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How do you pay for your holiday?

Former MemberFormer Member Posts: 1,876,323 The Mix Honorary Guru
in Home, Law & Money
I'm just interested to know how people save money for their holiday; both paying for the flights/accommodation and the spending money? In the past I have used credit cards and overdrafts but this time I want to save the money each month and put it into another account. I have never saved in my life!
Also what about those of you in relationships? Do you pay/save together?

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    Former MemberFormer Member Posts: 1,876,323 The Mix Honorary Guru
    It's a good idea to save the money before hand, but when it comes to paying, pay it all by credit card - then pay it off before you get charged interest on it.

    I've never borrowed more to go on holiday
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    Former MemberFormer Member Posts: 1,876,323 The Mix Honorary Guru
    I save by handing it to a relative. i dont trust myself.

    If you want to save each month a tax free cash ISA or regular savings accounts are, I think, your best bets.

    http://www.moneysavingexpert.com/savings/best-regular-savings-accounts.
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    Former MemberFormer Member Posts: 1,876,323 The Mix Honorary Guru
    Money for flights and accomodation should be saved, but spending money can go out of the normal budget. That's how I see it.
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    Former MemberFormer Member Posts: 1,876,323 The Mix Honorary Guru
    in the past, i've paid for holidays on credit cards and out of my overdraft/s. however, i no longer have any credit cards and no longer use my overdraft/s. i'm off away to ireland this month and me and my boyfriend paid for it all upfront out of money we had. any money we spend there will come out of our monthly budget :) we plan on going away abroad somewhere for a week or two towards the end of the year so we are putting a bit away each month for that and whatever money we spend there will probably come out of our monthly budget again :)

    am also going away with my friends to egypt in may. when we booked the holiday, i paid half of my balance out of money i already had in the bank. i've saved up the other half by putting a little bit away each month and i'm doing the same for my spending money.

    just set up a standing order that goes to your savings account. have it so it goes out on the day you get paid so you don't notice it going out. its what i do...i don't miss it then, hehe. a little bit each month quickly adds up :)
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    Former MemberFormer Member Posts: 1,876,323 The Mix Honorary Guru
    When I went travelling for two months I took out a loan with my bank but I wouldn't do that again as it's taken so long to pay off. Now I pay a bit of money into an ISA every month and use that for holidays (flights/accommodation) and use my normal account for spending money.
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    Former MemberFormer Member Posts: 1,876,323 The Mix Honorary Guru
    I have in the past used a credit card, whether I have the money at the time or not just because of the level of protection.

    Often and especially if my card is empty I will pre-load it with money (not many people realise you can have a + balance on a credit card) and use it on my holiday, you will lose out on the interest on the money for however long it is on your card but if you load it on a couple of days before its not a "big" deal imho.

    Regarding saving, watch out for ISA's they are good but some come with restrictions on when/how much you can withdraw. and penalties (eg less interested if withdrawn early etc)
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    Indrid ColdIndrid Cold Posts: 16,688 Skive's The Limit
    If you're worried about charging a credit card, couldn't you get one of those pre-paid ones?
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    Former MemberFormer Member Posts: 1,876,323 The Mix Honorary Guru
    Usually I pay for the hol and spending money. My partner is the main bread winner, so he pays for everything.. mortgage, gas ect. I have a part time job which is for 'spending money' and food, I have an ISA and Im quite good at saving.

    On my bank account I have a thing thats called 'save the change' which helps me save quite a bit, saved up a tenner quite soon.
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    Former MemberFormer Member Posts: 1,876,323 The Mix Honorary Guru
    Nooooooo, I would never go on a holiday paid for by credit! Well that's a lie, I pay for it on my credit card for purchase protection, but then I have a direct debit set up to cover the balance of my credit card each month, that's if I don't make an immediate transfer. Holidays are a privaledge, not a right!
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    Former MemberFormer Member Posts: 1,876,323 The Mix Honorary Guru
    No, I never save money! I live in cetral London which means all my moneY gets eaten away every month! I normally pay on credit card, but my credit card does get paid off in full each month, so I live in my overdraft.

    I should really start saving for a mortgage or something but only if I get a pay rise.
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    Former MemberFormer Member Posts: 1,876,323 The Mix Honorary Guru
    No money no holiday but, I don't want to go on holiday, it has no appeal for me.
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    Former MemberFormer Member Posts: 1,876,323 The Mix Honorary Guru
    Save it in an ISA then book the holiday last minute. Florida for £400!
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