SMART WAYS TO SAVE FOR A FAMILY HOLIDAY

Dreaming of a family holiday but unsure how you will ever save enough money to cover all the costs? Jarrod Owen from Fennell West offers advice on making that dream a reality.

How often do you scroll through Facebook or Instagram only to be bombarded by other people’s holiday happy snaps? Palm trees, infinity pools and beautiful beaches fill our social media feeds.

Sure, we often click “like” without thinking too much about it. But how do those photos actually make you feel?

Do they get you excited about planning your own fun family getaway? Or do they fill you with dread because you can’t afford to take a much-needed holiday?

If it’s the latter, why not take action to ensure that family holiday becomes a reality? After all, family getaways are an important way to bond, have fun and make memories.

When done right, you can plan a holiday that won’t leave you experiencing debt stress the minute your suitcases are unpacked.

Let’s step through some money-saving tricks that should have you relaxed and sunning yourself with a cocktail in hand when the time is right.

PACKAGE IT UP

Getting in early means you can take advantage of cheaper flights and special deals. Many resorts will offer “kids stay and eat free” packages.

Be open-minded about the destination to take advantage of the best deals on the market. You can make savings of up to 40 per cent depending on the time of year you choose to travel.

Google Flights price tracking service and Sky Scanner’s Best Time to Book tool are worth checking out.

PLAN AHEAD

The timing of your holiday is best planned around not just the weather or deal you can get, but how long it will take you to save for the entire trip.

Let’s say you decide upon the Gold Coast at a total cost of $6000 including spending money. You will need to save $115 per week for 52 weeks to get there. That’s just over $16 a day.

LITTLE BY LITTLE

The introduction of convenient technology such as Apple Pay and Tap and Go creates an almost cashless society but, where you can, aim to stash your coins and $5 notes in a jar.

SHOP SMARTER

One of our clients was shocked at how much they could save by doing their weekly grocery shop at Aldi, as opposed to Woolworths.

They saved about $576 a month – almost $7000 a year (there’s your holiday!).

VISUALISE IT

Print out a photo of your dream destination and stick it on the fridge to keep you motivated.

SMALL SACRIFICES

Cafe coffees, bottled water, bought lunches and regularly eating out are little luxuries that really add up. Rethink subscriptions to things such as Netflix, Stan, Foxtel and iTunes.

DON’T ADD TO CART

Emails are a constant source of temptation, enticing you with subject lines such as “You’ll regret not opening this” or “Hey, it’s your lucky day”. Instead of clicking through, scroll to the bottom and unsubscribe.

LOVE IT OR LIST IT

Go Marie Kondo on your home and sell what no longer sparks joy. Hold a garage sale, have a stand at a second-hand market or sell unwanted items on eBay, Gumtree or a Facebook selling page dedicated to your area.

If you would like us to help you map out a plan for your financial goals, contact Fennell West on 03 5557 3355.

Ryan Fennell, Shane West and Jarrod Owen of The Fennell West Unit Trust trading as Fennell West are Authorised Representative(s) of GWM Adviser Services Limited ABN 96 002 071 749, an Australian Financial Services Licensee, Registered office at 105 –153 Miller St North Sydney NSW 2060 and a member of the National Australia group of companies. Licensee No. 230692.

Any advice in this article is of a general nature only and has not been tailored to your personal circumstances. Before acting on this advice, you should consider whether it is appropriate having regards to your personal objectives, financial situation and needs.