Tuesday 6th December 2022

5 tips to help you save money for a summer holiday

5 tips to help you save money for a summer holiday

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
    There are a range of apps that make 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
    Despite the tempation for food delivery or grabbing a some fast food on the drive home, cooking at home can save you a large sum each week which can help grow your holiday savings.
  5. 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. 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.