The last few years have really taken their toll on the nation’s finances. From pandemic lock-downs to the cost of living crisis which has been exacerbated by some pretty unforgivable government policies and u-turns. Gas, electric, mortgages all going up with endless strikes across all sectors has led to a pretty gloomy time.
Whilst things are gradually going to improve, interest rates will take some time to come back down, and the cost of living is still high with a weak UK government unable to enforce corporations to pass on any help they have received via the taxpayer.
So, a lot of young people are looking to escape the UK for a few months in 2024. With some truly amazing destinations across the globe offering value for money holidays, now is the time to start thinking about booking flights and accommodation.
However, financial planning which enables holiday makers the opportunity to achieve this in what are still turbulent times can be a tricky one.
A calculator such as https://calculator.me/planning/ will provide a perfect starting point for those wishing to reduce monthly spending thus building savings for that all important trip around the world.
Some great ideas to reduce monthly spending could be, reducing the nights out you may have because we all know the cost of alcoholic drinks in bars and restaurants has shot up in recent months and seems unlikely to slow down any time soon, and instead taking up something that is free like running, which will not only keep you out the pub and save you money each week, but also give you that great beach body for when you do finally get the opportunity to fly.
Joining a budget gym could offer the same effect if you prefer the company of others. Or joining a running club, or local ground roots sports club of your choice. Keeping fit and healthy and saving money at the same time is a win win.
Online calculators such as https://calculator.me/savings/ will also help you to save, working out how much you can stash away in preparation for that all important holiday of a life time.
There are some good interest rates on offer right now due to high inflation so it is worth taking advantage of this with high street banks and savings accounts giving you a nice little return, especially if you take out a short term bond.
Budgeting for a holiday is part of the journey, the harder you work at saving and reducing your monthly out goings, the more rewarding that all important break will feel when you’re trekking up Mount Kilimanjaro, or floating in the Aegean Sea.
It is the small things done often which you end up forgetting about that will help you to afford a luxurious trip abroad, and setting up a standing order or direct debit to come out of your personal bank account each month soon builds up and before you know it, you will be well on your way to escaping the rainy British weather and sitting back on your flight to somewhere exotic or far away with the stresses of rising inflation being left very much behind for a few weeks or months if you feel you deserve it.
Either way, using calculators to help you budget will be the best method of cracking that nut!