With the holidays soon approaching now is the time to squirrel away some cash.
10 March 2017
Autumn has officially kicked-in and sadly that means goodbye to summer. So, before we lose those rays to cold and dreary days why not take advantage of the upcoming long weekends and catch some sun before it disappears.
But before you start dreaming up the perfect getaway, you’ll need to put a savings plan in place to ensure you’ve got all the money you need for your trip away.
We know this isn’t always easy, so here’s a list of things to do before you go to ensure you save as much as possible.
Money saving tips for your next holiday
Save as much as you can
When you haven’t got a financial goal, it’s easy to spend money on things that you don’t really need. But small things add up and can result in you having a lot less in your bank account at the end of the month.
To avoid this, work out your non-essentials from your essentials. Decide what you’re going to buy at the start of the month and also why. This will help you figure out what you should and shouldn’t buy.
For example, if you want to save some serious cash go without your morning latte to save between $25 and $35 a week.
Likewise, if you buy lunch every day perhaps try cooking at home in the lead up to your holiday. If you’re spending $20 each work day eating out, you could save yourself around $400 a month to put towards your trip.
Transport is another area where you could save. If you live close to work why not consider walking or riding instead. Not only will this be better for your health, but you could save anywhere between $10-15 a day.
Even if this isn’t possible all the time, try and aim for just a few days a week as every little bit counts.
If you’re not quite sure where your money goes each month consider downloading a money tracking app, like the Australian Securities and Investments Commission’s Track my Spend app, which will show you how much and where you spend the most.
Grow your savings
Once you’ve established a savings plan, try and maximise the value of the money you put away. A good way to do this is to put your money where it will earn a better rate of interest, like a term deposit or savings account.
If you’re having difficulty putting money in these accounts try downloading ASIC’s Track My Goals money saving app which lets you set, plan, track and manage savings goals and visualise your progress.
Figure out your holiday costs
Before you decide on your dream holiday destination, it might be a good idea to work out how much money you have to play with.
If your budget is on the lower-end of the scale, consider camping or renting out holiday accommodation within driving distance of your city. There are plenty of undiscovered gems in our own backyard, so use this opportunity to see them.
Wherever you decide to go, make sure you write out a budget before you book anything, including accommodation, travel costs, wining and dining and any activities planned.
There’s no denying that wherever you go, booking early is key to saving money. But, if you haven’t saved enough yet your options might be limited.
You can either wait, and risk paying a lot more, or consider borrowing the funds and paying them back once you’ve saved the money.
If you chose to obtain finance, make sure you don’t get slack with your savings plan and are vigilant about paying off the debt as quickly as possible.
How can Liberty help?If you think you’ll need some financial assistance, and won’t have the funds you need in time to book, Liberty may be able to help.
Liberty personal loans range from $5,000 to $50,000, and give you the financial freedom to withdraw as much or as little as you need - when you need it.
Not only do you just pay interest on the money you use, but there are also no financial penalties if you choose to pay your loan off faster.
For more information click here.
Whether you’re able to save in time for your weekend getaway or you’re considering finance options to help you book sooner, it’s clear that planning is key in making your holiday dreams a reality.