Aussies are famed for their love of travel and adventurous spirit. It’s what makes almost a third of us jet off overseas every single year. Yet travel doesn’t come cheap. Whether you’re off to Asia, Europe, Africa, America or any of the wonderful corners of the earth that should go on anyone’s bucket list, you’re probably going to need a couple of thousand dollars minimum to follow your dreams.
So, how can you make saving a bit less stressful? Here are some top tips to bear in mind…
Cost out everythingFirst up, it’s time for a dose of reality. It’s fine to dream about your holiday, but dreams don’t pay for you to get on board a Qantas flight. Where do you want to go, what do you want to see, how many nights do you need? These days it’s incredibly easy to get a rough price for your holiday thanks to comparison sites. You can try to cut this by costing out the individual elements at a later date but these give you a great indication of the scale of the savings challenge ahead.
You also need to think about spending money, the cost of any activities you might want to take part in and the practical things such as insurance. Get a figure in mind and then get to work.
Cut out unnecessary spending… and maximise earningNext, go through your finances. Look at every dollar you spend and where it ends up. Can you cut any bills and cancel any memberships or subscriptions? Everything you save here can be diverted directly into the holiday fund.
By having your savings goal in mind you’ll be able to get serious about saving. Every coffee and beer you forego is another small step towards that plane.
On top of that, don’t just settle for maintaining your current level of earnings. Ask if you can take on extra responsibility or more hours at work. Or look to offer your services up for freelance work in your free time. Every extra cent you make chips away at that savings target and you’ll be super-motivated to take on that extra work with the holiday on the horizon.
Make your money go furtherYou won’t find many banks offering interest rates above three per cent so you might need to work hard to make your money stretch further. Smart savers need to invest in a diverse portfolio of products. It’s quicker and easier than ever to tap into the potential of the markets to do this. The likes of IG can get you access to trading share CFDs within minutes and apps and software help to make it easier than ever to keep on top of your money. As long as you’re smart – and do your research – this can be a way to meet your savings target.
Don’t stop saving when you goThe other thing to remember is that you don’t have to stop your new-found thrifty attitude to money once you go away. People who spend weeks and months off travelling can continue to earn while they are ‘on-the-go’ with part time work at their destination of choice or continuing freelance work thanks to the beauty of modern technology and communications. This is perfect for people who can afford the trip but might struggle with the ‘living costs’ during their stay.
This is a contribution from one of our contributing writers.
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