Warning: Late repayment can cause you serious money problems. For help, go to www.moneyadviceservice.org.uk

5 Handy Tips to Help You Save Money for the Summer

summer saving tips

If you're worried about having some extra cash for your summer holiday spending, there's still time to save money with these handy tips from Ferratum.

Summer is just around the corner, and that means it’s nearly time for your summer holiday! Whether you’ve planned a sunny beach vacation or a busy city break, it’s not too late to save some pennies for your upcoming holiday.

Find out Ferratum’s 5 tips for starting a last-minute holiday cash stash.

1. Set a savings goal.

Think about how much cash you need to save for your holiday spends and how long you have left to save. If your ideal amount is £500 and you have 10 weeks left to save, that’s just £50 per week.

2. Prioritise your savings.

Even when you stay sensibly within your budget, it’s easy to fritter away the remaining cash in your account unless you’re proactive. Set up a standing order for your chosen amount to go automatically into your savings account before you have a chance to spend it.

3. Cut back.

Review your budget and cut back where you can. After your essential expenses, have been taken care of, how much do you have left over? Could you cut back on your groceries by meal planning? Or perhaps you’ve still got lingering subscription services you haven’t got around to cancelling? The small cutbacks soon add up and you’ll be on your way to your savings goal.

4. Start saving straight away.

There are lots of other small savings you can make that will immediately make a difference to your wallet. Take lunch to work instead of buying each day. Take advantage of the nicer weather and walk some of your local journeys to save money on fuel. You’ll see the difference in no time.

5. There’s an app for that.

Don’t forget to take advantage of summer discounts by downloading some voucher apps to save money on family activities. Or check out apps that tell you about what local free activities are happening in your area. We love Hoop, which is great for finding local treasures you might not have heard about for your family.

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Warning: Late repayment can cause you serious money problems. For help, go to moneyadviceservice.org.uk. Representative example: APR 1270% if borrowing £400 for 4 months. Interest rate: 292% p.a. (fixed). Total amount repayable: £665.48 by four instalments of £166.37. Maximum representative APR: 1604% if full loan repaid after 7 days.