I’ve heard of people say they would love to travel, if only they could afford it. Well travel has never been more affordable and there are a number of ways to save up for that well deserved holiday/vacation. Here are fifteen tips to get you started:
1.Make it a goal – Decide where you would like to go and budget how much you will need to do it. Write the place down or stick a photo of the place on your fridge or somewhere you will see it everyday. When a goal is written down or you can see it, you are more likely to achieve it.
2. Write a list – now that you know where you want to go, give yourself a reasonable timeline in which to save and come up with a list of ways you can do this. Then stick to the list as far as possible.
3. Give up smoking, alcohol and gambling – doing this alone for some people is enough to put enough money in the kitty for an overseas holiday. All three are expensive and if you can’t give up, at least cut down. I include buying lottery tickets as part of gambling.
4. Bring your own lunch to work – buying your lunch becomes expensive and is also usually not the healthiest option. Make your lunch and you will be amazed with the money you save.
5. Don’t buy coffee – this is a hard one for some but try and either bring your own instant coffee to work or switch to tea or even hot water with lemon. When you’re out, try and wait until you get home so you don’t have to buy one. Of course there will still be times you go out with friends for coffee and that’s fine. Just don’t buy it everyday. For those who buy a few cups a day try and limit it to just the one.
6. Cut out takeaway – it may be a modern convenience but unless you live in South East Asia, eating out eats into your bank balance. There are lots of quick, cheap and healthy recipes available on-line to make and save you a fortune not to mention the health benefits.
7. Have a Garage Sale or sell items you don’t need on ebay – we probably all have a tonne of stuff we don’t need or no longer use. Why not turn these unwanted items that are clogging up your home into cash. If you don’t feel you have enough things to sell then team up with others and combine your trash which could turn out to be another person’s treasure.
8. Refinance your mortgage if you have one – you’ll be amazed at how easy this actually is. We walked into our bank about a year ago pointing out to them that the bank across the road was offering a lower interest than them. They were more than happy to match it and it cut thousands of dollars of our mortgage, reducing the monthly repayments by a worthwhile amount too.
9. Set up a savings account and direct a set amount from your pay straight into it – or in other words pay yourself first. Try and choose an incentive account where the interest you earn is usually higher as long as you keep making deposits and don’t withdraw money from it until the term is up or you’re ready to use it. It will mean you will have less to spend but you are now being more careful with your money anyway and your dream of a holiday is turning into a reality.
10. Think of a way to earn some extra money – this can be either getting a second job, selling unwanted items as already mentioned or doing adhoc work like getting involved in polling, charity work or the census.
11. Consider selling or not using the car – this may not be an option for everyone but owning a vehicle is expensive as we all know. If you live in a town where public transport is reliable then you probably don’t even need a car at all. Or else you could consider car pooling so you are only using your car a proportion of the time.
12. Keep an expense diary – every time you spend money, write it down and it won’t take long to see where most of your money is going. This way it helps you to not spend money you don’t absolutely have to (because you have to write it down) and it also helps identify the areas where you can cut down. I’ve been doing this for years and am still doing it.
13. Look for ways to save you money – whether it’s shopping at cheaper grocery stores, taking advantage of supermarket specials or making hand made gifts rather than buying them, there are always ways of making your dollar go further. Some utility providers offer discounts if you pay by direct debit. Also, don’t be afraid to ask if you can have a discount. Obviously you can’t do this in a supermarket but you’ll be surprised how often the sales person behind the counter will be happy to give you one. Some places will also give you a discount for paying cash. It also pays to shop around to get the best prices.
14. Cut out non-essential purchases – do you really need to get a haircut every six weeks or can you skip one and make do? And that pair of high heeled shoes you’ve been eyeing off may go nicely with your dress but it isn’t helping you save towards your holiday. Saving for holidays can mean making sacrifices but when you’re on your way, you know it’s all worthwhile.
15. Plant a vegetable garden – have a go at planting a few vegetables. This can save you money in the long run and home grown vegetables also taste much better than the bought variety. If you have surplus to requirements, swap some with neighbours, family or friends for something you don’t have. It’s not only economical, but delicious and fun too. You don’t need a large plot of land to do this. There’s lots of advice out there on how to grow vegetables in small areas, ideal for those living in an apartment.