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On this episode of The nestegg Podcast, host Maja Garaca Djurdjevic and three experts discuss the ups and downs of online auctions, the power of activist short-sellers, and tax time 2021.

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Steve Waters, director of Right Property Group, chats about online auctions and why they resemble “a bad Zoom meeting”, the growing resilience of the property market, and how Sydney’s lengthy lockdown could shake things up.

RMIT’s senior lecturer of finance, Dr Angel Zhong, delves into short selling – the original trade that sent GameStop stock soaring – and how activist short-sellers are impacting markets.

And lastly, tax and super guru Timothy Munro talks about those early tax lodgers and possible ramifications, as well as detailing the temporary shortcut method, which you may be able to use this tax time.

Have a question for our experts? Get in touch at [email protected] and you might get featured on the next episode.

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How can I save money for a holiday fast?

By Louise Chan

December 10 2019
Share

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How can I save money for a holiday fast?

By Louise Chan
December 10 2019

Unless your monthly salary is very large that it’s easy to produce your travel fund, it may take time to plan and save for your dream holiday. But there’s no need to panic even if your holiday is approaching because there are some things you can do to save money for a holiday fast.

How can I save money for a holiday fast?

By Louise Chan

December 10 2019
Share

Consider these easy ways to save to help you reach your required budget faster.

Look at the big picture

The first thing you need to do when saving for a holiday is to get a clear picture of your finances – your monthly income, expenses and balance.

Each person has a different idea of a dream holiday: some want a luxurious cruise, others prefer a backpacking adventure – none of them cost exactly the same. Figure out how much money you’ll need by determining what exactly you want your holiday to be like.

Once you know these, write your projected budget to determine how much you’ll need.

Creating a budget plan will help you understand how likely you are to reach a goal and what savings strategy you can execute.

Hustle and earn more

Your income has a big influence on turning your dream holiday into reality, so you need to make sure that you receive compensation regularly and, if possible, generate extra cash.

Look at your current job situation. If you’re already due for a salary increase, you may consider preparing your case and initiating the conversation with the management.

Likewise, you may take up side hustles for extra income.

Set up a holiday account

Once the budget is in place, you can start saving for your holiday by funneling some of your extra money directly to a separate bank account that is meant specifically for your holiday or splurging.

Don’t forget to top up your holiday fund account each month, and the target amount for that fund should be clearly identified because this will serve as your savings goal.

You may consider automatically transferring a portion of your income to your holiday savings account.

Plan to travel smart

Saving money for your holiday is necessary, but saving money on travel is just as important.

Now that you’ve identified a destination and the target budget, consider trimming pricey areas in your travel plans. You can do this by identifying unnecessarily expensive elements, such as hotel accommodations, and searching for good deals.

Saving on airfare is also possible by purchasing discounted fares or choosing smaller airlines. Likewise, you may drop expensive rental cars from your plans and simply take public transport with locals.

Do your research and take note of travel tips that will help you keep expenses small, such as off-peak season or hours and when you can get free or discounted passes.

By doing a thorough research, the amount you need to save for may decrease and you will be able to reach you savings goal faster.

Likewise, check with your credit provider if they have special discounts, deals or privileges you can access by using the credit card they provided. Just make sure to pay your bill in full and on time to avoid blowing up your debt with interest rates and surcharges.

Countless people around the world have travelled on a shoestring budget, and you can definitely do the same with the right attitude and discipline.

Explore nestegg for more ideas on how to save money as a teenager for specific purposes.

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About the author

Louise Chan

Louise is a content producer for Momentum Media’s nestegg who likes keeping up-to-date with all the ways people can work towards financial stability in 2019. She also enjoys turning complex information into easy-to-digest, practical tips to help those who want to achieve financial independence.

About the author

Louise Chan

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