With the summer holidays just around the corner, it’s not too late to do your financial planning for the holidays – or start planning for 2019. Here’s how to minimise your financial stress for a well-deserved break.
The earlier you start planning, the more money you can save. And when it comes to peak travelling times such as December, typically the earlier you book your flights and accommodation the better your account balance will be.
Create a Budget
Whether you choose Bali or the bush, create a budget. Account for expenses such as flights, petrol, food and activities, such as visiting museums or a spa. Research activities at your destination and see if you can book early – or if there’s some great free ones. The more you can book and pay for beforehand, the less you’ll need to worry about overspending.
When you’ve worked out how much you will need, start saving. Even putting a small amount aside each week can add up, so you could enjoy some amazing experiences you may not have thought you could afford. A good tip is to open a high-interest savings account and set up an automatic transfer on your payday.
Hunt For Bargains
There are lots of useful websites that compare deals on everything from flights to tours. Just make sure you turn on private browsing when researching online. Some travel sites track users and raise prices on the things you are researching if you return repeatedly.
And don’t worry if you have left things to the last minute – there’s a website for that too: lastminute.com.au.
While You’re On Holiday…
It can be easy to splurge – you’re on holidays after all. But to avoid spending the new year paying it off, keep track of your finances while you’re away.
Set yourself a daily spending limit – or use a travel app to help you stay on track.
But if that’s too much of a buzzkill, you can transfer the exact amount you’ll need into a bank account just for your holiday. This may help you stay out of your other accounts unless it’s absolutely necessary.
Talk To Your Adviser
Your adviser may help you create a financial plan tailored to help you achieve the holiday you want.
Talk to your NFPG adviser to reach your financial goals for your holiday.
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