I’ve had a bit of a brainwave. I’ve realised that we’re saving up for our holidays all wrong. And that in fact, we could have any holiday we wanted for just £10. So here’s how I’m going to achieve the £10 holiday.
Most people put money aside throughout the year to save for their holiday. For us, our main holiday usually involves camping so we don’t have to save a fortune. This year, we are looking forward to heading to Scotland to visit friends and explore the beautiful countryside.
But for next year’s holiday (2017) we are taking a different approach.
My dad has always told me that the best way to make money is to start with a small amount and buy and sell things, aiming to double your money each time. So, I’m paying for next year’s holiday with £10.
I’ve set a challenge for a few family members and close friends. We are all starting with £10 and we’re going to see who can make the most money with it by the end of 2016. My money will go towards next year’s holiday.
We’re actually going to start by selling something that we know we’ll get at least £20 for so that my husband and I can take £10 each. I’m then going to head to either the charity shops or the internet and buy something for £10.
The aim is to sell that purchase on for £20. And here’s the thing, if I really think carefully about my purchases and manage to double my money each time, it won’t be long before I can afford that holiday. Here’s how it works:
Buy for £10, sell for £20
Buy for £20, sell for £40
Buy for £40, sell for £80
Buy for £80, sell for £160
Buy for £160, sell for £320
Buy for £320, sell for £640
Buy for £640, sell for £1280
Buy for £1280, sell for £2560
Buy for £2560, sell for £5120
Buy for £5120, sell for £10,240
And that will be plenty for a fabulous holiday for us. But of course, if you wanted to keep going with it you could do.
I don’t know what I will buy and sell. It won’t necessarily be one thing at a time, it could be several. I also don’t know that I’ll double the money each time, but that is the aim.
And whilst it’s all a bit of a gamble, I can’t lose anything because the initial outlay will come from getting rid of something that is currently cluttering up the cupboard under my stairs.
So, where will we go on our big holiday? I don’t know. I think if I get my way, we’ll buy a camper van and travel around Europe for the six week summer holiday.
How do you save for your holidays, would you be tempted to try this method? Please let me know if you do!