Fund your free time: the team talks

The Momentum UK Team 15 April 2014

This week’s good weather has got us thinking about summer holidays! Everyone loves to save on their holidays, whether it’s to afford that special activity or have spare cash to save for a rainy day. Some of the YourWealth team wanted to share the ways they make the most out of their holiday spending - can you think of any more?

Katie, Products

“I use my Tesco credit card to pay for all my petrol and groceries, which automatically collects clubcard points. I trade my points in for restaurant vouchers or day trips.

“I also save up my Boots advantage card points over the year and use them to offset the bill when I buy my holiday toiletries.

“We sometimes use credit cards that collect Air Miles - these can sometimes go further if you use them for an upgrade rather than distance. We've upgraded my in-laws to business class all the way to Australia!

“We’ve also set up a savings goal in Money Hub to track our progress as we save towards our house renovation project - we’ve almost got enough to do the kitchen!”

Mark, Marketing

“My wife and I have the Lloyds Avios Duo credit card which lets you collect Avios (formerly known as Air Miles) with each purchase. In 2010 we were newly married, budgeting carefully, spending every spare pound on DIY projects around the house. We really wanted to visit friends in Istanbul but certainly couldn't afford an overseas trip at the time. We decided to use our credit cards for all of our everyday spending - paying the balance off in full each month - and by 2012 we had enough Avios to book two return flights to Istanbul, contributing only £30ish for the taxes.

“We still use the cards for petrol, groceries and any larger purchases, using Money Hub to make sure they fit into our monthly budget - paying the balance off in full every month is very important!”

Lucia, Content

“My husband and I take out a cashback credit card a couple of months before we plan to go abroad and then book our holiday using that. We got 5% cashback on flights, accommodation and car hire for our trip to Iceland last year, and have booked our holiday to France on a similar deal this year. I always make sure I read the small print first though as credit cards sometimes charge a fee if you make a purchase in a different currency or once you're abroad.

“Using a credit card can be costly if you don't pay it off in full each month, so if either of us take out a credit card we set up a direct debit from our current account to go out each month to pay it without fail.

“We have all of our accounts added to Money Hub so it's really easy to check in and spot when current account funds are running low, and how much we've spent on credit cards in any given month. Also my bank will text me if my current account is low or if I go overdrawn accidentally so I can take action immediately and avoid charges.”

Dave, Customer Services

“Booking a holiday as a package deal can be quicker and easier, but I’ve found that I can save money by researching the flights and accommodation myself. Being a bit flexible about things like what time we fly has meant that we can get some great bargains - and we’ve found some lovely places to stay that are off the beaten track!

“Remember that if you’re not booking a package deal you may not be covered if the travel company goes bust - it’s a good idea to check whether your travel insurance covers it.”

We love a good deal - and we know the importance of shopping around! If chosen carefully, the financial products you use can help you to save money on the things you love, with little or no extra effort.

Depending on your needs and circumstances, rewards and cashback could help you to get more from your next getaway - and tracking your spending and goals in Money Hub can help you get there.

Do you use rewards or cashback? Let us know your tips in the comments below, or get in touch on Twitter at @YourWealthUK