Planning your end of term holiday

Travelling abroad or across the UK with your uni friends can be the perfect way to celebrate after a year of studying. So to help, here are some tips for planning the ultimate student holiday. 

Start saving

Avoid using your overdraft by saving up some money in advance. Start by opening a savings account, set your trip as your goal and then keep it at the forefront of your mind – this will help you reach your target. 

Create a budget

You don’t want to blow all your money in the first few days of being away or spend everything you have and leave yourself short for when you come back. Take some time to sit down and create a realistic budget which will last the length of your holiday. Don’t forget to take into account any expenses you’ll have when you get home. 

Arrange your travel early

Seats in economy class have different price tags, so booking early (around 60 days before1) can help you get the best price. It also helps if you can be flexible with your dates. You can often get to a lot of destinations cheaper if you’re prepared to go on Tuesday or Wednesday rather than a weekend.2

You can save money if you’re planning on exploring Europe by train. With a Youth Interrail Pass, available to people under the age of 27, you can get up to 23% off a standard adult ticket.3

Shop around for your accommodation as well. Don’t just look for hotels directly on the beach or in the heart of the city as you may find a great deal just a short walk or bus ride away. It’s also a good idea to check out the cost of a package holiday. You may be able to get your travel, accommodation and activities included in one cheap deal. 

Decide how you will spend

While having local currency to hand gives you flexibility and can help with budgeting, it’s important to look at whether this is the best way to spend your holiday money

Debit and credit cards are accepted in a wide range of shops all around the world and you also have the same level of security as you do back home if your card gets lost or stolen. Keep in mind withdrawing money on a credit card will be treated as a cash advance and will carry extra charges.

If you’re going to be away for a longer period of time, you might want to look into an international account. For example, HSBC’s currency account has no monthly fees, and enables you to make payments in and out of your accounts in 14 major currencies.

Sort out travel insurance

It may seem an added expense, but travel insurance can cover you if something doesn’t go to plan – like your luggage is lost, flight is cancelled or you need to visit a local hospital. The type of policy you need will depend on where you’re going and how long for, as well as what you plan on doing while you’re away. 

What next?

Work out how much you need for your trip away and get to grips with how to save for it. You could also get a quote for your travel insurance so you can factor it in to your holiday costs. 

1https://www.moneysavingexpert.com/travel/cheap-flights/

2https://www.statravel.co.uk/travel-blog/2012/11/the-secrets-out-we-reveal-the-cheapest-days-to-fly/

3https://www.interrail.eu/en/special-offers/interrail-youth-discounts
   

This article provides general information and does not take into account the financial situation of the reader. For this reason it must not be relied on as financial advice. All accounts are subject to terms and conditions.