Savings Series: Saving for a holiday

A guide to holiday savings by Furness Building Society

A summer holiday is considered something of a given for many of us, whether that’s a short visit to the British seaside - or a trip of a lifetime somewhere exotic and warm. Wherever you choose to sojourn, according to Staysure, one in five people don’t stick to their holiday budget, and a quarter blow it completely by as much as £50 a day.

Understanding the money you’ll need during your trip is a vital first step when planning your holiday.

Whether planning a long trip backpacking around the world, or a staycation on the British coast, in this feature we’ll offer our top tips for budgeting and show you how to save for a holiday.

What's the average cost of a holiday?

According to Moneyfacts, the average Brit goes “on holiday twice a year, at a cost of £855 per person each time, with 23% spending £1,000 or more per holiday”. With so many of us wanting to get away a number of times a year, setting up a holiday fund and making regular deposits will help you on your way.

With this in mind, it’s important to always try to understand your budget, so you can be sure that your finances will allow for the holiday of your dreams. This will also help you avoid any unexpected costs arising whilst you're away.

What should I budget for on holiday?

How to save money for a holiday

Should I open a holiday savings account?

Keeping the costs down

Next steps

Planning a holiday is an exciting time and one that everybody should enjoy! We hope this article helps you to set realistic goals to help start your adventure.

Looking to set up a savings account to get you on your way? Why not get in touch with our team either by sending us a message, calling our team on 0800 781 4311 or visiting us in branch.