If there are two people that love going on holiday the most, it’s Warren Ingram and I! Unfortunately holidays don’t come free, so this episode deals with how to save for holidays. I am sure that almost everyone has a favourite childhood memory of a holiday taken with friends or family, or maybe even a school trip. Holidays make a huge impression on us, as children and as adults.

As Warren points out, spending money on shared experiences makes us happier than anything else we could spend money on. Family holidays are an important way to make memories and strengthen family bonds. Travel also enhances your child’s personal development and independence. For all these reasons, and more, family holidays are a worthwhile goal to save for.

Warren offers these tips for savings for your dream family holiday: 

• Make your older children part of the planning process.
• Decide which kind of holiday suits your family.
• Understand how much this holiday will cost.
• Set your joint savings goal, with the entire family, at the start of the year.
• Put aside money on a monthly basis, and track your progress against your goal. This may involve making sacrifices as a family, for example, eating less takeout. 
• Save into a money market or mortgage account since this is a short term savings goal.
• Take your dream holiday when you reach your goal!  

Disclaimer: Old Mutual Life Assurance Company (South Africa) Limited is a Licensed Financial Service Provider. This material is not intended as and does not constitute financial advice  or any other advice and is neither exhaustive nor prescriptive. It does not take into account your personal financial circumstances. Your financial adviser will assess your financial situation and needs and assist you to draw up a plan to help you achieve your financial goals. The views expressed by the contributor are his or her own (as an independently registered financial services provider, financial adviser or other independent capacity), and not necessarily endorsed by Old Mutual (as a separate financial services provider).

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