Saving For A UK Holiday
VisitBritain, the British Tourist Authority, has stated that more and more people are opting for a ‘staycation’. These are holidays where you do not leave the country that you live in, in other words, you stay in the UK for your annual break. Such a holiday is becoming more and more popular each year as holidaymakers decide to spend their holidays in Britain rather than head abroad.
There is so much to do in the British Isles, from the beautiful countryside and wonderful scenery to the hustle and bustle of cities such as Manchester and London – the country has it all. If you love to spend your holidays lounging around in luxury, climbing and walking on an adventure or soaking up the nightlife, then the UK can offer it all for your holiday. It is also perfect as you may not have to travel very far, allowing you to catch a cheeky short break in one of Britain’s excellent bed and breakfasts.
But even domestic holidays can soon start to become expensive as entertainment, accommodation and meals out all take their toll on your finances. To enjoy a holiday properly, money is needed to be able to treat yourself to the luxuries that you deserve. But the costs associated with holidays can be managed easier if care and planning is taken in saving your money in preparation for some time off.
By saving for a staycation, you are eliminating the worry, giving yourself peace of mind that the money is available and ready to spend on some of the UK’s best attractions. There are some handy tips that may help you to maximise the amount of money you have to spend on your domestic break.
Firstly, it is important to do your research to find the savings deals that offer the best interest rates, therefore giving you more money in return for your savings investment. The use of comparison websites will allow you to compare savings accounts from different banks and enable you to find the best savings accounts rates available.
The first option to look at when you are thinking of saving is an ISA. ISAs allow you to save up to £5,300 a year without being taxed on the interest that it accrues. These accounts have been set up to allow each saver to save without being taxed on their interest, which means that more money ends up in the pockets of the customers. The financial year runs from April to April and each year you will be able to add another £5,300, so you can keep using and using the account, accruing money as you go in preparation for your yearly trip away.
Other accounts are available that help to make it as easy as possible for people to start, or continue, to save. Deals such as monthly savers will allow you to set up a standing order from your current account each month, meaning it is no effort at all to start saving. Once the standing order is set up, the money will automatically leave each month and begin to accrue in a savings account, where the interest rate will be more preferential. The standing order can be set up as soon as a wage has been paid in, so the money will not be missed and it will not be long before you have enough money to be able to afford the perfect UK holiday.
Many savings deals now also come with cash cards that will allow you to withdraw money using ATM machines. This is especially handy if you are holidaying in Britain as you could keep your saving card safe until your trip, and then use the card to make the most of your domestic vacation.
Some options will even allow you to fix an amount of money for a certain period of time. These types are perfect if you have a sum of money ready to spend on a holiday that you do not want to eat into. These options will allow you to fix the money so that it cannot be touched, whilst it gains interest, giving you more money to spend on your holiday when the account is unfixed. Examples of these are the fixed rate ISA and the savings bond. Both work by fixing a sum of money for a certain period of time, also fixing the interest rate. Saving for your holiday has never been easier as banks raise their interest rates to compete with each other – this means that you can pick the best deal for you and best interest rate available to maximise the amount of money you have for your staycation.