Last Updated on May 9, 2019 by Seb
To many people, saving a significant amount of money is a big challenge. It’s a challenge since most individuals associate saving with pain. They feel that they will have to forgo certain pleasures of life in order to save. For those planning to take a getaway to an exciting destination, such dreams may become evasive due to budget constraints.
But did you know that you can actually achieve and surpass the budget needed to give you a dream getaway within a few months? It’s possible to visit your dream destination, be it Australia or any other country that you wish and create those memorable experiences you have always wished for.
It all starts with determination and motivation. Identify your dream destination, write down the needed budget and follow the tips below to achieve your target.
Here are our tips to help you save and visit some of the renowned places:
1. Track Your Monthly Expenditure
The beginning of painless saving starts when you decide to actively track your monthly expenditure. At this point, you will not have started saving but you will just form a habit of recording every purchase you make throughout the month.
To kick start this process buy a notebook dedicated specifically to register each and every purchase. If you are living with your spouse or your partner, it’s important that you involve them in this challenge since the benefits will cut across the whole family. Keep the notebook in a strategic place where you can easily access it daily. It could be in the kitchen or in your bedroom.
For one month, record all the items/bills paid, the date of payment, and the amount. Include seasonal items such as repairs, purchase of motorcycle accessories, and any other irregular purchase. After the end of the month group the purchases and bills into three categories: Necessities, Non-essentials, and special treats. Add the total in each category and you will be surprised to find that you spend much on non-essential things that you have ever thought. Pick what to eliminate and what to keep.
2. Use Coupons and other Forms of Discounts
Using coupons, discounts and taking advantage of promotions can actually save you lots of money. This clever method of saving, if done wisely, is bound to increase your monthly savings. And the good thing with this method is that you don’t lower your living standards but you get to buy what you wanted at a reduced price.
For those items which you don’t need immediately but you project that you will need them in the near future, track their costs on different websites and purchase them when they are on a discount. These items could include a New TV, a new piece of furniture, and other non-expendables.
3. Consider Cutting Down your Internet Speed
The speed of the internet varies greatly. Usually, it’s measured in MBPS (megabits per second). The higher the speed, the higher the cost. You may find that a lower internet speed will not drastically affect your browsing and streaming experience.
If you are using a very high-speed connection, consider lowering it or even comparing the cost versus speed packages offered by different vendors. You can as well ask your Internet Service Provider to give you a better offer and see if they will respond positively. You may be surprised to find that they are willing to do this than see you go to another vendor.
4. Have a Monthly Shopping Budget and Stick to It
You could have noticed that you are more disciplined when you have a shopping list than when you don’t have one. Without a monthly budget, you will likely buy impulsively and even purchase items which you didn’t need in the first place. You might also fall prey to the sweet-talking sales-people.
With a monthly budget, you will see at a glance what you need, what you can make at home, and how you can cut down on non-essentials. In addition to this, you will be able to compare the price of items online before making a purchase to ensure that you get the lowest price possible. For instance, instead of buying bike accessories at the first shop you land to, you can begin by comparing the prices online and picking the vendor who has reasonable prices but still offers great quality.
You can take this further, and learn a few DIY activities at home designed to lower your expenditure. This could be making a cocktail with mangorita at home rather than spending at a bar. It will not only help you save on the budget but can as well help you live more healthily and make the best of your free time.
5. Keep Yourself Motivated and Fixed on your Goal
This is a secret most super performers use to achieve their goals. They keep themselves motivated and use different strategies to keep their minds fixed on their goals. You can as well apply it and hit your saving goals.
A prudent way of keeping yourself motivated is reminding yourself of the things you expect to see, do, and experience during your adventure.
6. Check Your Latte Factor
The latte factor has been hailed as a popular method of achieving your saving goals by cutting the money you spend on small things. If these small things such as coffee and mangorita add to the joy of life, don’t completely cut them off. Instead, find ways of reducing the money spend on these treats and items.
7. Track Your Saving Progress
You see, it’s easy to cut down on expenditure and such decreased expenditure does not reflect on your savings. After implementing different strategies on saving money, you need to check your savings and ensure that each cent cut from the budget makes its way into the savings portfolio. This will ensure that you don’t just reduce spending money on one item just to redirect such money to buy a different item or service.
It’s possible to save enough money for your next adventure. Remember to keep yourself motivated throughout the saving period and reward yourself for every saving milestone you make. If you develop an effective saving discipline, you will not only save for travel but also quickly grow your investment portfolio.