No matter how you look at it, travel costs money. Saving for a long term goal can be hard, and you don’t want to be paying off debt for the next few years! We’ve put together some ideas on how you can better plan for your trip.
What should I budget for?
There are many ways your money will be spent whilst travelling. You’ll need to budget for:
- airfares and transport
- passport and the required visas
- bills at home whilst you’re away
- travel insurance.
Before you leave, you will also need to ensure you can access your money. There are many options available, including cash, travel cards, and credit or debit cards. You could choose to carry cash only, however if you lose it or it’s stolen you won’t have any money that is accessible. Don’t assume your debit card will work overseas, and don’t assume there won’t be any fees! Many banks will offer prepaid travel cards that have lower fees and allow you to keep multiple currencies on it. Make sure you understand the fees and restrictions before you leave.
Tips on saving
Saving for long term goals can be hard, especially if you are unsure exactly where you want to go. But you don’t have to be earning a huge amount of money to save for a holiday. Here are some easy ways to save some extra cash:
- cut down on entertainment costs
- limit nights out
- cook at home instead of heading to restaurants
- sell items you don’t use – everyone has them!
Every little cent counts! Make the most of your savings by putting it in a hard to access interest savings account. This way it will stop you from reaching in every now and then, and you accrue interest along the way.
For more holiday savings tips, and general budgeting information, visit MoneySmart.
We have some great tips and tricks to make preparing for your next trip easier.
Here are our favourites:
- Store extra cash in an empty Chapstick to keep it out of sight
- Roll your clothes when packing instead of folding, it will reduce creases and let you fit more in your suitcase
- Dry wet clothes by pegging them to the outside of your backpack as you walk around in the sun
- Keep a stash of plastic bags for dirty clothes and shoes
- Morning flights generally have less turbulence if you are a nervous flyer or get sick on flights
- Feed your necklaces through a straw to keep them from tangling
- If your room has a TV, it probably has a USB port so use that to charge your devices
The best tip when packing is to use a list so you don’t forget anything, especially if you are in a hurry.
Choose the travel insurance that’s right for you
Everyone’s idea of a holiday is different. That’s why we have a choice of travel insurance policies to suit travellers. Whether you're travelling internationally or domestically our travel insurance gives you options. We also recognise that young travellers have different needs so have specific insurance just for them.
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