10 tips to help you save for that dream holiday
CONSUMER CHAMP GEMMA GODFREY TELLS MARION McMULLEN HOW TO MAKE THAT TRIP OF A LIFETIME A REALITY
GEMMA GODFREY says get smart, make it manageable and stay motivated and you can afford to book your dream break. Gemma is a natural consumer champion and was hand-picked by Arnold Schwarzenegger to be one of his boardroom advisors on The New Celebrity Apprentice USA.
She is also a regular consumer expert on ITV’s Good Morning Britain, BBC Breakfast and Sky News and is one of three experts on ITV’s new primetime consumer show Eat, Shop, Save.
Hosted by Good Morning Britain’s Ranvir Singh, it offers advice to families each week.
Gemma says: “The families in the series are typical of most of us – working harder than ever and finding it tricky to keep track of their spending. I was delighted to show them a few tips and tricks to help them get control of their cash and make some serious savings.”
She says the same tips can help people save for their perfect holiday. Gemma trained in quantum physics at Leeds University and worked at global investment companies including Goldman Sachs before settng up her own online investment company.
She hopes to help people look at their hard-earned money in a new light and make it work for them. So how do you save for a dream break?
START OUT RIGHT
IDENTIFY the best place for your budget – location, distance, number of flights and number of hotels can make a big difference on price for very similar experiences. There are many places offering crystal blue seas, cloudless skies, good food and fun activities, but they can be cheaper if they are easier to get to – and there are more flight operators and hotels competing to attract customers.
LOOK FOR THE BEST DEAL FOR FLIGHTS AND ACCOMMODATION
IT could be more affordable to package flights and accommodation together, but it could also be cheaper to do it separately. Also, get creative. There are now a lot of online websites where you can find homes to rent for a few days/weeks (Airbnb, home swap etc). Also investigate whether you could use any credit card points or deals to help.
TAKE INTO ACCOUNT ALL COSTS
WORK out how much you’ll spend on food and drink out there (often forgotten!). You need to know how much the whole holiday will cost; not just the cost to get you there and stay somewhere. This will help you work out if a package holiday is better value, booking ‘all-inclusive’ or just ‘bed and breakfast.’ Also don’t be afraid to mix and match – for a dream location would you spend a few days camping, enjoying nature, and then end up at the hotel at the end?
FIND THE RIGHT TIME
WORK out when you’d like to go (off season can be cheaper) and work out how much time do you have to save up this money.
BREAK THIS DOWN INTO A MANAGEABLE PLAN
DIVIDE how much you need by the number of months you have, and you’ll discover how much you need to save each month. These smaller, regular amounts are much more manageable than stressing over how you’ll find one big lump sum.
IDENTIFY WHERE YOU CAN CUT BACK
WATCH the pennies and the pounds look after themselves – small savings can really add up. See if you can cut down on that extra weekly takeaway for example.
PROTECT THE MONEY
PUT savings into a separate account to reduce the risk of dipping into it. If it’s in your current account, you could spend it without realizing. You can even set this up as a monthly direct debit, so the money can be moved without having to remember and without the hassle of having to do it yourself each month.
STAY MOTIVATED
PUT an image of the holiday on your fridge to inspire save rather than spend.
GET MORE PEOPLE TO HELP
GET the whole family motivated – when kids (and/or partner!) ask for something, you can point to the image on your fridge and ask whether they want the treat or that holiday.
STAY ON TRACK
CHECK in to see how much you’ve saved and the progress you’re making to afford the holiday. This will keep you honest, motivated and give you a chance to see what’s working and what needs changing.
Gemma Godfrey is the founder and CEO of Moola (moo.la) To get her free money tips, go to moo.la/ knowledgecentre. She is helping households save money on new ITV show Eat, Shop, Save, Thursdays at 7.30pm on ITV