Autumn is here, and that slight bite in the air might be pushing some people to start considering a quick holiday somewhere a little warmer. Whether you’re heading to one of the more temperate areas of Australia or going to an adventure overseas, a holiday is a fantastic experience; but also potentially a dangerous one for your savings account.
The Australian Securities and Investments Commission found that we were spending the equivalent of $52 a week over the course of a year when we headed out on holiday – a pretty hefty strike at your bank balance by the end of the year! To make sure you don’t do too much damage to your finances, here are three ways you can mitigate your spending while on a well-deserved break.
1) Consider a holiday closer to home
Our cities are overflowing with different cultural events, and the sheer size of the landmass of Australia gives us a huge range of climates too.
So, if you’re thinking of heading somewhere more exotic for your holiday this year, why not mitigate the damage on airfares by heading to somewhere within Australia? You might just learn something new about your own nation while you’re at it!
2) Remember to haggle
Using data from the Australian Bureau of Statistics and Tourism Australia, the Guardian revealed the most popular destinations for Australians to holiday. Indonesia, Thailand and Fiji made the top five, all of which have a strong haggling component in their retail trade at some markets.
While you’ll still encounter places that have set prices, haggling gives you the opportunity to get an item far cheaper than you might have paid otherwise. It’s also an awful lot of fun and a big change of pace for people who are used to just busting out the credit card and paying what it says on the packet!
3) Use cash
Speaking of credit cards and haggling, you should make a habit of carrying cash when holidaying. It gives you a far more tangible feeling of worth when you actually have the coins and notes in hand. It might make you think twice about an unnecessary splurge. Plus, if you’re overseas, any cash you have left over at the end of the trip can act as a really fantastic memento of your time there. They say a photograph is worth a thousand words, but a foreign note has value in a bit more literal sense.
Ultimately, your best bet to making sure you don’t put yourself in a financial hole when you’re overseas is having easy access to your bank if something goes wrong. So, if you’re thinking of holidaying this year, make sure you get into contact with Border Bank and let us help you with your financial needs on your break from the hectic lifestyle!