5 Ways to Budget For a Holiday Without Going Broke

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5 Ways to Budget For a Holiday Without Going Broke

Planning a holiday in the next couple of years? If you haven’t started saving you better get on to it.
If you’re struggling to save enough money for your long awaited holiday, here are some ideas that will top up your holiday savings. A bit of money saved here and there can make all the difference, bringing you one step closer to achieving your goal.

1. Make a Travel Account

First and foremost, make a savings account dedicated to your holiday, one that is separate to your regular savings account. Then, schedule automatic payments into that account every month so your money is saved before you have the chance to spend it.

2. Earn Some Extra Cash on The Side

If you’re truly dedicated to your holiday, then go out and find a side job to earn some extra cash. Side jobs are easy money and anyone can do them. For example; baby sit or nanny. Ask your friends or family and book yourself in for babysitting duties for a few weekends or late nights. Look for job listings or even make a babysitting profile for yourself on websites such as babysitters4u.co.nz. On average you can earn up to $15 an hour whilst the kids sleep through the night. The more kids there are, the more you will get paid!

3. Sell, Sell, Sell

Don’t be a hoarder; there is no point in keeping items that you are not using. Aside from those timeless household items that always come in handy. As a rule of thumb, if you haven’t used it in 6 months you’re probably never going to use it, so why not sell it? TradeMe is your best friend to sell old furniture, clothes or jewellery. You can sell almost anything on TradeMe.

4. Cut Back on Your Phone/Sky Bill

Do you really need an $80 monthly plan for your phone? You can survive off $20 pre-paid plans. It may take a little getting used to but the savings with be worth it, and less time spent on your phone will do you some good.

Same goes for Sky TV. You do not need to pay $50 per month for Sky, Sky Sport and Sky Movies. Not when you’re already paying for internet where you can watch TV and movies for a much lower cost. Download Netflix for $12 a month and watch better TV shows and movies when it suits. And if you feel like you’re missing out on the latest Shortland Street drama, watch it on TVNZ on demand free of charge.

5. Get Over Your FOMO

Fear of missing out can be one of the main contributors to your shrinking savings account. All your friends are eating out at restaurants, buying drinks at bars or going to concerts and you feel like you couldn’t possibly miss out on these activities. But you can. As an alternative, suggest cheaper activities such as pot-luck dinners or movie nights at home. If you’re still suffering from FOMO, then ask yourself who will be missing out when you escape the winter chill to top up your tan in Rarotonga? Not you.

Disclaimer: The above information is general in nature and not intended to be financial advice. You should consider seeking professional advice before following any suggestions in this blog/website.

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