The $99 dollar Family Holiday. Why is it that some families seem to be on holidays in the best places with their kids and why is it that you are spending another school holiday with the kids in front of the television! Don’t worry let’s get you started on having that debt free holiday…
Example: Let’s say you want to take a holiday for two weeks with the family to Fiji, flying on Air pacific and staying at the Malolo Island resort you have calculated that you will need to have $6000 saved up to cover the flights and the hotel package, plus a little spending money.
How to get that goal of having that dream family holiday without a credit card in sight
Step 1: Set the Budget target i.e. $6000
Step 2: Work out how much you can afford to invest on weekly budget. The best way to do this is work out when you want to travel and make the goal attainable best to aim for 12 to 16 month time frame.
Step 3: Open an online high interest saving account like a NAB iSaver account and try and start if off with interest % to be earned multiplied by the target amount. (7.05% x $6000 = $423 starting deposit)
Step 4: Automate the deposits, set up your main bank account to transfer $99 weekly into your saving account.
Step 5: Stick a photo of your desired goal to the fridge. Great way to keep you focused on the savings plan. Or if you have one of those snazzy electronic photo frames download a picture onto your photo frame. (I have a nice picture of a Range Rover Sports on my electronic photo frame, so maybe I’ll reach my goal as well!).
Very important to make sure that the account you are opening up does not have any transaction or account keeping fees and that you can make unlimited deposits and withdrawals. It’s also important that the account does not allow you access to ATM and that it has a hassle factor meaning that you need to transfer the savings to another account to get access to the funds. Also make sure that interest that you deserve is being paid daily.
Final Step: Just start and get going the whole process of getting your goal is up to you if you really want it. Plus don’t let the Jones’s ruin your holiday dream with the family tell them when you are going holidays and show them the pics on the return.
