Budgeting for the Summer Holidays

How to plan your summer spending, save up for trips with friends, and enjoy the holidays without running out of cash.

The summer spending trap

The end of the term is finally in sight, and the countdown to the summer holidays is officially on. Whether you’re wrapping up exams, submitting final assignments, or going to your last few lectures, getting ready for a long period of time off from school, college, or university takes a bit of preparation.

Figure out your summer income

Before you can plan your spending, you need to know exactly how much money you actually have. Sit down and write a quick list of all the money you have coming in over the summer months. This might include:

Wages from a summer or part-time job
Pocket money or an allowance from parents or carers
Money you have already managed to save up during the year

This total number is your starting point. Knowing this figure helps you see what is realistic for your holiday plans.

Separate what you need from what you want

Once you know your total income, split your summer plans into things you need to pay for and things you want to do:

Needs are things that aren’t optional, like your bus or train ticket to get to work, or a contribution toward food or rent at home.
Wants are the fun things, like festival tickets, cinema trips, or a holiday with your friends.

Deduct the things you need to pay for from the money you have first. Whatever is left over is your official summer spending pot.

Saving up for a holiday or big trip

If you’re planning a holiday or a big day out, don’t wait until the week before to find the money. Break the total cost down as early as you can.

If a trip is going to cost £400 in total and it is four weeks away, you need to save £100 every week. Put this holiday money into a completely separate digital banking pot or a different savings account the moment you get it. Moving it out of your main account means you won’t accidentally spend it on everyday items like snacks or clothes.

Find some cheaper alternatives

Budgeting doesn’t mean sitting at home alone doing nothing. It just means finding smarter, cheaper ways to hang out. Wales has some of the most beautiful landscapes in the world, and many of the best summer activities don’t cost a penny.

Beach days: Grab a bus or train using your MyTravelPass for discounted travel and head to the coast.
Park picnics: Instead of spending £15 each at a café, ask everyone to bring one item from home, like a pack of crisps, some fruit, or sandwiches and meet up in the park.
Free events: Keep an eye out for free local museums, community festivals, and outdoor events running across Wales during the holidays.

What if you don’t have a bank account yet?

Don’t worry if you don’t have a bank account yet. You can save just as easily using things that you have at home.

Get a few empty jars or envelopes and label them. Name each of them something that you’re looking forward to that you need to save for. For example, you could name one ‘Festival’, another ‘Everyday Spending’, and another ‘Emergency Cash’.

When you get birthday money or an allowance, split the money across the jars straight away.