What would you sacrifice to save for a holiday? | moneyfacts.co.uk

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Published: 30/05/2017

There's nothing better than the thought of jetting off on a much-needed holiday, yet it can be hard to save up for, with many sacrifices often necessary along the way. Just what would you be willing to give up in order to afford that summer break? Online travel agency www.sunshine.co.uk has taken a look.

Spending sacrifices

According to the research, the typical Brit would be willing to give up a fair few luxuries when saving for a holiday – and given that it takes an average of four months to save up enough for the holiday itself, followed by another three months of saving for spending money, it's little wonder that sacrifices have to be made.

Of the 71% of respondents who said that they made spending sacrifices in the run-up to their most recent holiday, takeaways were the first things to go, with 69% saying they gave up this cheeky treat in order to save money.

This was followed by nights out (61%), gym memberships (48%), buying new clothes (44%), streaming services (39%) and buying shop-bought lunches every day (33%). Another 29% gave up alcohol and 25% cut out branded goods, while 16% got rid of their TV package and 8% even cut back on driving, switching to public transport instead.

"People are clearly very dedicated to their holidays judging by the various things they give up in order to make one happen," said Chris Clarkson, managing director of www.sunshine.co.uk. "There's nothing wrong with cutting back on a few luxuries in the run up to a trip abroad if it means you're going to have a bit more to spend whilst you're away."

Fun in the sun

But what else can you do to make sure you don't have to scrimp and save too much? Well, as with everything, research is key! As Chris points out, "the way around that would be to find such a good holiday deal that you don't have to scrimp in other areas," so start scouring the net to see if you can find your ideal trip without breaking the bank in the process.

Be on the lookout for transport deals, too, and you may even be able to ramp up your savings potential with a few vouchers or discount codes. And what about loyalty or reward points? Now's the time to check your various accounts to see if you've earned enough for a travel treat.

The same applies to cashback credit cards, or similar deals with current accounts. You may have earned a tidy sum in cashback, so it's worth checking to see if that money could be put towards a summer getaway. Remember, too, that if you're in the process of saving, you'll need the right savings account to make your money work as hard as possible – if you put the money you save from all those sacrifices into a dedicated account, you could soon see the balance edge up, bringing you closer to that must-have break.

What next?

Saved up and ready to go? Don't forget your travel insurance!

If you're already thinking about next year's holiday, check out the best regular savings accounts. It's never too early to start planning…


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