Holiday savings tips: How to make your dream trip a reality

WHETHER it’s summer in Spain, backpacking through South America or road tripping across the US, everyone has a dream overseas trip. Here’s how to make yours a reality.

How to save for a dream holiday

WHETHER it’s summer in Spain, backpacking through South America or the cross-country road trip across the US, everyone has an idea of what their dream overseas trip entails.

And we’re not talking holidays here, we’re talking adventures.

According to the Australian Bureau of Statistics, Aussies are some of the most well-travelled people in the world with around 8.5 million of them heading overseas each year.

They prefer to escape on journeys that can span months instead of weeks and visit places like China, France and New Zealand.

Yet the cost of it is no small thing.

There’s the flights, the accommodation, the tours, the ground travel, the equipment, the foreign currency.

But there are some secrets too, according to travel blogger and founder of the Aus Globetrotter site Jaryd Krause.

“My number one tip would be to be conscious of where your money is going,” he says.

“This is quite hard for a lot of people — to be disciplined and create good spending habits — but if you want something bad enough, like travelling for me, you will do everything you can to get it.

“I’m not saying you can’t live a good life, but you can live a great life without most things.”

The 27-year-old — who estimates he’s spent three of the last five years overseas — says taking a look at your weekly expenditure is key to determining what you do and don’t need.

“What gives me a leg up and allows me to save a lot is not spending my money on things I want, and only spending money on things I need,” he says.

“My number one tip would be conscious of where your money is going.

“When you really break down your weekly expenses you can find out what you spend your money on and from there you can see what you can save on and get into a good habit of saving that money instead of spending it on random things.

“For example, you don’t need new clothes every month or to eat out every second night along with buying booze every weekend.”

For Krause, when he returns to Australia from his overseas trips he tries to fall back into a routine as quickly as possible.

He sets himself a financial goal and he gets to work, slowly chipping away at it until he finds himself in the snowfields of Japan.

“I slowly work towards the amount I need every time I come back and save. It’s not rocket science, it’s just common sense and everyone can do it.”

Another golden piece of advice for travellers has been to watch what they’re spending while on the trip of a lifetime to make sure they have enough money to do everything for as long as they want.

Senior Consultant Frank Tieppo from Australian company Crown and Kings Currency Exchange says they’ve noticed a big trend in local travellers preferring to carry cash with them on their trips.

Yet that isn’t always the safest option and there are other options out there.

“A travel card is something that we recommend to a lot of people who are worried about the safety of carrying around a lot of cash overseas,” he says.

“The big benefit is security, because the card can only be accessed with a PIN number so even if you lose it your money is still safe. You’re also issued with two cards, so if you lose one you can notify the company but continue going about your trip as you have the back-up and you’re not stranded anywhere.”

Tieppo says the tool is also perfect for the gradual saver, with money in the currency that you need able to added to the card over a long period of time and in a separate account from your regular savings.

“It’s an entirely different thing, a different account to where your money would usually go which makes it very appealing as well.”

One of the added benefits?

For people planning the ultimate getaway and bigger trips which could have multiple destinations the card can be “loaded up with multiple currencies” yet they can all be accessed from the same card with the same pin.

For Krause — who is back in Australia and working as a plumber as he saves for his next overseas adventure — he says there are handy tools and helpful tips but there is no treasured secret.

“I’m no CEO or company head earning a cool seven figures. I’m just a plumber who knows what I do and don’t need.

“However, you can give tips and advice to people on how to save, what do to or even set out their finances and create a saving plan for them.

“But the thing is, no one will ever be able to save for travel unless they really — and I mean really — want to travel bad enough.

“And when you want something bad enough, it’s not hard to save. It’s just necessary.”