Author: Lexi Crouch

Savings tips for when the travel bug bites

It is Week 2 of our Greater Golden Passport Competition where you have the chance to win a $2,000 Greater Building Society Cash Passport to take on your next holiday.

When the travel bug bites it often means that the savings grind begins. Our Marketing Analyst, Lexi Crouch, has been bitten harder than most and is planning to chase tornadoes. She shares her best savings tips with us.

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My taste for action holidays means that I am always saving for my next adventure. I had an amazing time chasing tornadoes in the US this year and I’m planning to go back there next year. In 2014 I’ll be skiing the slopes in Japan.

    Not quite the Wizard of Oz, but this was in Kansas

My top 4 tips for people saving for a holiday are:

  1. Make a start!
  2. Make a budget and stick to it
  3. Drop expensive habits but remember that it’s OK to reward yourself from time to time
  4. Don’t give up!

I research what my trip will cost and then work out what I’ll need to save each week to reach that goal. If I have money left over it all goes into my savings as well, but I have regular payments set up to go into my Bonus Saver account to make sure I’m saving first and spending last.

        Perfect sunset at Jindabyne

Along the way I try to avoid impulse buying – it’s a killer! I always take a shopping list with me and if I see something else that I want but don’t really need, I wait a few weeks on the purchase. Often I will have forgotten about it or reconsidered and other times I can budget the item onto my list.

I once sat back and had a close look at where my money was going each week. My daily flat white and occasional cafe lunches and restaurant dinners were costing me a bomb. Now I’ve switched to instant coffee, I make and bring my lunch to work, and I have dinner parties with friends at home. Instead of throwing away my money – I put it towards my next adventure.

It helps having an account like The Greater’s Bonus Saver to motivate you. It’s really easy and there are three reasons why it’s best for the job.

  1. High returns. I currently get 5% interest if I make one deposit and no withdrawals each month. Being rewarded for saving encourages me to save even more. This helps me meet my savings goals even faster.
  2. Peace of mind. I have access to my money 24/7 – just in case a short term escapade arises such as trapeze lessons, rock climbing or skydiving – the list goes on.
  3. No fees mean that nothing is getting in the way of my savings.

Once you start depositing regularly it’s a fun thing to sit back and watch your savings grow. Before you know it you’ll be saving for your next adventure, perhaps hiking volcanos in Hawaii or abseiling the Grand Canyon (I’ll join you!).

I'd love to hear any savings tips you have. Please share them below.