10 Tips to Save for Your Next Holiday
Travelling can cost big bucks and with our Aussie dollar being in less than favourable shape it can make it even harder to go where we want to go. It’s important to have a plan; work out exactly how much your trip will cost including flights, accommodation, visas, travel insurance and spending money, then break it down into a weekly saving target.
Here are our top tips to help you get where you’re going sooner:
1. Don't buy coffee
Much ado has been made of the whole “don’t buy coffee” thing, but this really is where you’ll save the bulk of your money. And making your own coffee doesn’t have to make your stomach churn. Ditch the instant coffee and try coffee pods, flavoured sachets or even a green tea to get you through the afternoon.
2. Transfer any credit card debit to a no-interest credit card
When saving for your holiday it’s easy to neglect your credit card payments. Avoid inflated interest and late fees and transfer your outstanding balance to a no-interest credit card. This will give you the opportunity to pay the balance off while not getting hit with excessive interest, meaning you’ll actually see that balance go down… WIN!
3. Put your flights on interest free lay-by
Who ever said lay-by was dead? Some airlines will let you lock in your flight for a small fee then pay it off over time, interest free. This means you can lock in the sale price when you see it but won’t have to scramble to get the money to pay it off straight away.
4. Take advantage of dining offers when eating out
Not dining out while saving for a holiday can be difficult but it doesn’t have to end if you’re smart about it. Look for restaurants that have group dining discounts or have discount vouchers - Scoopon has heaps near you, guaranteed! Swap the cocktail list for a BYO eatery and split the cost between your pals.
5. Sell what you don’t need
Say goodbye to all those shoes sitting in the back of your wardrobe. All of us can probably name a handful of items we no longer need or wear. Put them up on eBay or grab a group of friends and do a stall at your local market. You’ll be surprised how much your trash can be somebody else’s treasure… and how much they’ll pay for it.
6. Get an app that tracks your spending
There are a lot of great apps out there that can help track your spending. They can plug into your bank accounts and sort your money into categories so you know where you’re overspending each week. They can also help you set realistic savings goals based on your spending history.
7. Say goodbye to that gym membership
Gym memberships can put a massive hole in your pocket each month. Cancelling, suspending or down-grading your membership in the lead up to your holiday could save you hundreds. Substitute the membership for free online tutorials and videos that you can do at home or grab a group of friends and walk together. You’ll not only get outside but it’s a free catch-up too.
8. Sign up to rewards programs
A lot of airlines have their own rewards programs. Sign up before you book your flight so you can accumulate points to put towards your next holiday.If you need a credit card for your trip, try signing up for one that offers extra points with your first purchase. But beware, some rewards credit cards have higher interest and yearly fees than those that don’t but if you calculate the numbers this could get you a one-way flight to Europe.
9. Get a savings account with benefits
So many of us wouldn’t know the interest rate we get each month on our savings. Find a savings account that offers bonus interest for adding a certain amount to your savings account every month.
10. Re-assess your monthly bills
Where else can you cut money? What about phone bills, electricity, internet, car insurance? Every year we renew our policies without re-evaluating our needs. There are so many comparison websites where you can compare your policy against others and see what fits best. Some companies will also offer you a discount if you have multiple policies with them.
Now it's time to get some holiday inspo to help push your savings along. Check out what's on offer at Scoopon.
What are your top saving tips? Tell us in the comments below.