11 Creative ways to save for a holiday

Published on Mon Aug 27 2018 in Money

Dreaming of the perfect holiday, but don’t quite have enough saved up to get you there? Paying for a family trip, long weekend away or even a day trip out of town doesn’t have to be painful! There are lots of great ways to start saving up for your next adventure.

Cutting back

Saving for the perfect getaway might mean giving up a few everyday indulgences. But these changes don’t have to be permanent. Even cutting back temporarily on one or two could put you closer to your dream holiday.

1. Pause or cancel subscriptions

Take stock of any recurring subscriptions that you currently pay for. These can be things like magazines, TV or music streaming services, and meal delivery programmes. Consider pausing a few subscriptions temporarily (to see if they’re really missed) or cancel them outright. Try replacing entertainment services with your local library, free-to-air television or non-paid apps. Food delivery kits could be scaled back to just once a week or paused just until you’ve hit your savings goal.

2. Dine out less

Restaurant and takeaway meals can quickly eat into the household budget. Cutting back on the number of times you and your family dine out each week could potentially add hundreds to a travel fund. Beyond ordering fewer restaurant and takeaway meals, look at other food luxuries you could do without, like café coffees, work lunches or after work drinks. You might also consider packing healthy snacks in your bag to avoid buying treats when you’re out shopping or running errands.

3. Give up one vice

Soft drink, weekly cinema nights, a glass of wine with dinner… Just about everyone has a vice that they can’t seem to say no to. Indulging once in a while is OK, but you may want to consider giving something up in order to boost your holiday savings. The savings could be small (like giving up lollies for a month or banning in-app purchases) or large (quitting smoking, either temporarily or permanently).

4. Drive less

How much does your family spend on petrol each week? Swapping the car for other means of transportation could help you save on this expense before your next trip. Take public transportation whenever possible, walk to nearby places, or arrange a carpool with coworkers or other parents at your child’s school.

Avoiding unnecessary spending

Sometimes we neglect to give our spending habits a close look, especially when things get busy. Budgets are put on autopilot, and we may miss small savings that could add up over time.

5. Grow your own food

Food is an essential item in any household budget, but there may be room to save on your weekly shop. A small vegetable patch or herb garden could help provide your family with fresh produce and put more money in your pocket. Lettuces, spinach and tomatoes are all fairly easy to grow and great for beginners. They also grow quickly—usually in about a month—making them ideal for feeding a family. If you’re cramped for space, an indoor herb garden could replace fresh or dried store-bought varieties.

6. Review your mobile & internet bills

Most of us likely guess how much data we’ll use when signing up to a mobile phone or internet plan. As a result, you may be paying for data you never use. Take a look at your last few bills to gauge if lowering your plan is an option. Sometimes overage charges cost less than paying for a larger plan, so it may still make sense to pick an option with less data.

7. Stop paying unnecessary fees

An ATM charge here, a credit card fee there… We often pay for the convenience of using a card to make purchases or withdraw cash. Whilst these fees may be minor on their own, they could add up over the course of a year. Avoiding bank fees and other charges may not always translate to big savings, but it could put a little extra dough in your holiday fund. This could be as easy as always using your bank’s ATMs, direct debiting bills from a bank account, or paying credit card balances in full each month.

8. Quit the gym

Memberships to gyms can be expensive, especially if you’re not actually going. Though you may have had the best intentions when you signed up, cancelling an unused gym membership could help you save heaps. Even if you do hit the gym regularly, you may be able to swap the membership for low-cost or free alternatives. Some hand weights and a few other items could help you set up a workout area at home. You could also join a local running club or community pool, or sign up for fitness classes run through your local council.

Making extra money

Is your budget already under control? It may be time to start earning a bit of cash on the side to help boost your holiday fund.

9. Have a garage sale

The saying goes that “one man’s trash is another man’s treasure.” Test this theory by selling unneeded or unwanted items in your home that are still in good nick. Host an old-fashioned garage sale or post ads on online through site like eBay or Facebook. Before selling your stuff, take some time to make it more attractive to buyers. Clean dirty sporting equipment, test old appliances and make minor repairs to clothing (like sewing on missing buttons). 

10. Sell your services

Put a special talent or skill to use by advertising online, in the local newspaper or at community events. People are often willing to pay for a variety of household services—handyman, gardening, painting or assembling furniture. You could also babysit for couples wanting a night out, as well as pet or house sit whilst others are on their own holiday!

11. Join the sharing economy

Work part-time or have a room to let? Joining popular sharing economy sites could be the way to go. You may want to connect with travelers in need of a room or people wanting a lift through sites like AirBnB or Uber. These apps let users choose when they want to work, so you can make some extra money at times that are most convenient for you.

Ready for your next adventure? Learn how to beat jet lag before you hit the airport!

 

About Author: Momentum Life is a leading provider of Life insurance and Funeral insurance in New Zealand.

 

 

 

 

The content provided in this article is for information purposes only. The information is of a general nature and does not constitute financial advice or other professional advice. To the extent that any of the content constitutes financial advice, it is limited to Momentum Life products only and does not consider your specific financial needs or goals. You should consider whether the information is appropriate for you and seek independent professional advice, if required.

All product information is correct at the time this article was published. For current product information, please visit the Momentum Life website.