Saving Money and Budgeting

[GoldenRose]

So I have recently put my deposit down on a trip to Peru in July and I’m now looking at ways I can save some money to put towards my trip without having to be hermit and miss out on going out and being social with my friends. There’s so many gigs coming up and so many things such as learning how to paddle board/ surf that my friends and I want to do!
What are some of your tips you have for saving money and budgeting? How do you manage to save up for something while also not missing out on everything in the meantime?

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@goldenrose that’s so exciting for you! How long are you heading away for?
I try to get away every year and one mistake I used to always make was under budgeting for the actual trip, so when I got home I would always be broke or on a shoestring for the last week!

Biggest thing to save money is don’t drink alcohol or drink out at all. It’s such a waste (I don’t know if you drink but a few social ones can cost $50). The other thing I do (or don’t do) is buy anything new at all and if I really want an item of clothing I will op shop it for $8 instead. I think the biggest trap is seeing something on sale and being like ‘oh I saved myself $50’ when really you spent $30 so you didn’t save anything haha

I have a separate travel saving account so when I know I’m going to book a trip I deposit a whole entire pay in there just to boost the savings and make me feel like I’m ahead of the game already (and just try to live off existing savings if any for that fortnight!)

Keen to hear if anyone uses apps

[tea]

Ohh how exciting @goldenrose! It seems like everyone is going on holidays soon, makes me very envious haha – I’ll be at uni awaiting to hear all about everyone’s trips!

Totally agree with @stephaniaaaah about not drinking out! If you do, maybe do pre-drinks at home with some cheap (but good) Aldi wine? Not drinking would have so many more benefits tho haha! Also, agree with not buying new items!! I never buy fast fashion anymore, or actually any new product. Op shops are the way to go!!

I have a separate travel savings account too (which is empty right now wahh) but it works well so I know how much I have to spend without worrying about having nothing left when I get home!

[GoldenRose]

@stephaniaaaah @tea I’m not exactly sure how long yet, hopefully 4-6 weeks but I’ve booked my tour for the Inca trail so far which is a one week tour! Under budgeting for the actual trip is a mistake I made in the past… never again!
Both great tips! I need to get fit to do the Inca trail so I think cutting back on alcohol will be a good idea for me haha, and I want to move away from fast fashion and shop more at op shops anyway! I’m always a sucker for a sale or afterpay

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Sounds so amazing @goldenrose Is it a hiking tour then?

Haha yeah I had to ban myself from Afterpay reminds me of the best venn diagram on the internet IMHO

[sextronaut]

@goldenrose how exciting! I’d love to go to Peru.

A big saving tip I have is batch cooking and meal planning! It saves on eating out everywhere if you’ve got a bunch of containers in your fridge ready to go, it saves me so much money every week and I always challenge myself to get my meals as cheap as possible, sometimes I can get them under $1! An example could be: stirfry up broccoli, beans, carrots, peas, whatever you like (frozen is cheaper and lasts longer) with soy sauce, garlic, pepper, whatever takes your fancy and have it on rice. Super cheap!

Also if you cut back on alcohol/coffees out/new clothes make sure to put the money you save straight into a savings account, or have an automatic withdrawal doing it for you every week. 🙂

[tea]

@goldenrose ohh maybe you could try the $5 challenge to save up for future trips?? I’ve started doing it and it’s surprisingly easy – just one less take-away coffee here and there haha

Though instead of the traditional method I’ve linked, I just don’t spend any $5 notes when I get them! Also, 6 weeks woah!! How exciting!!

[GoldenRose]

@stephaninaaah I’m doing a Contiki tour which has the hiking tour included in it!
@sextronaunt , @tea Awesome tips! Thanks guys 🙂 The $5 challenge looks interesting!
Yeah hopefully 6 weeks but I guess it will depend on money and time… time to start planning properly and see haha

[GoldenRose]

* @stephaniaaaah , @sextronaut (woops lol)

[Aunt_Flo]

Pretty much echoing what’s already been said – meal prepping at home and not drinking is a good way to save. You could also change how you catch up with friends, e.g. if you find yourself catching up for meals out, organise a picnic or meal at home if you can.

Another thing that helps me save is to have a rough idea of how much I want to save in a month, and put that money away straight away. That way, I’m not tempted to touch if it I see something unessential that I might like the look of.

Good luck with planning your trip, it sounds amazing!

[tea]

@aunt_flo Ohh I love the picnicking with friend’s idea!! I might steal that one hehe Also the putting your savings away immediately – might steal that too!! Such a good idea and if you’ve budgeted for it already it should go in the same place anyway, makes total sense and such a good way to stick to financial goals!

[GoldenRose]

@aunt_flo Great tips! Thanks!

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