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Retirement travel: Holiday money saving tips

One of the great perks of life after work is your ability to travel whenever you like, but what do you do when your bank balance doesn’t quite match your retirement travel goals?

Never fear, these five holiday hacks will help you tick off your bucket list and save money while you’re at it.

Smart ways to save money

  1. Travel off-peak

It’s great to know that the freedom that comes with being retired can also save you money. From avoiding travelling during school holidays – when flight and accommodation prices are at a premium, to flying outside of peak business travel times (such as Mondays mornings and Friday evenings), to travelling in low or shoulder season – there are serious savings to be made by adopting this strategy. And there’s an added bonus: by avoiding peak times you can enjoy the sights without the crowds too.

  1. Use age to your advantage

Being older has its benefits – and one of these is the discounts that come with being a senior. In particular, seniors can often save on train travel and entry to attractions, though you may need to have your seniors card or passport with you to qualify. And even if a seniors/concession/pensioners rate isn’t displayed, be sure to ask if one is available.

  1. Eat out at lunch not dinner

Travelling on a budget doesn’t mean you have to miss out on eating out, or going to even the finest restaurants. The trick here is to eat out for lunch, rather than dinner. Restaurant meals are often cheaper at lunchtime, and for even better value, restaurants, especially those in Europe, often offer lunch specials as a set, three course menu (look for prix fixe menus).

  1. Utilise the tourist refund scheme

If you’re holidaying outside of Australia, you can claim back the goods and services tax (GST) or wine equalisation tax (WET) paid on items purchased within 60 days of your trip, provided you take them on holiday with you and they meet other key criteria. This can lead to a substantial saving if you need to upgrade a big-ticket item such as an electronic device like your camera, phone or tablet, or even for a splurge such as a new handbag. For more information, visit the Government’s Tourist Refund Scheme page.

  1. Borrow, don’t buy

Depending on where – and when – you’re going, you may need special equipment for your trip. But rather than forking out big dollars, especially if it’s something you’ll only use once, ask around. You may find friends and family are more than happy to loan winter coats, snorkelling gear, travel adapters or even luggage. If you have to buy gear just for your trip, consider second hand rather than new to save.

 

If a holiday in retirement is one of your goals, now is the time to get your finances in order to achieve your aspirations for the future. Contact us today to take the first step towards your dream holiday.

Source: AMP News & Insights.

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Paul Baggetta is the Founder & Principal of Baggetta & Co (ABN 68 786 233 813).

Paul Baggetta has been a Taxation Accountant since 1981, a Financial Planner since 1998, and in 1993 qualified as a Real Estate Licensee, holding a Triennial Certificate (currently not trading) and operated his own Real Estate business for property investment clients for over 5 years as a second business.

Financial planning services are provided by Paul Baggetta as an Authorised Representative (No. 261469) of Capstone Financial Planning Pty Ltd. ABN 24 093 733 969. Australian Financial Services License No. 223135.

 

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