Saving for your dream holiday: budgeting is key
Budgeting tips to make your getaway a reality
Dreaming of lounging on a beach or exploring new cities? With a bit of budget planning, that holiday could be closer than you think! Let’s turn that daydream into reality.
To budget for a holiday, start with a realistic goal
Saving for a holiday starts with knowing where you’re headed, literally! Pick a destination, decide on a budget that feels achievable, and start planning in advance. The sooner you begin, the more you can take advantage of early-bird deals on flights and accommodations. Early planning helps you secure the best prices, giving you more bang for your buck and reducing last-minute stress.
Break down the costs into achievable goals
The full amount might feel overwhelming, so break it down into manageable weekly or monthly targets. For example, if your holiday will cost $2,000 and you’ve got 10 months to save, that’s $200 a month (or about $50 a week). Suddenly, it feels a lot more doable! By focusing on smaller, automated contributions, you’ll find it easier to stick to your goal.
Need help working out how much to set aside each month? Use MyBudget’s Savings Calculator to break down your target and see how quickly you can reach your holiday goal!
Set up a dedicated holiday saver with your budget plan
Open a separate saver account just for your holiday savings and consider automating a weekly or monthly transfer. You can even take advantage of roundup savings by setting up your bank account to round up each purchase to the nearest dollar and stash the spare change into your holiday fund. It’s a simple, hassle-free way to save without even thinking about it! Plus, having a dedicated ‘Tropical Dreams’ (or ‘City Escape’) saver account keeps your holiday fund safe from impulse spending and lets you track your progress with excitement.
Give your budget a health check-up
Take a quick look at your current budget and see where you can make adjustments to free up funds for your holiday. Small tweaks, like cutting back on takeaways or skipping that daily coffee, can make a surprising difference over time without making you feel deprived.
Don’t have a budget? It’s never too late to start! Check out our Personal Budget Template to kick off your own budget journey, and for a bit of extra guidance, take a peek at our Instagram post below on the steps to a successful budget.
Make room with easy swaps
Challenge yourself to replace a few non-essentials each week. For example, swap a night out for a movie night at home, or bring a packed lunch instead of eating out. These little sacrifices don’t feel too painful but can add up quickly in your holiday fund. A few small swaps might even become new habits, leaving more room for future adventures.
Don’t go into debt for your holiday
It’s tempting to swipe a credit card and deal with it later, but debt can quickly turn a dream holiday into a nightmare. Findings from credit bureau Experian show that over half (51.3%) of Aussies put up to $4,000 on credit for a holiday, with many taking up to two years to pay it off. Save first so you can truly relax and enjoy your getaway, no bills waiting when you return. A debt-free holiday is a double win: memories and peace of mind!
Get everyone involved (especially the kids!)
Make saving for a holiday a family affair! If the kids are joining, get them excited by letting them help with research and planning the itinerary. Give them the chance to build a mini holiday fund for themselves too, whether it’s for a special souvenir or treats along the way. This gives them a sense of ownership in the holiday and teaches them a little about budgeting.
Think local or travel off-peak
Consider exploring local destinations or planning your trip during off-peak times. Staying within Australia or avoiding peak travel seasons can save significantly on travel and accommodation costs, plus, you’ll avoid the crowds! Australia has incredible places to visit that could make a local holiday just as memorable without the hefty price tag.
Cash in on a side hustle
If you’re up for it, take on a short side gig. Babysitting, pet-sitting, freelancing, anything that brings in a little extra can boost your holiday fund. Even a few hours a week can help speed up your savings, bringing that dream holiday closer.
For inspiration, check out MyBudget’s top 25 side hustles to find a side gig that suits you!
Remember the rewards at the end
Whenever saving feels tough, picture yourself on that beach, sightseeing, or savoring new cuisine. Keeping that end goal in mind makes the small sacrifices worth it. Every dollar saved is one step closer to a memorable holiday, so stay motivated and enjoy the journey toward your getaway!
Ready to get started?
With a bit of planning and commitment, your dream holiday can go from “one day” to “booked and on the countdown.” Start saving now, and before you know it, you’ll be counting down the days till takeoff. Here’s to making that holiday happen!
How can MyBudget help me save for a holiday?
We know planning for a holiday can be overwhelming, but MyBudget is here to make it easier. Our team can help you set up a tailored budget, manage your finances, and maximise your savings, so you’re all set to book that dream getaway without the stress.
Enquire online or call us on 1300 300 922 to get started with MyBudget today!
Cheryl is part of the MyBudget corporate finance team, ensuring everything runs smoothly behind the scenes. A big fan of side hustles, her own is writing for MyBudget, where she shares insights from her personal journey through separation, single parenting, and surviving cancer.