What will we sacrifice for travel?

Collecting money for travel

Here at Travel Weekly, we love holidays, not to get away from work of course, but to find more incredible locations to tell you guys about.

And it turns out we’re not alone in our love of travelling.

A recent study by Compare the Market has revealed just how much Aussies are willing to give up day-to-day to save for a trip, and honestly, we’re not at all surprised.

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The survey of 1155 Australian adults, found that if the increase in utility bills and health insurance premiums placed too great a burden on household budgets, just 9 per cent of respondents would not go on a holiday in the next 12 months.

However, three quarters (77 per cent) would proactively look at making cut backs to enable them to do so.

Eating out seems to be the number one expense most households can do without.

When respondents were asked to identify the expenses they would sacrifice in order to take a holiday in the next 12 months, three quarters (74 per cent) would cut back on dining out, 56 per cent would take homemade lunches to work, and 52 per cent would cut back on buying coffees.

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While millennials might be taking the heat for spending too much on fancy breakfasts, they were more likely to cut back on eating out to save for a holiday than older generations.

Among 18 to 34-year-olds, 79 per cent would opt to eat in to afford their next holiday, compared with 72 per cent of over 35s; 67 per cent of 18 to 34-year-olds would also bring packed lunches to work, compared with 56 per cent of 35 to 64-year-olds.

After food-related expenses, 46 per cent of respondents would cut down their online shopping to afford a holiday.

This was highest for 18 to 34-year-olds at 61 per cent, compared with 41 per cent of over 35s.

Across the pool, 41 per cent would cut back on alcohol, 35 per cent would reduce their spend on hair and beauty products, and 34 per cent would cut back on taxis and Ubers.

As well as holidays, entertainment was another expense Aussies weren’t keen scrimping on. Only 25 per cent were willing to cut back on movie, TV and music streaming when budgeting for a holiday, and just 15 per cent would reduce mobile phone data usage.

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When asked how much all of their chosen sacrifices would enable them to save, 28 per cent of respondents indicated up to $50 a month, 34 per cent indicated $50-100 a month, and a further 28 per cent indicated it would be $100-300 a month – a saving of up to $2,700 by June 2018, if they stick to their spending cuts.

Compare the Market’s Abigail Koch said, “Our research shows that Aussies can’t resist trips away, and will make big sacrifices to their household expenses in order to afford them. Even with household bills rising steadily, the majority of us will still take a holiday in the next 12 months.

“Eating out and ready-made food purchases seem to be where a lot of our disposable income is being spent. With Aussies most willing to make cuts to this category, they could save as much as $2,700 for a holiday by June next year.

“Millennials seem to be eating out more than older generations and can therefore make the greatest cuts in this area, with 46 per cent indicating they can save more than $100 a month by cutting back on eating out, compared with just 27 per cent of baby boomers.”

“Households can still make further savings by securing the best-priced accommodation through Compare the Market’s new hotel rate comparison service, which compares a variety of hotels side by side in minutes.”

Still not sure how to cut back your extravagant lifestyle to save for a trip?

Here’s seven hot tips:

  1. Save up to 40% on restaurant prices. Download high-discount restaurant deals apps, such as Clipp, which could save you up to 40 per cent off a dining bill.
  2. Save $100 a month on coffee. With the average coffee in Sydney or Melbourne setting you back around $4, your daily cup could be costing you almost $120 a month. By making your coffee at home or at work, you could save $1,000 to put towards a holiday in June next year.
  3. Make lunches at home. Buying lunches out can really add up by the end of the working week. Five meals at $10 each could leave you out of pocket of $600 come Christmas.
  4. Avoid peak times when travelling. Off-peak travel can save you hundreds across flights, accommodation and tours. Consider travelling on shoulder seasons, such as May, September and October in Europe and America; or low season, such as June to October in Southeast Asia.
  5. Book well in advance. Planning your holiday ahead of time will give you the first pick of affordable deals. Tours will also often offer discounts when you pre-book. Starting early, at least six months in advance for international travel, will also give you time to plan your budget.
  6. Avoid travelling to tourist hotspots. Getting off the beaten track is a great way to get the authentic travel experience, but it can also be the cheaper way to holiday. Outside of touristy areas, travellers can also expect to pay less for food at local haunts, flights will often be cheaper, and you can find great deals on accommodation. Travellers should consider cheaper alternatives to the holiday hotspots, like eastern Europe, taking a trip to India or Nepal, or opting for Central America over a trip to the States.
  7. Use comparison services to find the cheapest hotel room rate. No matter what your budget, it’s important you get the best deal when booking accommodation. Hotel comparison services, such as comparethemarket.com.au, compare all the major hotel booking sites to bring you the best room rates available online.

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