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How to save for a holiday

14 March 2024
• 4 minute read
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With Christmas now a distant memory, many Australians are thinking about their next holiday. You’ve got to have something to look forward to, right? With that in mind, here are our tips for saving, and for keeping your finances safe when you arrive at your destination.

How much to save for a holiday

The true cost of a holiday comes to more than just the price of the flights and accommodation. Once you’ve worked those out, you also need to factor in things like:

  • Visas, passports, vaccinations (if applicable)
  • Travel insurance
  • Food and drink
  • Car hire/transportation
  • Activities and entertainment
  • Shopping and souvenirs
  • Currency exchange rates and ATM fees

Just on this last point, overseas card transaction and ATM fees can really add up if you’re not careful. In fact, they can really add up even if you are careful! One way around this problem is to use a bank account which refunds them.

At this point, it would be remiss of us not to mention that the Great Southern Bank Everyday Edge Account does exactly this (T&Cs apply)!

Once you’ve added all the above (plus any other relevant expenses) together, you will have a clear and, most importantly, realistic idea of how much you need to save.

Tips for reaching your savings goal faster

Now that you know your savings goal, our handy savings calculator can help show you how long it’ll take to reach it. But if you’re the impatient sort (and who isn’t when it comes to saving money?), here are some tips to help get you there quicker.

Open your own dedicated holiday savings account

Having a separate savings account for your holiday fund is a great way to keep you on track. Back in the olden days, opening a new savings account was a longwinded and time-consuming process. Now it barely takes five minutes online. Hooray for technology!

Make sure you’re qualifying for bonus interest

Many high-interest savings accounts offer bonus interest which is only available if you meet certain eligibility requirements. These typically involve ensuring you deposit a certain amount into a linked transaction account and/or making a minimum number of card purchases each month.

In most cases, the bonus interest portion is many times greater than the base interest, so it’s definitely worth ensuring you qualify. Our bonus interest tracker can help you with this.

The Boost

We all know that saving can be difficult. But did you know it can be as easy as spending? With The Boost, you simply select an amount from $0.01 to $5 to be automatically transferred to your savings account every time you use your Visa Debit card.

The Vault

For some people, putting money away isn’t the problem – it’s keeping their hands off it! If you suffer from the temptation to splurge your savings, The Vault could be the answer.

When you put your savings account in The Vault, you balance is hidden from view. And you know what they say – out of sight, out of mind. Don’t worry though, it’s not a real vault. You can still easily access you funds if you need to.

Staying safe overseas

Setting up online and mobile banking is the single most effective thing you can do to safeguard your finances when you’re overseas. Not only can you keep tabs on your spending and ensure your bills are paid back home, you can also:

  • Let us know when you’ll be away
    Simply send us a secure message via online banking and we’ll know it’s you splashing the cash around Europe (or wherever you’re going). Otherwise, your cards might be blocked due to ‘suspicious’ activity.
  • Put a temporary lock on your card If you mislay your card but aren’t certain it’s definitely lost, you can lock it temporarily via online banking or the Great Southern Bank mobile app.
  • Report a lost or stolen card

On the other hand, if you’re sure your card has been lost or stolen, you can just as easily cancel and report it via the same means.

What if you just can’t wait?

If your intended holiday dates don’t line up with your savings schedule (e.g., you’ve been invited to an overseas wedding at short notice), you might want to consider a personal loan for travel instead. With a personalised interest rate, $0 monthly fees, and flexible repayment options, it could be just the, ahem, ticket.

Important Information

Great Southern Bank, a business name of Credit Union Australia Ltd ABN 44 087 650 959, AFSL and Australian Credit Licence Number 238317. Conditions, fees and charges apply. This is general information and does not take into account your objectives, financial situation or needs. Consider the appropriateness of the information, including the Terms and Conditions (T&Cs) booklet, before acting on it. The Financial Claims Scheme may apply to this product; refer to the T&Cs for more information.

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