Saving for a summer holiday? Boost your funds by tracking your spending, cutting one unnecessary expense and staying home for dinner.
If you’re still saving up funds for your next getaway, here are tips to help you along the way.
1. Check your bills to ensure you’re getting the best deal
It’s easy to go with the flow while paying utilities each month. But revisiting your payments could save you money.
2. Take a second look at small automatic withdrawals
Smartphone apps make it super simple to sign up for a subscription, even if you didn’t mean to. Check your account statements to make sure there aren’t any extra funds being taken out for an in-app subscription you are signed up to.
3. Download a tracking app
An app like Mint makes it easy for you to track your savings goals. You can track your spending habits while viewing your progress toward your holiday savings fund. Having this information in app format allows you to track your spending from anywhere, right after you make a purchase.
4. Cook at home
Australian households spend an average of $94 per week on restaurants, the 2017 Eating Out Survey showed. Cooking at home and saving that large sum each week can help grow your holiday savings.
5. Managing your money
Apps like pocketbook help you managing your money and stop you from blowing your budget. Pocketbook automatically pulls information from your bank accounts, credit cards and other financial institutions to give you a single view of your spending. You can also incorporate other data, which are key to your spending – such as invoices, bills and locations.
6. Cut out one monthly spending habit
Do you try to see one movie a month? Splurge on a fancy cocktail night? Allow yourself one shopping trip?
While saving for a holiday, cut out one of these extra expenses that you don’t absolutely need. Even if you save between $50-100 each month, that can add up to a lot of extra cash for your holiday.
7. Plan a short-term budget
Lastly, use these tips to plan a detailed budget. Use an Excel spreadsheet or online tool like QuickBooks and outline the maximum amount you can spend in each category over the next few months and stick to it. This will help you stay on track.
How I can help you?
Whether you’re cutting costs to save for a holiday, pay off debt or buy your first home, these tips show you how easy it is to put a little extra in the bank. If you would like to know more about our services, contact us today to learn more.