As we delve into the new year, it’s a great idea to consider what trips you’d like to start planning throughout 2024.
A holiday is more than a chance to relax – it can also work wonders for your physical and mental health. Unfortunately, the post-excitement of a holiday can be stressful for many Australians who return home from their trips saddled with debt due to inadequate financial planning.
Read this guide for ideas of how to finance your next trip, and how to save money on your trip via thorough planning, and having proactive discussions with a lending specialist to compare your personal loan options.
Setting a budget should be the first step in any financial undertaking. Calculate how much money you have coming in and going out, then look for all areas where you can cut costs to help you save for your holiday. Use of a personal loan calculator can help break things down in an easy format.
If you don’t have enough room in your budget for holiday savings, this means you could struggle to repay a personal loan or other debt. This could require downsizing your travel plans for something more affordable, or delaying your trip until you can better afford it.
Saving up for your holiday means you won’t have to worry about borrowing fees or interest, but it can be easier said than done, especially if you don’t want to wait.
Research holiday costs to set a goal of how much you want to save and consider opening a dedicated holiday savings account to make it easier to track your progress. You could transfer funds into this account regularly or have a portion of your income deposited directly.
Saving is a long-term commitment, but the earlier you start, the more options you’ll have for your trip. If you don’t want to wait around, you’ll need to consider other finance options.
