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2 proven ways to save for your holiday

by Sonia Milosevic 07, May, 2017

2 proven ways to save for your holiday

Imagine you’re in Phuket…sitting in front of a little restaurant beach shack sipping a Mai Tai, admiring the sunset. The feeling of sand running through your toes adds to your sense of contentment and peace, you’ve had a great day.  

That's my fantasy holiday, what's yours?

How much do you want yours? Have you worked out how much it will cost? Can you afford it?

Our post last week - it's focus was researching your destination. This week it's all about how you'll save for it.

There are two proven ways to reach your holiday savings goal faster:

  1. Increasing your cash flow
  2. Curtailing your expenses

1. Increasing Cashflow

When we were young, mum used to sell our excess honey to our local butcher. No bee hives? No problem…here are some other ways to bring in some extra cash - fast:  

  • Sell the things you no longer need - clothes, appliances, collectables. Some ideas on where you could sell them:
    • a garage sale
    • trash and treasure markets
    • sites like Gumtree, Craigslist, EBay, Facebook ‘Buy Swap Sell’ groups, swapstyle.com, Idogowns.com, Quicksales.com.au, Threadflip.com
    • Instagram with the hashtag #shopmycloset
  • Rent out a spare room – If you’re up for it, it’s a great way to meet interesting people, with the added bonus of extra cash. You can list with a site like Airbnb and select the dates and length of stay your willing to have a guest stay with you.
  • A side hustle – ever thought of becoming an Uber driver, walking dogs, cleaning houses?
  • More shifts/asking for a raise/chasing that promotion – depending on where you are in your career they could be something to pursue.
  • Calling in debts – if you’ve lent money to friends or family, and repayments have slipped by the wayside maybe now’s a good time to gently remind them?

 

2. Curtailing Expenses

I think of these as a financial diet – not much fun, unless you have a strong vision of why you're forgoing something now, to experience something in the future.

Remember...the vision you have is your fantasy holiday.

Below are some of the items I’ve been willing to let go of/reduce to reach my holiday savings goal faster:

  • Buying clothes, accessories – stopped buying stuff I didn’t ‘need’.
  • Daily coffee(s) – reduced it to 2 a week.
  • Bought lunches – started bringing them from home.
  • Phone plan – reduced mine to $30 with 1G and only use WiFi
  • Take-out meals – don’t have them anymore ☹. It’s now only home cooking.
  • Alcohol – buying cheaper bottles of wine rather than the $30 cellar door wines I used to buy to ‘support’ the local vineyards.
  • Nights out with friends – we either catch-up at home or do a coffee catch-up
  • Driving/using taxis – I’m using public transport more often, and also use an App to find the cheapest petrol close by when it’s getting close to fill up time.
  • Gym membership – cancelled it and now walk or cycle along a local bike track.
  • Hairdressers – moved my appointments out to 8wkly.
  • Electricity, gas, water bills – switching off lights, not switching on the cooling/heating as often, installed efficient water faucets and shower heads, and not watering the garden as often.
  • Groceries – name brands vs supermarket brands vs Aldi – love a supermarket catalogue, and only buy name brands when they’re on sale. Staples like sugar and flour are supermarket brands or Aldi. My weaknesses though are still local organic eggs and a local farmer’s milk.
  • Dating Apps – can’t say I use them, but could it be time if you do, to give them a rest so you’re not spending money on dates?

TIP: If you're curious to see where you’re spending your money you can do this with an App. In the past, I’ve used an Australian Investments and Securities Commissions (ASIC) App called TrackMySPEND to figure out where my money was going. Find it here

 

What’s next?

Implement!

* Set up a separate savings account that you won’t touch to deposit all this extra cash!

When I’m comparing savings accounts, I use Canstar who are a privately-owned research agency that supplies their research to third parties including government bodies such as the Reserve Bank of Australia.

You can find their savings account comparator tool here.

 

What are your go-to savings tips?  

 

Photo: the gorgeous Sirinat National Park, Phuket by @albina_golightly  

 





Sonia Milosevic
Sonia Milosevic

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Size charts

Women's

Measuring tips

Waist – Measure around the natural indentation/narrowest part of your waist. Insert your forefinger between the tape and your body to allow ease in fit.

Hip – Measure around the fullest part of your hips. Insert your forefinger between the tape and your body to allow ease in fit.

Between sizes?

If your measurements are between those listed on the chart, pick the next size up.

 Women's sizing (centimetres) 8 10 12 14 16
Waist - at narrowest part (cm) 67-72 72-77 77-82 82-87 87-92
Hip - at fullest part (cm) 97-102 102-107 107-112 112-117 117-122

 Women's sizing (inches) 8 10 12 14 16
Waist - at narrowest part (in) 26-28 28-30 30-32 32-34 34-36
Hip - at fullest part (in) 38-40 40-42 42-44 44-46 46-48

Men's

Measuring tips

Waist – measure around your waist, slightly below your natural waist, where you normally wear your pants. Insert your forefinger between the tape and your body to allow ease in fit.

Between sizes?

If your measurements are between those listed on the chart, pick the next size up.

 Men's sizing (inches) S M L XL XXL
Waist (in) 29-31 31-33 33-35 35-37 37-39

 Men's sizing (centimetres) S M L XL XXL
Waist (cm) 74-79 79-84 84-89 89-94 94-99