Adele Trathan explains how just £5 per day can set you off on that dream holiday, with tips on making small changes to make your dreams a reality
Saving for a summer holiday might seem challenging but cutting back your spending by just £5 per day will net you enough at the end of 12 months to head off on a dream break. That small amount will accumulate to become £1,825 over a year… and the good news is you don’t have to live like a hermit to achieve such a feat.
Just consider some of the basic steps below or create your own.
Start the change
The average household in this country has £26.99 worth of change lying around. With around 27 million homes, that’s a staggering £728m sitting dormant in UK homes.
With contactless payments more popular than ever, our propensity to use cash is diminishing – coins are heavy, dirty, and we rarely need or use them. They often end up in pockets, purses and wallets, eventually migrating to less obvious locations like drawers, tins, or the bottoms of handbags.
So, gather it all up, checking in the usual nooks and crannies, and use it to open a special holiday fund bank account. While it may seem a small start, any loose change we find around our homes can add up to a considerable sum – which could make a good start to the holiday fund!
Call off the coffee (two days per week)
Your daily coffee habit, perhaps combined with a cheeky pastry, could easily be costing you £5 each time. Opt for making your coffee at home, or wait until you get to the office instead. By cutting two coffee runs per week, you can save over £500 across the year.
Batch cooking
Instead of doing meals from scratch every night, try making them to last a few days. Preparing large batches of food for the week will help reduce the cost of ingredients, as well as avoiding the temptation of expensive take-outs, since there’s always something ready to go. The cumulative effect is you’ll save at least £5 on your weekly food bill, if not more.
Walk to work (once a week)
If you typically drive or take public transport to work, how about walking or biking one day each week. Not only will this save you money on fuel or fares, it’s also a great way to get the blood pumping. Do this for one day of the week and you’ve gained a third day of saving a fiver.
Buy cheaper brands
If you tend to buy premium brands, try switching to supermarket own-brands or budget alternatives. Often, the quality is comparable, and the savings can be substantial. If you typically spend £50 on groceries, changing could save you £10 each week, so that’s two more days pocketed.
Unused subscriptions
Finally, make it a monthly habit to review subscriptions and memberships. Cancel the non-essential ones to free up a significant amount of money each month. And on months where there is no wastage, phone up service provider to negotiate better deals.
Integrating these small changes can easily save £5 a day. Whether it goes into a dedicated savings account, an app, or a jar – consistency is key. By the year's end, you’ll have enough for a holiday and a few other extra treats besides!
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