5 Finance tips on planning your next trip

Based from experience, and I reckon a lot of people can relate, the most effective way of travelling cheap is planning your trip early. It means you have to do everything in advance—book flights, reserve accommodation, set your itinerary, etc…This had been a practice of seasoned travelers, couples, and/or families who desire to escape their busy lives every once in a while.

However, planning a trip can be a long process. You don’t want to risk missing too much and it’s always a good thing having something to look forward to! So as someone in the Finance industry and a self-confessed wanderlust myself, I am giving you 5 finance tips to make the most out of your getaway.

 Set a budget.

This budget can help you determine how much money you need for your entire trip and you can anticipate how much you need to save. This will all depend on your itinerary, the length of your trip, the activities you’re going to do, and you could also include here your accommodation and air fare. You can start a spreadsheet if you want to go the extra mile and be organised.

Create your itinerary.

After determining how much you are willing to spend for this trip, map out your activities and the places you’re going to visit in your stay. This will help you save money, time, and effort (hint: sore legs because of too much walking). It’s also a good way to excite yourself about your travel destination, the more reason to do Tip No. 5!

Research about your destination.

Check at the country or city you are traveling to and find out an average daily allowance for it. There are several helpful blogs online which you can use at your disposal. For instance, you may find out that the cost of living is relatively cheaper in countries in Asia compared to destinations like Europe or America.

Buy travel insurance.

Travel insurance is more than just a medical protection. It covers when your camera is stolen, your luggage is missing, your flight is cancelled, or a family member dies and you have to come home. you should always compare travel insurance policies and find one that suits your unique needs. The following link may assist you to learn more.

Save, save, save.

When the destination is determined, the budget is set, and the itinerary is created, you have one thing left to do—SAVE. Write down all your current expenses so you can determine where the majority of your money is going and you can decide how to cut back. Your small purchases, sometimes, add up which create a huge portion in your budget. Do you have a cut down on your morning coffee? Do you really need that pillow? Review your finances and rethink your priorities if you really are serious in saving the budget you set in the first step. Commit to setting aside a percentage of your allowance or income and label it as your Travel Fund. However, if you don’t have much time to save and you’ve exhausted all possible cutbacks on your budget, consider securing a travel finance. Consult your local broker today and see what deals are available for your situation.

Have a fun getaway!

Disclaimer: This article provides general information only and has been prepared without taking into account your objectives, financial situation or needs. We recommend that you consider whether it is appropriate for your circumstances and your full financial situation will need to be reviewed prior to acceptance of any offer or product.

Corporate Credit Representative (486927) is authorised under Australian Credit Licence 389328.

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3 financial advice myths, debunked

We are living in a generation where people, instead of seeking professional help, prefer to do things by themselves. From renovating their own room to giving a diagnosis out of their cough or joint pain, they’ve pretty much grown accustomed to figuring things out on their own.

And besides, when in doubt, google it, right?

Wrong.

Not everything can be taken from a certain website especially when it comes to something as important as your finances. When your money and future are at stake, there’s nothing wrong with asking for a little help.

According to ASIC, 20% to 40% of the Australian adult population use or have used a financial adviser. This means that 60% to 80% of adult Australians have never used a financial adviser. (ASIC Report 224, Access to financial advice in Australia)* Some people reckon that once they have settled a home loan on their own that they are qualified to be their own adviser. You may fix your bed to make your room bigger or give yourself a home remedy for that cough, but you don’t exactly have the expertise to professionally monitor your loan and/or finances. You need someone who is skilled and knowledgeable to help achieve your financial goals. It is your money that’s at stake so seeking professional help is just as logical.

However, even in that consideration, a lot of people are still not ready and not willing to get financial guidance. This could be because of some myths and misconceptions about using a Finance or mortgage professional.

As a professional Finance Broker, I am debunking 3 financial advice myths in the hopes of breaking your intimidation of seeking financial advice.

 “Financial advice is only for rich people.”

Actually, financial advice is for anyone who wish to organise their finances, set financial goals, and create a plan to reach those goals. Just because you think you don’t have enough savings that disqualifies you from seeking financial help. Regardless of your net worth or income, as long as you have a set financial goal, finance brokers like myself, can certainly help you. I offer complementary assessment to find the right loan for your needs. Some people think that a good financial advice would cost more than they could afford.  Financial advice absolutely doesn’t discriminate. It is not limited to how much money you have in the bank.

“Financial advise is too generic. It won’t necessarily work for me.”

