happy couple travelling in Europe

How to plan for the perfect holiday.

As we draw closer to the holiday season, many Australians will be dreaming wistfully of an escape. Regardless of whether that’s the beaches of Bali or somewhere further afield, the secret to a great holiday is in the planning. This doesn’t just mean working out where you’ll go and what you’ll do when you get there, but also how you’ll pay for the trip and how much you can afford to spend.

To help make your vacation a roaring success, here are some tips to get you started.

1. Saving.

First things first, you’ll need to save up enough money for your holiday. What you want to try and avoid is dipping into your existing savings – or worse, accrue debt – while travelling, so it’s important to put aside enough to cover everything from flights and accommodation to food and shopping.

One way to save is by setting up a dedicated account for your trip. Not only will this allow you to set up regular deposits and easily track exactly how much you’re putting away, but it will also keep you motivated if you’ve set a specific goal. Best of all, setting up a holiday savings account is quick and easy via internet banking, and our Beyond Finance Manager tool will even show you a graphical display of how you’re tracking towards your objective.

2. Budgeting.

Once you’ve saved up enough money to cover the cost of your vacation, the next step in planning the perfect getaway is creating a budget so that you know where each dollar and cent will be going. There’s not much point in spending months saving only to blow your entire holiday allowance in the first week of a month-long trip. A budget helps you avoid this scenario, and the place to start is by including absolutely everything that you haven’t already paid for.

For example, it can be easy to leave the costs of any accommodation that you’ve booked, but not paid for, out of your budget. However, if you do this, you’ll soon realise that all of your calculations will need to be adjusted once you’ve arrived at your destination. Ideally, you’ll arrive at a budget that takes all of your major expenses into account, giving you an estimate of a reasonable daily spending amount to aim for.

Get in touch today to find out more and start your holiday planning on the right foot.

This information has been provided without taking into account your objectives, financial situation or needs. Before acting on this information, you should consider its appropriateness, having regard to your objectives, financial situation and needs. Beyond Bank Australia, a trading name of Community CPS Australia Ltd, 100 Waymouth Street, Adelaide, SA 5000 (ABN 15 087 651 143, AFSL / Australian Credit Licence 237856).