Doesn’t it always feel like as soon as you’ve saved up for one occasion, another is just around the corner? For some reason, these events seem to come round faster than pay day does, so it is important to be organised with your savings to make sure you can make the most of your money.
A really useful tip is to have a timescale of how long you need to be saving up for certain events, so you savings become either short-term or long-term. If something does come up out of the blue, you can always take a payday loan, but have a bit of savings is always a great idea.
Here are a few examples of special occasions that happen throughout the year, starting with short-term and increasing to longer-term saving, and a suggestion of how long you may want to consider saving for them:
- Birthdays: Gifts are a way of treating someone, so it can always be tempting to spend a little more than you can actually afford to, and the amount that you spend on gifts throughout the year can really add up. Try alternative presents that may cost less in money but more in time to manage your costs, like baking a cake or using any skills you have to make a gift. But for a very special someone, make sure you save up for a couple of weeks so you can really afford to splash out. Save for 1 – 2 weeks.
- Weekend city break: Everyone needs a weekend away every now and again, and with the temptation of cheap flights across Europe, there’s no excuse not to have an adventure! To cut down your costs and make the most of your trip, try staying in cheaper alternative accommodation to hotels, like hostels which often have their own cooking facilities. Save for 1 – 2 months.
- Christmas: It is so easy to spend a lot at Christmas because there are so many people to think about! But be organised by saving up beforehand. Write a shopping list so you can plan how much you intend to spend on certain gifts and people. Try not to be tempted to overspend because with so many presents, little extra costs can really add up! Save for 2 – 3 months.
- Summer holiday: This is the big one – the holiday you’ve waited and saved for all year. There are a lot of costs to think about; you need to save up for flights, villa or hotel, any daytrips you might want to take, as well as saving for a good food and cocktails budget. Cut some costs by booking things far in advance and looking into package deals, but otherwise save up so you can really enjoy yourself without worrying too much about you bank balance. Save for 4 – 5 months.
- Wedding day: This is probably the biggest single-day occasion that people will save up, so understandably it’s going to take the longest! With a million different things to account for, a wedding day is no small undertaking! Save up and budget meticulously to avoid feeling the sting of the price tag long after the day. Save for 12 – 18 months.
Hopefully we’ve provided you with a few ideas of how to make it a bit easier to save up for special occasions.
Louise Jenkins writes about payday loans, for more information see https://www.communitypayday.com/