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Travelling Overseas? You Need a Robust Savings Plan!

Every traveler’s nightmare is to be stuck in a foreign country with no money. It may seem like this situation only happens to the careless and unprepared, but this is not the case. If you are planning to travel overseas in the near future, ask yourself - have you budgeted for the unexpected and the often forgotten eg:

  • Hotel parking if you are renting a car
  • The price of fuel in the overseas country or countries
  • Other travel and sightseeing costs
  • International roaming for voice and data
  • Souvenirs and gifts for family and friends
  • Overweight luggage
  • Travel insurance

Sure, everyone remembers to budget for hostels and drinks, but it’s the little expenses that really add up and can overwhelm you. Before you know it, you are down to your last $20 and are dreading the phone call home to Mum and / or Dad to send you some money.

Luckily, the friendly folks at Holiday Coast Credit Union are here to help you create a robust savings plan for your overseas trip!

1.Have a Clear Objective in Mind

Are you going to stick to your itinerary, or will you be open to spontaneous adventures? Either way, it is important to keep a clear objective in mind when you travel. This is especially important if you are travelling without set plans, because it is often these travelers that are faced with unexpected expenses. In fact, many say that travelling spontaneously is even better with a little planning.

2.Study Your Travel Plan and Destinations

If you are planning to travel spontaneously, it is recommended that you study your travel plan and your intended destinations carefully. This information will be invaluable once you are ready to set a savings goal.

3.Keep Your Savings Goal Simple

It can be tempting to set an elaborate savings goal, with separate sections for all of the different countries you plan to visit. There is no need to complicate matters – all you have to do is sit down and brainstorm all possible travel-related expenses. Then add up all expenses into one total savings goal. However if travelling through different countries be sure to consider any specific additional charges and taxes as well as all Visa and other travel requirements.

4.Be Realistic

Setting a savings goal is easy enough, but setting a realistic savings goal is not so straightforward. Many people set savings goals that are more like wishful fantasies; then they fail to achieve these ‘goals’, leaving them with nothing but disappointment. This is why you need to be realistic. Have a realistic figure in mind that will challenge and motivate you and most importantly fulfil your needs in terms of the savings required to fund your planned trip.

5.Be Disciplined!

All the great achievements in history have taken time. It took NASA 8 long years to put a man on the moon, and it required a tremendous discipline from everyone involved on a daily basis. Your savings goal, despite being slightly less ambitious than the Apollo program, will require disciplined actions on a daily basis. So make sure to set achievable weekly and monthly goals to keep you on track and then have the end goal vision motivate you to stick to your savings plan.

6.Setup Direct Debit

Daily discipline is hard enough, so why burden yourself with unnecessary tasks? Setup a direct debit system so your funds will automatically go into your savings account. You can ask one of the friendly Holiday Coast staff how our "Christmas Club Acount" can also be used to save for your holiday. It will save you much time and energy.

The first step is to setup a savings account. Unlike other savings accounts, the i-Saver Savings Account has no fees or charges, and a premium interest rate, so you can really watch your savings grow!

If you need some help setting up your savings account, call 1300 365 7 24, email or drop into a Holiday Coast branch near you.

This article provides general information only and should not be relied upon as financial product advice.

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