Financial hygiene takes a break on holidays

Follow one simple step to keep vacation spending under control.

The colder months are upon us, which means plenty of Australians will be embarking on some budget travel. But all too often good financial hygiene flies out the window when we’re travelling, with holiday spending statistics showing two out of five overseas travellers arrive home financially worse off, despite 82% diligently saving for their trip, according to a ME survey with 1,000 Australian adults who had travelled overseas in the past three years.

So, what exactly is financial hygiene? It’s about following the basics of keeping your cash under control – following a travel budget, planning holiday spending in advance and taking a ‘spend wisely’ approach.

Holiday spending tips

Some prior planning can go a long way to keeping a lid on travel costs.

Compare airfares and look for ‘happy hour’ discounts that many airlines regularly offer. Similarly, shop around for accommodation, and aim to book in advance to score an early bird discount.

Don’t overlook the cost of transport and dining out, which can quickly add up. Ask friends or family, or scope around online, to discover cheap eats and the most affordable way to get around your destination.

Take advantage of digital tools too. It’s easier to be organised on the go with a myriad of holiday budget planner apps and currency conversions tools available on our smartphones.

Schedule a holiday spending debrief

One of the most effective steps to manage holiday spending occurs after you’ve taken an overseas trip.

Review how much you’ve spent when you return home.

One in two Australians who’ve travelled overseas fail to conduct a post-trip examination of their holiday spending. Yet a quick money debrief can lay valuable foundations for your next vacation. After all, how can you save and budget for an upcoming holiday if you’re not aware of what you spent last time?

Thanks to ME Bank, you’ve got access to a range of special offers to help you get more from your banking. It’s just another great reason for being a member of LUCRF Super. 

This article is brought to you by ME. For more information, please visit www.mebank.com.au. The trustee of LUCRF Super does not recommend, endorse or accept any responsibility for the products and services offered by ME Bank.
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