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Make the most of your holiday money

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Make the most of your holiday money

Polly Kerr    By Polly Kerr

With the summer holidays looming, finances can become a headache. The cost of much needed holidays, out-of-school clubs, new clothes and trips can soon add up. Finding the extra funds to pay for this is possible with some forward planning and sound advice. Keep your family and your bank balance happy by following our simple tips for a stress-free summer:

Payday loans – the ideal solution?

On the surface, a short-term payday loan may seem the easiest way to get cash quickly. Available almost immediately and without lengthy credit checks, they give a cash injection that could get you on your way to the beach.

The main drawbacks are higher than average interest charges. If you are unable to pay back the loan quickly, the interest added can turn a small loan into an unmanageable amount of debt. As the loans don’t require collateral, the lenders will pursue repayment of the loan, which can be extremely stressful. Think carefully about your ability to pay back a loan like this before going ahead.

Setting a savings goal

If you know the summer holidays are coming, why not start planning early to give yourself the best chance of building a pot of money? Start off by setting a target – how much money do you need to save? Then, break it down into manageable chunks. If you start in January and need £2,000 by July 31st, that’s only £66 a week. Get everyone involved in ways to boost your family savings fund.

Making the most of your money

Once you’ve started saving, make the most of your money by putting it in a savings account, like an Instant Access ISA. Most banks will give you an option to set one up easily, meaning as well as saving, you could make interest giving you even more cash to spend.

When it comes to paying for your holiday, you may use a credit card. This offers protection for your booking and your money but may cost you more if you don’t pay it off in time. A late payment on your card could mean your initial holiday cost increases. To combat this, make sure you have enough cash saved so you can clear the card in plenty of time to avoid interest.

Keeping it simple

If you need to make the most of your money, speak to a financial advisor to ensure you get the best deal that works for you. Then you can sit back, relax and enjoy the summer!

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