Small tips to take big trips

THE new year is set to be a bumper year for Australians to stash cash – and top of the priority list is saving for a holiday ahead of a home.

The Westpac 2016 New Year Resolutions Report has found Australians plan to save a massive $21 billion in 2016 – or an average of about $11,230 each.

And a majority of Australians concede the biggest driver for saving this year will be so they can go on a travel adventure (53 per cent), followed by saving for a rainy day (46 per cent) and buying a home or doing home improvements (40 per cent).

Some of those surveyed had multiple savings goals.

Westpac’s head of consumer deposits Elliot Smith said while it’s all well and good to set out to save in the new year,

Many new users have posted their first experiences with the new gadget on social media. Those that haven’t had the best of luck have tagged themselves, their friends and family members with the hashtag #hoverboardfail. immediate action needed to be taken to achieve this.

“You need to be clear on your goals, whether it’s a trip to the US, or a family holiday, or saving for a house, you have to be really realistic and start with a plan,’’ he said.

“You will be surprised what balances you grow when you save a really small amount of money and start on a regular basis.

“A lot of people set unrealistic expectations and get really disappointed after the first four weeks or two months.”

The report found 85 per cent of Australians who had savings resolutions for this year had a specific target.

Smith said opening up a separate bank account and tucking away money for a particular goal was a good way to start and also directing direct debits into these accounts.

Communications employee

Some of the videos being posted around the world include: “Hoverboard slip-up in front of the kids”, “Whoops! An easy hoverboard fall to make”, “A grandma’s hoverboard fail”, and “When the hoverboard ruins a selfie”. Annemarie Gallard, 25, hopes to kickstart a savings plan in the new year to save for her first home.

“My partner and I have been talking about buying a house for a couple of years, we’ve been renting and we want to save a certain amount every month,’’ she said.

“We are hoping to save about $50,000 so it will mean cutting out buying takeaway and shopping for new clothes.”

Consumer finance expert Lisa Montgomery said reviewing your finances before you start a savings plan is critical.

“Do an audit of your finances so you can work out what’s coming in and what’s coming out,’’ she said.

“Take a look at your transaction account and see if there’s anything you are paying for now that you aren’t using anymore, for example a gym membership.”