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MONEY HABITS

How to plan a holiday on a budget

11 December 2018

Sometimes you just need to get away. But when the bank account’s looking a bit bare or you’re trying to scrupulously save, it’s easy to think your holidaying days are over.

That’s a shame, because vacations aren’t just fun, they’re also good for your health, happiness and productivity. Research has found that it’s more rewarding to spend money on experiences than possessions, and holidays can include great experiences you’ll remember for life. Luckily, you don’t need a huge stash of cash to take a break from the daily grind. Here are some simple tips on how to plan a holiday on a budget.

5 simple tips to plan a holiday on a budget

Find affordable accommodation

Fancy hotels can take up a big chunk of your budget. If you think outside the box and research different kinds of accommodation, you might be surprised at how much you can save. Depending on your situation, you might like to consider:

  • home share options such as Airbnb and couchsurfing
  • units at a caravan park
  • camping, or
  • hostels.

Fly light and cut unnecessary costs

If you’re flying, it’s important to research widely and book your flights sooner rather than later. Websites that compare various airlines can be incredibly useful in finding the right deal.

Remember, your flight is only a small part of your trip – some budget airlines might not have all the bells and whistles, but do you really want to spend hundreds more for a few extra centimetres of leg room? Steer clear of those tempting perks, and stick to carry-on luggage if you can.

Travel by bus, drive or catch a train

If you’re travelling domestically, go for road and/or rail. Have a look at petrol prices and public transport; you might be surprised. In our age of mass air travel, some people think you can’t have a proper holiday without splashing out hundreds on flights.

There are many great locations around Australia accessible by train or bus, which can be much more affordable than airfares. If you’re on a concession card or you’re travelling with kids you can potentially save even more. Apart from the money, there’s also the time and hassle that travelling on the road can save you on – skipping airport queues, security checks and bag check ins.

Even if you’re heading overseas, the same principle often holds true. Of course, you’ll probably have to fly out of Australia (budget steamboats aren’t exactly abounding), but if you’re going to hop between a few different destinations, overnight busses and trains can be a lot cheaper than flights.

Shop less

When we’re away from home it’s always tempting to go wild at the shops. But bagfuls of souvenirs won’t enrich your experience – they’ll just un-enrich your wallet. If you’re travelling by air, cutting back on what you buy can also help you save money on airline baggage fees.

Get more from your savings

If you're saving up for a holiday, Suncorp Bank can make things easier. By selecting a higher interest account like the Growth Saver Account, you could be rewarded for your regular saving with bonus interest, and you can apply online in just a few minutes.

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Information is intended to be of a general nature only and any advice has been prepared without taking into account any person's particular objectives, financial situation or needs. You should make your own enquiries, consider whether advice is appropriate for you and read the relevant 
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