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How to save $1k in 4 months (for your winter holiday)


As the Aussie summer starts to wrap, the temptation of a Eurotrip to escape winter is in the air. With just four months until the European Summer kicks in, the saving experts at ING share their top 10 tips on how to save some extra cash for your winter travel fund. 

 

 

1. Book everything as soon as possible.

The first and foremost tip for holiday savings; if you’re getting away for the time period, make sure you book as far in advance as you can.

Travel search engines such as KAYAK show that you could save approximately $100 on airfares to popular European hotspots such as Barcelona if you book 4 months in advance, so you can instead focus on planning the activities you are hoping to do whilst on holiday. 

Approx. savings: $100 per person ($200 for a couple)

 

2. Ditch (or join) Uber. 

Spending on luxuries like Uber (and Uber Eats) can really add up, especially since it’s so tempting and easy to press that button after a long, hard day at work.

Reducing (or going cold turkey on) your Uber usage means no more ‘surprise’ spending; however, driving with Uber can also be an easy way to earn some extra cash outside your regular job.

Approx. savings: $30 per week 

 

3. Do your grocery shopping online. 

As simple as this may sound, doing your groceries online can be an easier way to monitor your spend as you fill your cart and you’re less likely to be surprised by the end amount.

By ditching the in store trolley, you could save approximately $30 per week by monitoring your cart closely and removing the items you really don’t need.

It also pays to purchase longer-lasting produce (such as potatoes, carrots and cabbage) to reduce the amount of unused items that may go to waste if your week becomes too busy to cook.

Approx. savings: $30 per week

 

4. Spring clean your subscriptions. 

You may love your favourite shows on Foxtel, Netflix, Stan, Presto and HayU; but maybe it’s time to cut down on your TV time.

Condensing to two subscriptions (instead of five) could potentially save you $50 per month; and open up to more time outdoors and away from screens.  

Approx. savings: $50 per month

 

 

5. Do more things for free. 

Your weekend activities don’t need to cost a bomb. We may love treating ourselves to indulge in dinner outings, brunches and movies on the weekend, but when it comes for saving for a holiday, it wouldn’t hurt to put these little luxuries on hold for a while.

Why not pack a picnic and get outdoors for a day at the beach or park? Museums and art galleries are also a great way to enjoy something different, and for free. 

Approx. savings: $80 per week

 

6. Put your gym membership on hold.

Gym memberships can add up (especially if you’re not visiting that often), which means if you’re not pumping iron often the only thing perspiring will be your wallet.

If you’re worried about having enough cash for your winter vacation, most gyms will let you put your membership on hold for a few weeks. Instead of spending the $15 per week at the gym, try cycling to and from work or on the weekends, enjoying some coastal walks or even an at-home workout.

Approx. savings: $15 per week

 

7. Keep a closer eye on energy use.

It’s all too easy to knock-up a hefty electricity, gas or water bill, especially in the cooler months when it can be tempting to have the gas heater all day long.

Be clever about your energy use by doing as much as you can to heat and cool your home without using electricity – like sealing doors, rugging up or opening the window. Flicking appliances off at the switch and doing clothes washing during off-peak periods will also save you some extra coin. 

Approx. savings: $30 per month

 

8. Host a Sunday potluck dinner with friends and family. 

A great way to save some extra cash (and spend more time with the in-laws) is to host a Sunday potluck dinner. Invite your close friends, family or even your neighbours over for a ‘bring-a-dish’ dinner this Sunday.

Catch up over yummy food and drinks while sidestepping expensive restaurant bills. Commit to making this a more regular event and not only it will help you to save money, it will allow you to save time on preparing food, creating valuable time to catch up with loved ones. 

Approx. savings: $50 per week

 

9. Utilise set-and-forget banking.

By setting up auto-payments that fall within your pay cycle, it means you can pay bills and add to savings accounts automatically.

Do your research and find tools such as ING’s Everyday Roundup, which rounds your purchases up to a whole dollar amount and puts the spare change in your savings. It’s a great way to save while you spend.

Approx. savings: $50 per month

 

What are your top tips for saving?

 


Published: 27 February 2019


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