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How to save extra funds for your next holiday

Financial tips from MoneyMinded
 

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Dreaming of that perfect holiday but can’t find the cash? That getaway is not as far away as it may seem if you get your finances in order and budget appropriately.

MoneyMinded is a new financial education program (www.moneyminded.com.au) designed for everyday Australians. Readers can learn how to plan and save for their trip including budgeting, setting goals and avoiding spending traps. They can also learn about everyday finances, loans and credit, superannuation and investment basics.

Below are some tips to help you get MoneyMinded so you can afford that holiday of a lifetime!


10 Tips to Get MoneyMinded

  1. Know your finances: Know how much money is in your account, what fees you pay, what debt you have, and what bills you must pay.
  2. Set SMART goals: Write down your financial goals, ensure they are specific, measurable, achievable, realistic and timed.
  3. Separate needs from wants: This will ensure you prioritise your purchases, save money, avoid impulse buying and get value for money.
  4. Create a realistic budget: A budget can help you identify areas where you can cut back you spending and allocate money to savings.
  5. Minimise spending leaks (see below): Spending leaks are generally small expenses (e.g. take-away coffee) that you easily forget to include in a budget, but that can add up to a lot of money over time.
  6. Pay yourself first: Put away a specific amount of money towards your savings goal from each pay rather than saving only what remains at the end of your pay period.
  7. Keep savings separate: Keep your savings separate to money used for day to day expenses.
  8. Look for the best interest: The type of interest you want will vary depending on whether you are saving or borrowing.
  9. Know what you are paying when you use credit: Before making a purchase on credit ask yourself if you really need the item right now, are there any other alternatives and is it the most effective use of your income.
  10. Shop smart: always write a shopping list, never shop when you are hungry, and find the best prices.
  
Common Spending Leaks
(results based on a five-day working week)
  • A daily take-away coffee - $2.80 per day = $722.40 per year.
  • Buying your lunch at work - $8.00 per day = $2064.00 per year.
  • A daily can of soft drink from the machine - $1.40 per day = $361.20 per year.
  • Incurring avoidable bank fees - overdrawn account fees, or fees for using "other bank" ATMs - $1.50 twice a week = $154.80 per year.
  • Daily Train Ticket - Buy a weekly ticket instead of a daily ticket.
  • Impulse buying - avoid unnecessary purchases at the supermarket, petrol station or cafeteria register.
  • Avoidable utilities expenses – caused by leaving lights on in unused rooms at home, or not fixing dripping taps.
     
    For more information or finance tips, go to www.moneyminded.com.au
     


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