Top Tips for Saving Money on Your Holiday

The first balmy days of summer bring with them the promise of holidays. Is there anything more wonderful than that word? Holidays. Even uttering it conjures up images of sunset cocktails, tan lines and carefree laughter. But before you click ‘out of office’ and start slinging kaftans into your luggage, it’s time to give your holiday budget a little consideration. Yes, we know that breaks the easy-breezy spell somewhat…

For most people, ‘saving money’ is the last thing on their mind as they joyfully imbibe another mojito or go surfing, get a massage, or buy souvenirs. Holidays, after all, are a suspension of reality – and that often means suspending regular financial prudence. While we’re not suggesting you deprive yourself of luxury, spontaneous purchases or expensive photo ops, we do recommend that you be a little smarter with your money. It is possible, with some advance planning, to get the same experiences for a fraction of the cost.

As a family orientated financial planning company, we understand the most common pitfalls when it comes to money. With our wealth of experience, both first-hand and from clients, we look at six top tips for saving money on your holiday.

  1. Don’t forget your air miles

If you’ve built up a hefty amount of air miles from crisscrossing the world on business, what better time to cash them in than on holiday? Make sure you’re clued up on all the rules associated with your particular air miles – and any potential limitations. Depending on how many you’ve earned, you may even qualify to use the air lounges before take-off.

  1. Think outside of the tourist box

The well-worn holiday destinations (Barbados, Seychelles, California) are naturally more expensive than more alternative options (Sri Lanka, the Azores, Lake Bled in Slovenia). You don’t need to sacrifice luxury to save a little bit of money. Just think outside the tourist box. Not only will you save, you’ll also have more interesting travel anecdotes to tell.

  1. Go for luxury self-catering rather than hotels

If you’re staying for longer than three days somewhere, a luxe villa may be a more economical – and enjoyable – option. Having your own kitchen means you don’t need to rely on eating out every night, and you can really make the most of all the fresh produce in the local market. Delicious.

  1. Use a luxury travel site

There are many dedicated online travel advisors who specialise in luxury travel deals. Most sites require you to sign up to their online community – which is generally free of charge – and then you have the hottest deals delivered straight to your inbox. Fancy a quick five-star trip to Santorini? Or perhaps a classic cruise in the Maldives? These discounted holidays can be yours to enjoy, all you must do is a little research.

  1. Sign up for hotel loyalty programs

Signing up to hotel loyalty schemes brings a world of perks. Most big chains – both luxury and mid-market – offer these programs, and they also have cross-promotional offers with airlines, car rentals, and dining options. Once you begin to accrue points, you can also combine point and cash components for upgrades, and other savings.

  1. Speak to a financial advisor

If you find it difficult to budget and save for a holiday, then perhaps let the experts take the reins. Arrange a meeting with gpfm financial advisors to discuss your holiday goals and we can help orchestrate a full budget and savings plan that’s not only manageable for your particular situation but also realistic.

Speak to gpfm and start planning for your future holiday today.

This article is for information only and must not be considered as financial advice. We always recommend that you seek independent financial advice before making any financial decisions.