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& My money

Travel and money: Tips for making your money go further

Multi-generational family walking through rice paddies on holiday in Bali

Australians love to travel, and that’s especially true for West Aussies. Maybe we love an international trip because we’re so isolated from the rest of the country… Whatever the reason, a recent study found that 64% of Australians plan to travel for leisure within the next six months*.  

We all want to make our travel budget stretch that little bit further, so here are a few handy tips on how to do that.

Travel off-peak

Unfortunately, prices are higher at the times of the year when more people are travelling – think school holidays and summer months. If you can travel outside of these times, you’ll be able to save yourself some money.

Travel in the ‘shoulder’ season to enjoy cheaper airfares and accommodation costs, plus less tourists at your destination. For Europe and North America, shoulder season is April-May and September-October, with June through August being the ‘peak’ summer period.

When booking flights, you’ll also find that certain days of the week are cheaper than others. Travelling on a Friday and Saturday is often the most expensive, with Tuesdays and Wednesday being considerably cheaper.

Remember, airfares get more expensive the closer you get to your date of departure. Unless for some reason a flight is under-booked, it’s highly unlikely you’ll get a great fare by booking the week before you want to fly.

Think about your luggage

We all know that budget airlines charge extra for luggage as well as other services that full-carriers include in their fares. If you’re considering flying with a budget carrier, weigh up these added costs before booking.

If you do fly with a budget airline, think about whether you can travel with just hand luggage. It’s not easy, and isn’t for everyone, but if you travel light, it’s a great way to save money. Alternatively, if you’re travelling with someone else, considering sharing a checked bag. You may find that the added extra allowance is all you need for two people to travel with everything they need.

Multi-trip insurance

Do you travel a lot? Is there the possibility you’ll be heading overseas within the next 12 months on multiple trips? If so, then you may want to look at getting a ‘multi-trip’ travel insurance policy. Depending on your trips, it may be more cost effective than purchasing a new policy every time you travel, but it will also save you time and effort.

Package up

Airbnb, Stayz and other similar websites may be a convenient way to find places to ‘live like a local’ while you’re on holiday, but they’re not necessarily the cheapest option (especially when you factor in the cleaning fees and bonds). If you’re travelling to a popular holiday destination you may be able to save money by packaging up your travel and accommodation together.

Travel agents and dedicated travel websites often have access to special airfares that can only be accessed if accommodation, touring, or cruising is booked at the same time. Depending on the type of holiday you’re wanting to enjoy, this could be a great way to make your holiday fund go further.

It’s also worth considering how much time you’ll be spending in your accommodation or hotel room. If you’re going to be out exploring all day and only using your accommodation as a place to sleep, then you may not want to opt for the most expensive hotel available.

Advance purchase

Booking attractions or transport in advance is a great way to save money. For example, arranging for an airport transfer could be less expensive than hailing a metered taxi, and booking a Eurostar train ticket from London to Paris in advance could be almost 80% cheaper than an on-the-day fare!

It’s not uncommon for some attractions such as galleries or museums to offer discounted entry to students or concession card holders. It’s a good idea to take your concession card/ID with you on your travels for this very reason. A few saved euro, pounds, yen or dollars on entry fees can quickly add up.

If you need travel insurance for an upcoming international trip, we can help. Get a quote online or speak to our friendly team over the phone or in-branch.

 

*Source: How Aussies Move: A Study into the Mindset, Moments, and Movements of Australians in 2023 by oOh!media.

Police & Nurses Limited (P&N Bank) ABN 69 087 651 876 AFSL 240701 acts under its own AFSL and under an agreement with the issuer Insurance Australia Limited trading as CGU Insurance ABN 11 000 016 722, AFSL 227681. Any advice provided is general advice only and does not take into account your individual objectives, financial situation or needs (“your personal circumstances”). Before using this advice to decide whether to purchase a product, you should consider your personal circumstances and the relevant the Product Disclosure Statement and Target Market Determinations.

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