Winter is just around the corner and if you’re like us wintertime means vacation time – It’s time to head off somewhere new and exciting! Imagine sitting on a beach in Thailand, pina colada in hand, the warmth of the sun on your face, and feeling that beautiful white sand between your toes. Or driving through the tropical savanna, snapping pictures of elephant herds in the distance, and delighting at the sight of 5-metre tall giraffes chewing their leafy breakfast. Or perhaps, feeling the pulse of the city that never sleeps, admiring the incredible architecture of The Empire State, with eyes wide from the bright lights of Times Square.

Whatever your holiday dream is, with winter on its way, there’s still time to save those precious pennies.

Here are six handy tips to help you save:

1. Set Your Savings Goal

If you know your vacation is going to cost $5,000, work out how much money you’ll need to save each week or month to reach that goal. For example, if you can put $500 aside over 5 payments, you’re already half way there!

2. Pay Yourself First

Contact your Finance or HR department at your job and have them directly allocate 5% to 10% of your salary into your savings account.

3. Review your monthly expenses

Identify your essential expenses such as your rent, groceries, and bills such as electricity. Don’t forget to include your direct debits such as cloud storage, insurance, movie subscriptions, gym membership, and your mobile phone.

After identifying your essential expenses, log onto your bank at the end of each week to see where else your money is going. At the end of the month, review your total expenses.

4. Set a budget

Combine the figure for your leisure and entertainment with your essential expenses listed above and set yourself a weekly budget.

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