Financing your 2017 travel bug
11 January 2017
The holiday season came to an end for thousands of Queenslanders this week (myself included). As we emerge from our festive fun and kick off the 2017 work year, naturally our attention has quickly turned to planning our next escape.
But regardless of whether you’re back at work, or have been laboring through the break, it’s important not to let your love for travel and adventures, or eagerness to cure your holiday blues influence the financial resolutions you set for 2017.
So, how can you achieve your financial goals, and still satisfy your wanderlust spirit? The key is being realistic. Be clear about how much you will spend, and stick to a clear budget in the lead up to your travel.
But how do you do it? Whether you have two years or two weeks before your next escape, there are some easy things you can do now, so you don’t have to sacrifice the fun-stuff abroad.
Two years to save: Be realistic about your holiday budget. Set automatic transfers into a high-interest savings account and be rewarded for the money you put away. Aside from offering higher interest rates than everyday transactional accounts, some savings accounts reward regular deposits while discouraging withdrawals.
12 months to save: Research your holiday destination. Check out travel agent websites for deals, visit the destination's tourism website, and read books and reviews for tips on the best activities and transport methods. There may be early-bird discounts for buying in advance.
Six months to save: Look for the best credit card deal to suit your travel needs. A credit card can be a useful payment option while travelling, and some cards offer complimentary travel insurance if you meet certain requirements. Alternatively, most financial institutions offer prepaid travel money cards with varying levels of fees, features and flexibility.
Leaving in two weeks: Plan for your return. Budget money for any upcoming bills while you’re away, and if you are travelling overseas shop around for foreign currency. Also, you don’t want to finish your break with a financial holiday hangover, so remember whatever expenses you charge to your credit card will need to be repayed when you arrive home.
About Suncorp: Suncorp Group includes leading general insurance, banking, life insurance and superannuation brands in Australia and New Zealand. The Group has 14,500 employees and relationships with nine million customers. Suncorp Group Limited is a Top 20 ASX-listed company with $94 billion in assets. Suncorp Bank is Australia’s leading regional bank servicing more than one million personal, SME and agribusiness customers.