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Get ahead for next summer!

Get ahead for next summer!

Category: Savings

Updated: 11/08/2015
First Published: 10/08/2015

MONEYFACTS ARCHIVE
This article was correct at the time of publication. It is now over 6 months old so the content may be out of date.

The schools may only have just broken up and the weather has just about lost its winter's chill, but it can certainly pay to start looking ahead to next year's summer now. Not only will it mean that you can build up a decent savings pot, but you can also take advantage of any early-bird deals that come along.

Build up that pot

The advent of warmer weather often sees us dipping into our pockets to pay for holidays, days out and plenty of new BBQ equipment, so planning your spending in advance means that you can kick back on the beach knowing that all of your summer costs are covered.

A good starting point is to create a summer budget – try to work out how much you want to spend next summer to cover all your treats and breaks in the sun, and then tot it all up until you have a total cost. This can then be set as your benchmark saving figure.

Once you know what to aim for, it's time to locate the perfect place to stash your cash. If you are often tempted to dip into savings pots to cover emergency shopping sprees, then you may like to think about investing in a one-year fixed rate account. Fixed rate deals often don't allow early access to funds, so you won't be able to tap into your holiday fund before the summer rolls round.

Alternatively, if you want to gradually build up a fund over the next year and kick-start your savings habit, then a regular savings account could be an ideal place to squirrel away your summer budget. Regular savings accounts usually require a fixed number of payments to be made per year, so if you work out your budget correctly, you can ensure that you meet your goal by the time next year's summer holiday beckons.

Look out for early-bird deals

Once you have sorted your plans to create a summer savings pot, you can put yourself on the alert for cost-saving deals. Booking your holiday well in advance can be a great way to save money, so cheer up those dreary winter months by trawling through the holiday offers.

Putting yourself ahead of the game also means that you may be able to pick up an extra discount or two, and you may also be able to take advantage of any vouchers that come along – remember, every penny saved can boost your savings pot and give you an extra ray of sunshine next year!

What next?

Find a one-year fixed account to start your summer fund

Look at the best regular savings accounts on the market

Disclaimer: Information is correct as of the date of publication (shown at the top of this article). Any products featured may be withdrawn by their provider or changed at any time.

 
 
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