You’re a hard worker with a so-so wage. But you’ve been itching for a break away from the heavy workload, and a holiday seems like the perfect solution to satisfy your getaway cravings.
You look at your bank account, and now you realise your dilemma. Your funds are sucked dry, nearly penniless, and you can barely scrape by with only a monthly wage’s worth of money before going broke.
Getting in the right mindset and nurturing the right habits is crucial to budget your money right. Especially for something as financially draining as a holiday. Let’s look at some great budget hacks for your next holiday.
Take out a Personal Loan
A loan can bring you the money you need on a short notice. Nonetheless, you have to ensure that you can pay it back with no issues.
Wondering how it works? There are plenty of ways you can apply for a loan. Many services require you to go to their physical offices, some allow online transactions and calls, while others can provide you services through all of these ways. Once you’ve accomplished all the pertaining tasks online, you can expect your loan in your bank account in a few business days. Simple as that!
What personal information do the loan companies need? The bank or loaning company would want to know whether you can comfortably pay back your debt. They would need information like your:
- Personal details
- Loan details
- Employment background
- Financial information
- Active debts
There are many safe and convenient places to grab a loan. Find out more here.
Use Automatic Transfers on your Bank Account
Change your savings strategy by opening a separate savings account dedicated to traveling just travel funds. Once opened, enter an agreement with your bank to allow automatic deposits every period by taking a fixed amount of money from your main savings pool.
Separating travel funds from your emergency funds and bill payment funds will give you more control over your finances. Plus, it’s a great motivator for you to continue saving and seeing the figures grow until it reaches your desired amount.
Do a Side Hustle or Two
Cutting expenses is not the only strategy you can rely on. Instead, pursuing more sources of active income also grants you a sound pathway towards achieving your financial goals.
Picking up a side hustle is one great active income source. If your main job doesn’t exhaust you to no end, you can dedicate more hours of the day to do something that gives you money.
What are good side hustles to make money? Depending on your skillset and the opportunities in the market, you can do a range of things. Here are some solid recommendations:
- Flipping goods on online marketplaces
- Lawn mowing services
- Social media marketing
- Snagging a part-time second nightly job
- Creating art and selling online
Besides the aforementioned, there are countless services you can do online that people are willing to pay for. You can set up a profile in freelancing websites like Upwork and offer services there, like virtual assistance or data entry. With a second job, you’ll get your holiday budget at a much faster pace.
Keep an Eye Out for Travel Deals
Another great budget hack is being on the lookout for travel deals in the market. If you don’t plan on travelling abroad soon, you can find flights for ridiculously cheap prices months or a year down the line. These tend to go for lower-than-usual rates — and you can save a pretty penny by availing the off-season prices of airfare, hotel, and city tour packages.
Sign up for email alert deals. While many airline companies have their own email alert notices, you can subscribe to made-for-you flight deals from Google Flights. All you have to do is set up the destination, a price point you’re interested in, and enable alerts. This service will then notify you when there’s a flight available at your desired price. This method saves more time compared to looking for cheap deals manually all over the Internet.
Get Into the Habit of Spending Smarter
Finally, in the lead up to your holiday, make sure that you are spending your money effectively. While cutting back on leisurely activities is helpful, there are some spending areas in which cutting back isn’t an option. So, you’ll want to ensure that you are minimising spending on needs - everything from groceries to petrol.
Consider the following tips:
- Only shop for groceries after a meal - this is crucial in ensuring that you are making buying decisions with your wallet, rather than your stomach.
- Use public transport - while getting around by car is convenient, fuel costs add up quickly. Public transport is a great, environmentally friendly way of getting around, and savings will add up quickly this way.
- If you do have to drive, use comparison services like the one provided by Enji or Compare the Market to know exactly where you are spending your money, and how you can minimise or eliminate unnecessary costs.
- Look out for discount codes and sales when you are out shopping - you can take this one step further by shopping during ‘sale events’, such as Black Friday.
- Bring your lunch to work - while it can be tempting to eat out all the time, the expenses of doing so will add up fast. By bringing your lunch to work (at least some days of the week), you’ll reduce these costs significantly. The same can be said about your morning coffees, too.
Cut Back on Leisurely Activities and Impulse Buys
We know, we know. Going down to the pub with your mates every weekend is the ultimate way to unwind. But accumulate the spendings over a year, and you’ll see that these costs add up to really sizable levels. Instead of spending it on short-term enjoyment, practice long-term gratification to get the travel experience that you have constantly longed for.
If you don’t want to cut your weekly routine, try to apply a disciplined mindset when it comes to impulse purchases. An online store has a sale for a high-quality camera that you didn’t know you wanted until now? A 100% off is better than 40% off any day. Similarly, you don’t have to order pizza delivery when you have meat and carbs back home already. While fundamental, lots of people overlook saving even just a small portion of their savings. Your funds will eventually accumulate over time — and can make or break the possibility of your dream getaway.