The sea, the salt air, the endless supply of drinks. Your next big trip away is so close you can almost taste it. But before you can truly switch off, you need to save some money. While it might seem like a daunting task, with a few helpful (and unusual) budgeting hacks you won’t have you worry about your wallet while you’re away!
Read on to find out how you can become a savings star in time for your next trip.
1. Freeze Your Memberships - Gym, TV, EVERYTHING!
We spend so much money on wants (not needs) and more often than not, putting a temporary pause on luxuries in the lead up to your trip can really take the pressure off. First up, say sayonara to the subscription TV - services like Foxtel can be suspended for weeks or months at a time, a smart way to save a few hundred dollars. Next up, the weight (lifting) is over! Pause your gym membership three months before you go.
“We live in a beautiful country with (mostly) gorgeous weather yet some of us pay maybe $3000 a year on gym membership,” says Nicole Pedersen-McKinnon, founder of The Money Mentor Way.
“Swap exercising indoors for the 'pop-up gym' where you use your environment, office, house, playground, as your gym set.”
2. Sell Your Junk, Before You Jet
There’s a famous saying - One man’s trash is another man’s trip to Thailand
. Whether it’s an old fashioned garage sale or booking a spot at a local market, selling things you no longer need is a good way to bank some coin. Get the family together and forage through your junk for stuff you can sell. Remember that everything old is new again, so be ruthless with your wardrobe and take advantage of your ‘vintage’ clothes. You won’t miss that 80s blazer when you’re in Bangkok
3. Banish Bank Fees - Compare and contrast
Sometimes a little research can go a long way. Investigate what kind of fees your bank is charging you and if you can get a better deal elsewhere then look to change.
“Forget paying per transaction - that's the old way of charging,” explains Nicole.
“You should instead be paying for an all-you-can-eat- style of bank account, where for a flat fee you can transact as many times as you want.”
Better still, some institutions have banished monthly fees too!
“Do a quick Google before you leave to find out who is fee-free and save big time," she says.
4. Ditch the Dining Out - For a month at least
Eating out is super expensive, especially if you’re doing it as a family. So if you’re wanting to pinch pennies before heading to Phuket
, then put a pause on nights out in the months leading up to your trip. You can double your savings by turning this into a “use it all” night. Rather than doing a big grocery shop, challenge yourself to use all the ingredients and produce left in the pantry and fridge. You can reward yourself later with some fine dining in Fiji!
5. Open a savings account and name it accordingly - 6 MONTHS TILL EUROPE
If you can see it, you can save it! By putting a visual goal in front of yourself it helps motivate your money behaviour.
“Creating a vision for your precious target is paramount,” advises Nicole.
“Most importantly you need to list the date you are on track to hit your tantalizing target, that gives you the very best chance of hitting it.”
6. Tap into a Side Hustle
Uber, Airtasker, selling paintings, walking dogs - if it can earn you some extra cash, then you should consider it. It doesn’t have to become a full time setup, where you feel like you’re working two jobs, but instead consider it as a part time hobby that helps your holiday!
All that saving left you craving a holiday? Visit LayAwayTravel
for your next trip!