Holiday Savings

Holiday budgeting: how to save money when planning a holiday

The arrival of cooler weather often prompts many people to start considering a winter getaway to break up the year.

Planning ahead not only allows you to save for your holiday, it can also allow you to take advantage of special offers and shop around to get the best price on airfares and accommodation.

Here are some tips on how you can stretch your holiday budget further:

1. Fly when airfares are at their cheapest – look out for mid-week flights and if you don’t travel with children, book your trips outside of peak time such as school holidays.

2. Sign up to airline e-newsletters to receive special offers. Often subscribers get first option on reduced fares.

3. When choosing a destination, consider traveling during the off-season when there are fewer tourists.

4. Stay at places located in the city where there is no need for a rental car as you can get around by walking and taking public transportation. You’ll see more that way and it will help to offset the holiday diet.

5. Many hotels and motels have frequent customer programs. If you find that you use a hotel or motel frequently, sign up for their loyalty program. You can usually save 10% or more off the regular room rate.

6. Create a daily budget while you are away. That way you can estimate how much the holiday will cost you in total, and it makes it easier to track how much you spend.

7. Try saving enough money for your holiday before you go. Many financial institutions have special savings accounts designed to help you save for something special, by rewarding you with bonus interest if you make regular deposits into the account. Saving before you go means you won’t have to use your credit card as much, avoiding a high bill – including interest – upon your return.

8. Avoid using ATMs overseas on a daily basis. While withdrawing cash in the local currency is convenient, every transaction attracts a fee, which will ultimately eat into your holiday budget.

Beyond Bank can help with this while travelling, the Multi-Currency Cash Passport which is a pre-paid MasterCard and can be credited with funds prior to travelling. It is chip and pinned protected and designed to allow travellers to load up to 10 different currencies on it. The card can be used within Australia and worldwide at over 1.9 million MasterCard ATMs worldwide.