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How To Save For Your Next Big Trip!
Welcome readers. My name is Vanessa; I work at the accounts department as a graduate with 3 hotel accountants, 1 account payables, 1 credit controller, 1 purchasing, 1 assistant financial controller, 1 financial controller and 1 senior financial controller. As we are known for our famous name the “geeky number crunching people”, we will be giving you top advice on how to save for your next big trip.
The most important step about saving for any holidays is doing your research on the destination and the duration of your trip. Once you have established that, you will need to work out your holiday expenditure. Holiday expenditure includes:
-Flights (Comfort & Accessibility vs Practical & Affordability), Accommodation (Budget, Mid-range, Luxury), Medication (Buy generic brands or in bulk), Immunisation (Unavoidable), Travel Sim, Transportation (Buy EuroRail passes if travelling around Europe by train – Saves you a lot of money, car pool with other foreigners, using the bus for long distances compared to trains, travel insurances (The most important expenditure, the saying goes like this “If you can’t afford travel insurance, you can’t afford to travel”), activities, food, travel gear, emergency cash (I usually carry around $1000 and hide it in my travel pouch)
Now that you have worked out your holiday expenditure, you will need to record your income and expenses and set a realistic financial saving goal on the cost for the whole trip and how much you will need to put aside each day, week or month. You will need to be pragmatic about your financial saving goal and the time frame to reach it. A good budget planner to use to record all expenses against your income is moneysmart.gov.au.
Just by reducing your vices like cigarettes, alcohol, coffees, luxury items, take outs can save you lots of money. Instead, substitute your take outs with Jamie Oliver’s quick 15 minute meals and how about cheap bulks buy of wine and spirits if you have subscribe onto discount deals online like Catchoftheday. Shop at Op shops, you will be surprise at how many designers clothes and items that have been donated to these charity organisations.
Always do some research and invest your money in basic bank account that has no bank fees, no monthly deposit amounts, no overdrawn fees and free monthly statements. Then you should organise a plan with your payroll officer to deposit a fixed amount into your nominated savings bank account. You can have different savings accounts for your mortgage, children’s education, holiday, etc. Use a savings account if you want to capitalise on compound interest (interest upon interest) and realised your goals in a shorter time period, however be weary of losing a lot of interest when you withdraw money or transfer to a different account. Alternatively, if you are easily tempted into splurging rather than saving, a term deposit may be a more suitable path for you to take.
Whether it is for the dates of travel, destination or mode of transportation, flexibility is the key to capitalizing on the best deals available and getting the most “bang for the bucks”. Similarly, flexibility to travel off peak season will save you a lot of money. It is known that off peak season for Europe is November to March and for South East Asia is during the rainy seasons.
Posted on Friday, May 16, 2014 - Permalink