What's the Best Way to Save for a Holiday?

Let’s face it: Finding the extra money to afford the expenses of a trip (inside or outside of Australia) can seem almost impossible.

Whether you’re trying to accumulate a few hundred dollars or a few thousand, there are a number of ways you can save cash. Rather than looking at the goal amount as one whole lump sum, find a way to separate it into per-week/per-month increments and work towards meeting those targets instead.

Make sure you cover all the upfront costs first (flights, visa fees if applicable, travel insurance, et cetera) and then work out a daily budget for everyday things like accommodation, meals, shopping, transport, and so on.

Be sure to always have extra cash handy in case of an emergency too!

But where would you find this extra cash? By simply cutting down on (or cutting out) expenses you don’t need, you could save a ton of money you might have never known you had!

What expenses you ask?

1) Cancel your gym membership.

You don’t need to pay a monthly fee to stay fit or to exercise. Instead of going to the gym, you could play some sports with friends, go for a run, or walk pretty much anywhere you like.

2) Drive less if possible.

Using a car can get pretty pricey. By driving less frequently, you won’t need to spend as much money on petrol or services.

3) Make your own lunch.

Buying lunch can be expensive, and it isn’t always the healthiest option. By bringing leftovers from the night before, you won’t spend half as much money, and you’ll also know exactly what is going into the food you’re eating!

4) Don’t buy unnecessary clothing.

Unless it’s something you absolutely must have, use the clothes you already own, and wait until you get to your destination to go on any shopping hauls!

5) Sell your unwanted items.

What you might see as trash, someone else might view as treasure. Just make sure they’re in good enough condition for another person to use.

6) Open a separate bank account strictly for your holiday!

Make sure not to touch the funds in it until after you go.

7) Try to go out less.

All of your unnecessary purchases are slowly but surely chipping away at your savings. Be smart and cut down on your outings, at least until you come back or reach your goal. Remember, as hard as it may be to restrict your purchases, it will be worth it when you finally go away on your well-deserved vacation.

Good luck and safe travels!

Congratulations to Caroline for winning this week's writing challenge: What's the Best Way to Save for a Holiday? Caroline wins a $50 Westfield gift card for her submission. For your chance to win, check out our latest writing challenges in our Comps section. Also, be sure to follow this guide on how to win the writing challenge!

Photo: iStock.com/Maxson_Design