How to Save for the Holiday You Need
How to Save for the Holiday You Need
How to Save for the Holiday you Need
Are you hanging out for a holiday? If it’s been more than 12 months since your last break, chances are that a holiday is just what the doctor ordered.
Numerous studies have found that people who don’t take holidays are at greater risk of heart disease and other ailments. Holidays are an important opportunity to de-stress from the pressure of a work-a-day routine, to recharge your batteries and to reconnect. Not to mention, a chance to literally broaden your horizons by taking in new places, people and cultures. Sun, sleep, exercise, relaxation and laughter are all known to boost mood and offer positive health benefits.
Re-charge your batteries without draining your bank account
Nicci and Scott were one such couple who found themselves on the debt treadmill, working just to keep up with bills and daily expenses. “We were living week-to-week,” says Nicci, “There was lots of credit card debt and we said no to the kids a lot — lots of stresses.”
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Given the stresses of modern life, it’s no surprise that saving for a holiday is one of the top financial goals for people who participate in MyBudget’s free personal budgeting consultation service. Tammy Barton, MyBudget founder and director says, “Everyone needs and deserves a break. The challenge is to plan an affordable holiday that recharges your batteries without draining your bank account or leaving you with a debt hangover.”
A Finder study confirms Tammy’s observation, finding that 41 per cent of survey participants used their credit card while on holiday and that 44 per cent failed to pay their holiday bills within a month of returning home. Approximately 10 per cent took longer than a year to pay off their holiday debt.
So, is saving for a holiday realistic for most Australians? MyBudget’s Tammy Barton says, “Absolutely! We find that once people start budgeting, they can see exactly where their money is going and many discover that they only need to make minor changes to their spending habits to be able to afford an overseas holiday every year. Having a holiday as a financial goal also helps to keep you motivated to keep your budget on track.”
Here are Tammy’s top three tips for getting your toes in the sand sooner!
- Create a budget
- Open a holiday savings account
- Look at your spending habits
It sounds boring, but budgeting is the key to reaching your financial goals sooner and living the stress-free life you dream about. If you need help with budgeting, feel welcome to contact MyBudget to request a free consultation with one of our caring budgeting specialist.
By putting aside just $20 a week, you could save more than $1000 every year. The secret is to transfer your holiday savings into a dedicated account before the money touches your pocket.
Through budgeting, you might discover that your “little” expenses are adding up to thousands. Over a year, your daily latte might be costing you $1400. Takeaway lunches could be setting you back $2,500. It’s more motivating to make your coffee and lunch at home when you realise that the money you save will pay for your next overseas adventure.
What dreams are made of
Since joining MyBudget, Nicci and Scott have taken the kids on multiple family holidays and are planning for more. “Holidays used to be out of the question. There was no chance we could afford those,” explains Scott, “but now they’re definitely in the budget and something we can plan for.” Nicci continues, “We’ve already been to Bali and we’re going to Singapore, and we’ve got America planned to take the kids, which is just amazing. It’s what dreams are made of.” Watch Nicci and Scott to hear more about how their lives have changed.
Find out what sort of holiday you can afford by booking your free, no obligation personal budgeting consultation now. The customised budget plan we create for you is yours to keep.
We analyse your situation and design a plan that achieves your goals.
Until you’ve examined your finances in detail, it’s difficult to determine your exact financial position. At MyBudget, the budget plans we prepare are true long-range money management plans. The plan projects your finances over a 12-month period. So you have a clearer picture of what your future looks like, not just how your budget is week-to-week.
What will you do with your savings? Reduce your mortgage? Invest in shares? Take a holiday? Or simply enjoy the feeling of satisfaction that comes with having savings to fall back on.
Personal budgeting is the only way to truly gain control of your money and your financial future.
The benefits of personal budgeting:
- Personal budgeting is the only way to gain a thorough understanding of your financial situation.
- Personal budgeting ensures that you always live within your means, and provides a safety net for inevitable changes in life or when things go wrong.
- Personal budgeting is the key to accumulating savings and achieving your financial goals.
- Personal budgeting is one of the most effective methods for paying down debts and avoiding ongoing debt in the future.
Thousands of people come to MyBudget every year seeking our support and advice about managing their money. We can provide structure, support and guidance to help you get on track.
Get expert help from people who care.
MyBudget’s strives to find a solution for every individual. Unlike an App or spreadsheet program, our experts create a plan that’s specially designed to address your needs and priorities.
We also understand that the hardest part about budgeting is sticking to it. That’s why we do the legwork for you. We can manage your budget, pay your bills, save for you, and communicate with your creditors, if necessary.
Succeeding is easier when you have a team of experts supporting you along the way!