5 Foolproof Hacks to Smash Holiday Debt
Now that Christmas is over reality has set in: you’ve got a mountain of debts to pay off and a massive lineup of festivals coming your way.
At this stage to do it all may seem impossible but don’t give up just yet, we’ve narrowed down our 5 Top Tips to get you chipping away and saving up just in time to snag those upcoming festival tickets.
1. Get Rid of your Afterpay
Now you’ve probably racked up some big Afterpay debts over the holidays and it’s time to take a look at the damage, pay it off and delete your account. Once you get rid of the temptation you’ll find it easier to save. Even if they’re only small instalments, it makes a huge difference not to have them hanging over your head every fortnight.
2. Avoid Buying Unnecessary Sh*t!
Cut down on buying things like clothes, alcohol and take-out. These small items add up fast if you’re not paying close attention and remember you do not need a new outfit for every event you go to and you can re-wear something that you already own.
While you’re at it go through your Instagram and unfollow any accounts that might tempt you into giving up all of your hard work and buying something you don’t need.
3. Open a Savings Account
Open a savings account separate from your everyday spendings account (without an ATM card attached!) and set up automatic payments directly from your pay cheque to the account each week. $50-$100 a week will add up faster than you realise, especially when you aren’t being enticed to spend it when you’re drunk.
4. Set a Realistic Budget
There’s no point setting a $5k goal to reach in three months when you’re only earning around $400 a week- it’s unrealistic and you won’t be able to stick to it. The best thing to do is note down your weekly spendings and work out what you can save accordingly. The more realistic you are, the better the chance of reaching your end goal.
5. Sell Some Stuff
Don’t know where to start?… Hmm, we’ll just leave this here:
Our rule of thumb is to get rid of anything you haven’t used in over six months and even if you only get $10 for it, it’s still worth the three minutes you took to upload a pic and write a sweet listing. Every little bit counts, especially when you don’t have a lot to begin with.
Now if you choose to follow these simple steps and actually stick to them, you’ll be on your merry way to the festival season debt-free and without having to be a scab and get your friend to buy your ticket.