet sitting.
It may take a few weeks for a sideline business to start up – you may need to produce inventory if you’re selling products or finding customers – but once you find your bearings it can snowball.
She revealed that you can make Â£ 250 or more a month with good side activity.
KEEP FOLLOWING YOUR PROGRESS
Money saving expert Vicky said you can motivate yourself to stay on budget by tracking your savings.
She said, âTake note of what you record with a list or try more colorful visual tracking. You can find free savings tracker printables online that you can color in as you go.
âIt can also be helpful to have a regular reminder of your savings goal, so print out a photo of your vacation destination and stick it on your fridge to remind yourself of what it’s about.
âMy favorite way to save some extra vacation money is to stay on a budget right at the start of the year.
âI have an idea from January of what my expenses will be throughout the coming year – for example, birthdays, vacations, car expenses and Christmas.
âBy giving yourself enough time to save for your vacation, you won’t be tempted to pay for it, which means you’ll pay more for the trip if you can’t pay your credit card bill or overdraft.
âIt also takes the stress out of planning the trip because you will have a clear plan on how to finance it. “
USE COMPARISON WEBSITES TO BOOK A HOLIDAY
Then when it finally comes to booking a vacation, keep an eye out for the cheapest prices on flights using comparison sites like Skyscanner or Google Flights.
She said you should try to be flexible on the dates you actually go.
While it can be tricky if you have kids in school, if you can avoid the most expensive weeks of the year, you’ll save a lot of money, Vicky revealed.
The money saving expert added that you should also keep an eye out for flash sales and see if you can save money by booking a vacation package.
For more money-saving tips, check out this tip to save money on this mom’s envelopes for summer vacation.
Plus, how to earn extra cash with these side pushes, you don’t even have to get up off the couch.
Meanwhile, a mom explains how to feed a family of four for just Â£ 30 a week.
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