Financial professionals are stereotyped of wanting to just sell their services and hit their sales target. What people need to know is that we aim to help as many people as we can. Personally, I believe that everybody should be given a chance. It doesn’t matter what walk of life they’re from. Regardless of their background, everybody deserves someone to be on their side, and if I can be that person to help them map out their financial plan, I’m very much willing to do so. I don’t judge, based on ‘how hard’ the loan application is, or ‘how unfeasible’ it can be. Whenever I set a meeting with an individual, I treat them as my only client, I listen to them. Who knows what they have been through. At the very least, they deserve someone to listen to them. I customise a financial plan that will suit their financial capability. There is no generic advise. Everything depends on the financial situation of the client. In some circumstances, I might not be able to help them immediately, but talking through their financial situation may be what they need at that time to put their goals in place.

“I can look after my own finances. I don’t really need a professional.”

Yes, you can look after your own finances instead of taking charge of it. Ultimately, that’s what financial advice is all about: taking charge of your financial life. Finances, of course, aren’t all there is to life. But it’s a vital factor in any other household. Finance brokers like myself help you from preparing all the documents needed, to the approval of your loan, until the end of the life of your mortgage. I can help you monitor your loan and finances and see if there is a better deal. You may have a hard time figuring this out if you are only working on your own. Finance brokers help you find the right loan that suits your financial capability. There’s so much competition and it can be confusing so you need an expert to help you navigate through it all.

Reference:

* ASIC (2010a) Australian Securities and Investments Commission, Access to financial advice in Australia, Report 224, Australian Securities and Investments Commission, Sydney

Available at: http://download.asic.gov.au/media/1343546/rep224.pdf

Disclaimer:

Credit Representative (486927) is authorised under Australian Credit Licence 389328.

 This article provides general information only and has been prepared without taking into account your objectives, financial situation or needs. We recommend that you consider whether it is appropriate for your circumstances and your full financial situation will need to be reviewed prior to acceptance of any offer or product. It does not constitute legal, tax or financial advice and you should always seek professional advice in relation to your individual circumstances. Subject to lenders terms and conditions, fees and charges and eligibility criteria apply.

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Many take advantage of the Easter holidays to escape the busy life in the city and find their own version of chill and relaxation. These getaways don’t come cheap. As the law of basic economics would suggest, higher demand increases the price. Just last year, nearly 50% of Aussie shoppers spent $50 each on chocolate eggs and bunnies. (Michelle Collins, The Courier Mail, 2016)

Get the most out of Easter holidays without breaking the bank!

With a lot of people hitting the beach, visiting theme parks, or shopping for the perfect drink or the most quality chocolate egg, Easter is a big business in Australia and can be an expensive time.

However, there are many ways you can enjoy the holidays without breaking the bank. By following these 3 smart ways, you can actually save money on your Easter spending without compromising your Easter celebration:

1. Save on fuel.

Excited for the long-overdue road trip with your family? After preparing for what clothes to wear or food to bring, it might pay to check for some fuel discounts online. You can also visit MotorMouth and PetrolSpy to see which service stations offer the highest or lowest fuel prices for a certain area. According to news.com.au, petrol prices will drop in Perth in time for the long weekend! Perth residents have been paying an average of 131 cents per litre over the January to April quarter, but had reprieved after an anticipated peak. The best current deals are in the East Perth region, which averages 130.2 cpl. (Tim McIntyre, News Corp Australia Network, 2017)

2. Save on treats.

Aussie shoppers are paying up to three times as much for Easter chocolates, according to an analysis by Mozo.com.au. (Frank Chung, News.com.au) To get away from this ridiculous spending, instead of jelly beans and marshmallow, pack Easter baskets with healthier treats. Fresh fruits and chocolate-covered raisins will do the trick. That way, you’re able to save money and do good for your kids’ health! Include some cheap toys that will be appreciated after the sugar high is over.

3. Save on dinner.

Taking a trip to the grocery store? Keep your menu basic but appealing. Purchase generic brands and cook fresh foods instead of prepackaged. Search on Pinterest hacks on how to arrange the table in a fancy way, making the food look “expensive.” Extract those creative juices! If you’re having family and friends over, you could request them to bring dessert or a drink to complete the celebration.

Easter is a great holiday to reconnect and bond with your family. It can be pretty expensive, too. So take time to consider all of your spendings to avoid serious financial consequences in the future. Bookmark this page for Easter 2018 reference!

Disclaimer:

Credit Representative (486927) is authorised under Australian Credit Licence 389328.

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