Tag Archives: holidays

Planning a holiday? Here are some tips

With the summer holidays now behind us, it’s not too late to do your financial planning for the next holidays – or 2019. Here’s how to minimise your financial stress for a well-deserved break.

Plan ahead

OK, at the risk of sounding like Captain Obvious, the earlier you start planning, the more money you can save. And when it comes to peak travelling times such as December, typically the earlier you book your flights and accommodation the better your account balance will be.

Create a budget

Whether you choose Bali, Barcelona, Brazil or the bush, create a budget. Account for expenses such as flights, petrol, food and activities, such as visiting museums or a spa. Research activities at your destination and see if you can book early – or if there’s some great free ones. The more you can book and pay for beforehand, the less you’ll need to worry about overspending. 

I’m counting down until my 25th Wedding Anniversary next year and we’ve always dreamed of a trip around the Greek Islands.  I’m already in overdrive looking at airfares and cruises… extensions and adventures.  And ok, it’s dearer than any trip we’ve ever done, but hey! how many make it to their 25th?  That’s got to be worth a splurge!

Start saving

When you’ve worked out how much you will need, start saving. Even putting a small amount aside each week can add up, so you could enjoy some amazing experiences you may not have thought you could afford. A good tip is to open a high-interest savings account and set up an automatic transfer on your payday.  Alternately, offset the funds against your mortgage to save interest on your loan and draw them back as needed.

I also use a travel money card that I transfer my spending money into each week as I’m preparing for a trip.  It means I average in to the account depending on what the dollar/euro/ringgit/pound/kwatcha is doing on the day and means I have funds available in the local currency when I travel.

Hunt for bargains

There are lots of useful websites that compare deals on everything from flights to tours. Sometimes, a package deal is more effective – make sure to research well.

Just make sure you turn on private browsing when researching online. Warning!! Some travel sites track users and raise prices on the things you are researching if you return repeatedly.  (The cheek!)  I’m a bit of a fan of Trip Advisor and have made a few bookings via booking.com for hotels and Viator for adventures.

And don’t worry if you have left things to the last minute – there’s a website for that too: lastminute.com.au.

While you’re on holiday…

It can be easy to splurge – you’re on holidays after all. But to avoid spending the rest of your life paying it off, keep track of your finances while you’re away.  And seriously, do you really need that Sombrero and yard glass?

Set yourself a daily spending limit – or use a travel app to help you stay on track.

But if that’s too much of a buzzkill, you can transfer the exact amount you’ll need into a bank account just for your holiday. This may help you stay out of your other accounts unless it’s absolutely necessary.

Talk to your adviser

Your adviser may help you create a financial plan tailored to help you achieve the holiday you want.

I’d love to help and as a travel junkie myself, may even have a few tips for you… so give me a call today to reach your financial goals for your holiday.

Mindset Matters

Mindset matters.  If I’ve learnt anything from my trips to Africa with The Hunger Project and helping people in abject poverty to turn their lives around, it’s the importance of our mindset.  Mindset drives every part of our lives from our wealth and happiness to achievements and relationships.

If the words ‘financial planning,’ ‘budget’ or ‘money and finances’ leave you feeling bored or disengaged, it’s time for a change of mindset.  You are the one who can change your financial future.  I’ve met many professional and successful people who put ‘money’ on the back burner and hope it’ll take care of itself somehow.

But, only you can decide to become interested in your finances.  It’s the first step in making any progress and can happen as quickly as you decide to become interested.

And it may not be suddenly being interested in ‘finances’ but again, working out what makes you happy.

If an annual holiday where you can ski, dive or relax with a good book in a hammock is really important to you, you will find ways to make it happen.  If paying down the mortgage or getting rid of credit card debt is important, then setting goals and taking an interest in their outcomes if the first step.

Goals based financial planning is much more effective as it’s tied to outcomes.  You’re getting to set the goals and constantly achieve them.  It’s much easier to give up a night on the town or drinks with your mates if you know that the $100 you spend now, will be a dive on your trip, or ski hire for a day.

Setting our intentions is paramount.  ‘I want to save $5, 000 for a week in Thailand or $10,000 for a driving trip down Highway 1 in the USA by this time next year means’ we have become very clear on what we want and when.  ‘Someday’ and ‘one day’ don’t cut it when planning.  Attention to detail helps us to reach our intentions.

Depending on our upbringing and thought patterns, money or the thought of it, can trigger emotions.  If the thought of doing a budget or having a certain amount set aside makes you happy, then great!  But if you are getting knots in the stomach at the thought of sitting down to examine your finances, it might be time to examine your thought patterns more closely.

If you do feel that you trigger a particular emotion when dealing when money or react to something when the subject comes up, take time out to examine your reaction.  Is what you think really true or could there be other possibilities?  Learning to insert ‘thoughts’ between triggers and emotions can take time.  Seek professional help if you’d like to understand more about your triggers and thought patterns and feelings.

Some are brought up to believe that ‘money is the root of evil’ yet the original text states that ‘the love of money is the root of evil.’  There’s a very clear distinction here between ‘having money’ and greed.  It may be worth examining some other strongly held views.

If debt is a problem, the same theory can apply.  “I want to eliminate my credit card debt entirely in the next two years” helps us to focus on an outcome that will make us happy and feel much more content.

What’s a goal that you’d like to start working towards today?  And when would you like to achieve it by? I’d love to hear from you!