Holidays give you the chance to take a break from daily life and explore this wonderful world around us. Planning ahead and saving regularly lets you experience travel more often.

If you are worried about your credit card balance when you are on holidays, it can spoil your trip – and then you have a major amount to pay on your return. Saving ahead of time allows you to really enjoy your reward later.

To achieve your travel goals, start by working out how much money you need for your holiday. Make sure to account for all the costs, such as:

  • Transport
  • Food and accommodation
  • Travel insurance
  • Activities
  • Souvenirs
  • Entertainment
  • Internet access and phone calls
  • Visa application costs


Flights, food, and accommodation tend to make up the majority of the holiday expenses. If your travel periods are flexible, you can consider taking holidays in off-peak seasons or book last-minute deals to secure the best offers.

Once you’ve got an idea of the total costs, start putting a savings plan together to achieve this goal. You’ll find that by making small changes, like eating a home instead of dining out, your holiday savings will accelerate.

Consider keeping your savings separate from your everyday transaction account. This will prevent you from accidentally spend your savings, and it’ll give you extra motivation as you watch your savings grow. Many dedicated savings accounts pay a higher interest rate, such as the ING Savings Maximiser or HSBC Flexi Saver. Some providers also pay a bonus interest for an introductory period.


Work and pay


You can combine your holiday trip with work-related activities like conferences, workshops, and seminars. Work-related expenses can qualify for a tax deduction for some of the costs incurred for your travels, but you’re only permitted to claim for the portion that is directly related to work. Likewise, you can also claim for a portion of the expenses if you have an investment property abroad and are travelling to carry out duties associated with the property.


Money saving tips to build your holiday fund and increase your spending power


  1. Create a budget and set clear savings goals. Look at where you can reduce your spending and put the money towards your goal – cut back on dining out, coffees, movies, and other variable expenses.
  2. Use a savings maximiser account to earn a higher interest rate.
  3. Automate your savings transfers. This set and forget method will guarantee you are saving consistently towards your travel goal.
  4. Keep track of your spending. You cannot control what you don’t track. There are plenty of money management apps (such as Monefy or Money Manager) you can choose from to help you with this.
  5. Shop around when you are exchanging foreign cash. Operators have different fees and exchange rates which will affect your spending money. Timing your travels and buying foreign cash when the Australian Dollar is strong will boost your spending power.
  6. If you are prudent with your credit card, taking advantage of the complimentary travel insurance from your card provider will save you some money.
  7. Do your research. Many websites offer travel deals from discount flights to special tour packages. Sometimes you’ll find good deals by booking early while other times you might find last-minute offers provide the greatest discount. It’s a matter of keeping an eye out and being flexible. Remember to browse the internet in private settings. Some websites track users and increase prices if you return to their website.
  8. Make your money stretch further by visiting tourist information booths, local tourism websites, and talking to the concierge at your hotel when you arrive at your travel destination. They often have discount coupons and packages available for various attractions. You’re also likely to find many tourist publications at the airport which will have special offers inside.


Contact Moiler about creating a personalised budget and savings plan to help you achieve your dream holiday sooner.


Other articles you may be interested in:
Smart Ideas for Saving and Budgeting


This document has been prepared by Moiler Partners, an Authorised Representative of Count Financial Limited ABN 19 001 974 625; AFSL 227232 (“Count”) a wholly-owned, non-guaranteed subsidiary of Commonwealth Bank of Australia ABN 48 123 123 124 and is for general information only. The presentation has been prepared without taking into account your personal objectives, financial situation or needs. You should assess whether the information is appropriate for your needs and consider talking to a Count Authorised Representative before making any investment decision. The relevant PDS should be considered before making a decision about any financial product. The information is provided as an information service only and does not constitute financial product advice and should not be relied upon as financial product advice. 8 July 2019.