25 January 2019

Alec Berry

Client Adviser - Wealth Management

The Australia Day long weekend is almost upon us, and whether you’re keeping it local or going to Fyre Festival 2.0 (see Netflix if you don’t know what this is), there are always expensive and less expensive ways to travel. While your plans are probably set in stone at this point, we thought it timely to share some tips and tricks to help you reduce your holiday spending.

 

Low cost options

If by chance you haven’t organised something for this weekend, why not try a camping trip? Relaxing in a shady spot, having a swim and listening to Triple J’s Hottest 100 is an enjoyable and affordable way to unwind, especially if you can borrow tents and equipment from family and friends. If you’re heading off in a group, allocating specific meals to different people to cook for everyone can be a good way to keep costs low (and judge your peer’s cooking skills). If camping doesn’t peak your interest, you can always keep an eye out for what’s happening locally, with websites such as Concrete Playground and The Urban List providing a wide range of things to do and see. You may want to check out the brand new open-air movie screen at Eagle Farm Racecourse, Big Screen on The Green. Coming in as the largest of its kind in the southern hemisphere, it’s the perfect spot to pull up a chair and watch the Australian Open finals.

 

Plan ahead

It’s probably too late in the game to get your dream holiday sorted in time for this break, but to ensure your ideal getaway materialises in the future, you may want to explore some simple but effective strategies. Getting serious with your saving and allocating a percentage of your salary to a separate travel fund is a good place to start. Using an online travel budgeting tool to roughly estimate how much money your planned holiday requires will help you get a better understanding of how much to save, as this will vary based on your preferred travel style. Once you’re on your way, using tools to keep you accountable, such as software that links your various bank accounts to a defined goal, can provide that constant and critical feedback to help you remain on track.

Getting your cash flows under control is a vital step towards achieving your saving goals, but doing so can often be a tedious, painstaking process. We have access to a user friendly tool that streamlines the management of your cash flows, taking a good deal of time and confusion out of the equation. For more information, get in touch.

 

Trim the holiday costs

Once your personal financial situation is taken care of, there are a number of ways you can trim additional costs off your holiday, without sacrificing the important things in the process. The first, and often most expensive step (particularly if you’re travelling internationally), is getting your flights sorted. Ultimately the airline market is driven by supply and demand for flights, so an obvious consideration is to fly at off-peak times, whether that means jetting off on a Wednesday or during a month not affected by school holidays or ski seasons. If you are relatively inflexible with travel dates, you can always take advantage of schemes such as Jetstar’s Price Beat Guarantee to save a few dollars (I have used this countless times domestically), or use websites such as I Know The Pilot to stay in the loop regarding reduced-price deals. Beyond airfares, decisions such as choosing to stay in an Airbnb as opposed to a hotel may allow you to spend your money in other, more exciting ways while away. Plus, if your Airbnb property has a kitchen you have the option of taking a break from eating out by preparing the odd meal for yourself (though admittedly, you would need to be motivated here).

Whether you’re looking for an inexpensive way to relax over the long weekend or looking to make your ideal getaway more of a reality, the tips mentioned in this article may be worth considering to ensure you get the relaxing break you’re looking for.

Disclaimer: This article contains general information only and is not intended to constitute financial product advice. Any information provided or conclusions made, whether express or implied, do not take into account the investment objectives, financial situation and particular needs of an investor. It should not be relied upon as a substitute for professional advice.