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Getting your finances vacation-ready

Explore five ways to be money-wise for your next getaway.

April Kenneally01 Aug 2023 ・ 2 min read

Dreaming of a break on a far-away beach or somewhere closer to home? While holidays are exciting, it’s important to prepare early so you’re not left with a Europe-sized hole in your finances.

Grab your sunscreen and let’s embark on a journey to get your wallet ready for your next trip.

1. Set a realistic budget

Budgeting can be the key to making your holiday dreams a reality. You’ll want to find a balance between splurging on unforgettable experiences and keeping your spending under control.

Determine how much you can comfortably spend on transport, accommodation, meals, activities and shopping. Research your destination to determine average prices, to help you estimate your daily spending.

2. Explore saving strategies

Consider setting aside a portion of your income each pay cycle to help you reach your savings goal and transfer any extra cash into your holiday fund where possible.

For greater confidence while abroad, it can help to have emergency funds set aside for unexpected situations.

3. Discover debt consolidation

If you’re carrying multiple debts, consider if consolidating with a home loan or personal lending solution is a suitable step. This could simplify your repayments and help you budget for your adventure.

Your Liberty Adviser can help you understand your debt consolidation and lending options, so you can focus on planning your itinerary.

4. Be flexible

Keeping your eye on exchange rates and comparing fees can help you get the most bang for your buck.

Being flexible with dates can often lead to cheaper flights, accommodation and avoiding peak-season costs. Bonus: There may be fewer people crowding your must-see attractions.

5. Adventure-proof your journey

Having appropriate travel insurance can give you peace of mind for unforeseen bumps along the road. Depending on your cover, it can protect you for medical expenses, lost luggage, cancellations and delays.

So, pack your sense of adventure and keep these tips in mind to enjoy a stress-free experience. Bon voyage!

April KenneallyAuthor

April Kenneally is a writer for Liberty, with a passion for corporate social responsibility, personal finance and foreign affairs. She enjoys learning languages, planning her next travel adventure and being surrounded by dogs. April has a Bachelor of Arts and Business from UTAS and a Master of International Relations from Monash University.