Step #1: Set a savings goal
Once you’ve started planning your destinations, accommodation and activities, you’ll have a good indication of how much your dream trip will cost. This will give you a savings goal to work towards.
Once you have your savings goal, you can use Goal Tracker in the CommBank app to break it down into weekly savings targets, so it’s less overwhelming and easy to track your progress.
Step #2: Automate transfers to your savings account
Now that you’ve set your savings goal, it’s time to start saving. You can do this easily by setting up automatic transfers from your everyday transaction account to your savings account.
Setting up automatic transfers can help to make sure you’re consistently setting money aside towards your savings goal and staying on-track to meet your goal.
Step #3: Reduce expenses where possible
While you’re saving up for your dream trip, you may need to make some sacrifices along the way to make it a reality.
To make your money stretch further, you could consider reducing your expenses where possible. This can include cutting back on leisure items like eating out or buying new clothes, cancelling unnecessary subscriptions, or taking public transport instead of ride-sharing services.
Step #4: Find ways to boost your income
To save towards your dream holiday faster, you may consider picking up a part-time job or freelancing to earn extra cash. You can also consider selling items you may no longer need or use to make some extra money.
Step #5: Use a Travel Money Card
Another way you can save more for your holiday is by using a Travel Money Card – it lets you lock in an exchange rate for up to 13 currencies before you even leave the country, which may save you money on currency conversion fees and exchange rate fluctuations.