How to save for a debt-free vacation
Who says you can't go on holiday because you don't earn enough, only you...
Planning a holiday doesn’t have to feel out of reach for you and your family.
We get it. Scrolling through endless social media posts of people jetting off on holiday and living their best lives can make it easy to feel stuck in your own version of 'Groundhog Day'.
But don’t let it discourage you – saving for a vacation without going into debt is possible with the right planning and budgeting.
A money management content creator recently shared a video on how she approaches holiday planning. Her first step? Listing all potential expenses, including:
Travel costs (flights, car rentals, bus tickets, etc.)
Accommodation
Food and activities
An emergency or buffer fund
READ MORE: Money habits to let go of in 2025
Once you’ve determined your goal amount, the next step is to break down how you’ll reach it.
Start by researching the costs of your trip, such as flights, car rentals, accommodation and holiday activities. Checking prices online will give you a realistic estimate, and it’s best to look at peak holiday rates so you’re prepared for the highest possible costs. If the final amount ends up being lower, that’s a bonus.
With your total budget in mind, decide when you want to take your holiday. If you’re planning for July, set clear start and end dates for saving. For example, if you begin in March and aim to book in June, that gives you four months to reach your goal. Be realistic – setting an unreasonable target could lead to frustration.
Next, divide your total goal amount by the number of months in your savings period. This will give you a clear monthly savings target.
Finally, automate your savings by transferring this amount into a high-interest savings account. Not only will this keep your holiday fund separate, but you’ll also benefit from the extra interest earned.
Watch the easy-to-understand video from TikTok.
@hermoneymastery Plan a DEBT FREE vacation! I swear it hits different! It takes a little planning and some discipline, but I promise you’ll be more relaxed knowing you don’t have debt looming over your head. #budgetingtiktok #budgetingforbeginners #budgeting #howtobudgetandsave #budgetingtips #moneymindset #savingschallenge ♬ original sound - Her Money Mastery
Tune in to the 'Workzone with Elana Afrika-Bredenkamp', weekdays from 09:00 – 12:00. Stream the show live here or download our mobile app here.
Listen to Jacaranda FM:
- 94.2
- Jacaranda FM App
- http://jacarandafm.com
- DStv 858/ OpenView 602
Image courtesy of iStock