Four ways to manage your money on holiday

31 May, 2017
Heading for warmer climates?

As the weather cools down the urge to head for the sun increases. We know many of you migrate like birds during the winter, flying north for a bit more heat. Don’t get caught out financially. Take these four tips for holiday success.

Start with your savings

Once you’ve decided to go, it’s time to start collecting your savings. Take your savings up a notch by doing it with a friend and changing one habit to save. Find a savings buddy and keep each other accountable or, work out one spending habit you can ditch until your holiday. That might mean not getting your treat banana bread on the weekend, or sipping on water at your after-work drinks on a Friday night for a few weeks. 

Why not do some research about the best value for money savings accounts? There is such a wide range out there and CWCU has some fantastic options you can explore.

Know how you’ll access money

Will you rely on cards or cash? No matter what, factor in exchange rates if travelling overseas. Where are you going to exchange and how? Make sure you know of any transaction or exchange fees charged on your cards before you go.

Let us know

Your spending patterns generally change when you’re on holidays. Make sure you call your local branch before you head off, particularly if you’re going overseas, letting us know where you're going and your holiday dates.

Budgeting on the go

The feeling of being footloose and fancy free on holidays can be intoxicating, so don’t get carried away! Holidays are often a time when people exercise a ‘cash diet’ (although with so many mobile wallet options this is changing). Consider how you might do this yourself. What cash are you taking and how will you dole it out over the time you’re away? Create a daily cash allowance for the easiest budgeting option.

Otherwise, make sure you know how to access your accounts no matter where you are.

Have fun

No, you don’t need a fridge magnet from every location you visit...unless that is going to bring you joy! Holidays are a time to relax and enjoy. If you have a plan and a budget and can stick to it as much as possible you’ll find extra room for those fun little extras that bring the most memories when the trip is done.