If you love to travel, then the thought of flying overseas to experience the many wonderful countries of the world is an enticing one. The problem is, although we Australian’s have it lucky (we live in a pretty great holiday destination ourselves) it comes at the price of being a long distance away from a lot of fabulous places. The travel time its self may not put you off taking regular trips abroad, but the cost can be a real road block for some.
Take a look at some of top tips from our travel addict Financial Advisers on how you can afford to holiday overseas every year…
1.Research the destination
So you’ve decided where you want to go, but how much do you really know about the area? Researching your holiday destination is vital to ensuring your holiday is affordable and enjoyable.
Investigate when the peak tourism seasons are (for example if you’re planning to holiday in Europe, their busy season begins in June and ends in the middle of September, as it’s their summer time school holidays) and work out a month where you can avoid the cost increases of peak season – trust us, it’s worth it.
If you’re planning on travelling to more than one destination, be sure to understand how much this extra travel is likely to cost you so you aren’t caught out by your budget. Inter-state flights and ‘island hop’ boat trips can all add up.
2.Sign up to email alerts
No, we don’t mean subscribe to every single travel website in Australia – but our financial advisers do recommend keeping yourself on top of flight and accommodation deals by registering your email address for price alerts online.
Use websites like SkyScanner, a free online flight comparison website to check how different airlines vary in cost. You can opt in to get updates when your preferred flights change in price, a really useful tool if you’re travelling as a family, or simply just wanting to spend less on travel.
If you’re looking for more of a package deal, sign up to Luxury Escapes email alerts, for affordable luxury travel discounts. You could save hundreds of dollars on your overseas trip, plus the emails will provide you with inspiration and hot travel tips.
3.Budget as much as you can
Creating a budget for all aspects of your financial life will help you to manage your money more effectively. If you know that you want to travel overseas for 3 weeks of every year, then you’re likely to have a good understanding of how much this will cost you, so you can work out how much per month you need to save. Use our online Budget Planner or get in contact with on our financial advisers if you need a helping hand with this financial aspect of your holiday planning.
If you struggle to find disposable income to use as savings, check out our free online savings plan tool to help you get started. Cutting back on your day to day expenses (like a $5 coffee) can significantly boost your savings. Work towards a goal, remind yourself of it frequently and be strict with your spending.
4.Protect yourself with travel insurance
Holidays are meant to be positive experiences full of exploration, adventure and relaxation, so it’s easy to become blindsighted by excitement about your upcoming trip and forget to buy adequate travel insurance. If you’re a regular traveler then many insurance companies offer discounted rates for annual cover which is definitely something to look into.
Planning for the unexpected is hard, but insurance can definitely provide some peace of mind and financial assistance should anything go wrong while you or your family are overseas. For more information on the value of insurance, click here.
Other than flights, buying accommodation for your trip is the largest expense you are likely to come across when planning for your holiday. Along with keeping on top of upcoming sales and discounts, it is always worth mentioning to the accommodation you have booked if you’re going for a special occasion. For example, more times than not if you inform hotel staff that you’re on your honeymoon, celebrating a birthday or an anniversary of some kind you might be upgraded to a better, more expensive room. Give it a try – there is no harm in asking.
If you live in a tourist area and own your own home, consider renting it out on Air B and B for a week or 2 as a final boost to your holiday savings pot (while you stay with your family or friends). Although it may seem inconvenient, you could make a significant profit.
Talk to us
Contact our friendly financial advisers who can help you put your travel plans into motion, and set you on your way to achieving your holiday goals for 2018 and beyond. Our advice team can help plan your budgets, effectively manage your money, guide your investments to help grow your wealth and provide insurance advice to ensure you’re protected no matter where you are in the world.
If you’re planning the trip of a lifetime and need to gain some useful advice on how to keep your finances health, get in touch with one of our expert team today.