Saving for a holiday

We know that you love to travel – in our recent Retirement Insights survey 47 per cent of you responded that you plan to travel internationally and 69 per cent domestically. And while many have considerable budgets, 22 per cent are planning on spending less than $1000. So, if you’re hoping to travel but your budget is tight, here are some suggestions to help you squirrel away some savings. And if you have a tip you want to share, feel free to add to the comments section below.

Consider your coffee consumption
If you enjoy catching up with friends in a café for coffee, why not suggest that you take it in turns to host a coffee morning at home? Or, when the weather’s nice, meet in the park with a coffee from home. You can purchase an inexpensive travel mug (about $3.50 from K-Mart) to ensure your drink stays hot.

Review your expenses
For those living on a tight budget, it’s unlikely that you’re wasting money on unnecessary expenses. However, a quick but thorough review of your bank statements and bills could uncover some simple savings. Do you really need to have the newspaper delivered each day if you can access your news online? Or is paying between $2 and $3 to have a paper copy of your bills posted value for money, when it’s free and often more convenient to receive them by email?

Be rewarded
Thanks to the battle to win your custom, the major supermarket chains are trying to outdo each other on their savings and rewards programs. Ensure you’re signed up to notifications on offers and do your weekly shop in the supermarket that will deliver the biggest saving that week.

Get the credit you deserve
Even if you don’t use your credit card that often, consider switching to one that offers bonus points when you open your account. Of course, you need to ensure that the annual fee you’ll be paying doesn’t negate any savings you make.

Take the 52-week savings challenge
This is a simple way to build up savings for a special event or holiday. On week one, you put away $1, week two – $2, etc. By the end of the 52 weeks, you will have amassed a whopping $1378. Of course, once you’ve been doing it for a while, you may find that putting away $25 or more a week is too much. Simply start again, ensuring that you can afford the amount you’re saving.

Written by Debbie McTaggart

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