5 ways to save money for a holiday

If you’re planning a trip overseas and have created a budget to hit your savings goal - we can help. From booking flights to exchanging money, we’ve pulled together some simple tips to help you stay on track.

Tip 1 – clear your cookies when searching for flights

Finding a cheap flight is easier than ever with hundreds of comparison websites to choose from. Keep in mind that some comparison websites track the flights you search for and slowly increase the price when it looks like you’re serious about buying.

It’s easy enough to get around it – just go to your browser settings and clear your cookies each time you search.

Tip 2 – make your weekly budget last

There are a few things that can help you stick to your budget and still allow you to go out from time-to-time.

Make sure to:

  • Research which restaurants offer food and drink specials
  • Look for free or cheap activities, like an art exhibition, hiking or going to the beach
  • Take advantage of discounted beauty treatments and haircuts from TAFE or university students.

Tip 3 – check your savings account is set up for success

With your flights and budget in place, it’s time to make sure your savings account is working hard for you. Some accounts offer great interest rates for good savings habits, like making no withdrawals or depositing a minimum amount each month. Depending on your goals and savings style, it’s good to compare savings accounts.

Make saving automatic

For some, it’s easier if saving is out of sight and out of mind – this is where scheduled payments can help. You could set up an ongoing payment to your savings account every payday before you go away.

Track your savings goal

With an eligible savings account, you can set a goal in the Bankwest App and track your savings goal for your holiday. You can set how much you want to save and by when, then we’ll calculate how much you need to save each day, week or fortnight.

Get notifications in real time

Keep on top of your savings goal with Bankwest Easy Alerts. Depending on your savings accounts, you could receive notifications each time a scheduled payment is due, if your account balance drops below or reaches a nominated amount, and more.

Tip 4 – look into credit card rewards

If you already have a credit card or need help choosing one, it’s worth comparing features, interest rates and fees. Compare our credit cards.

Use travel points to purchase flights

With a Frequent Flyer credit card you could earn points on eligible purchases and redeem your points to buy flights or upgrade your seats.

Get complimentary credit card travel insurance

Did you know that some of our credit cards come with overseas travel insurance? Depending on the type of credit card, you could be covered for things like theft, medical emergencies, or cancellation costs.

See how to save on credit card fees while travelling.

Tip 5 – exchange money in advance

Keep an eye on the exchange rate over the weeks leading up to your trip. When the Australian dollar is strong (or when the currency you’re buying is low) you can exchange money and get more bang for your buck.

The same tip applies for when you’re back in Australia – avoid exchanging leftover travel money until the exchange rate is strong.

See foreign exchange rates and how to buy foreign cash in a few clicks.

Browse our range of savings accounts

…and find one to suit you.

 

Need more help?

You can message us in the Bankwest App or online banking, or call us - we're here 24/7.

Things you should know 

The information contained in this publication is of a general nature and is not intended to be nor should it be considered as professional advice. You should not act on the basis of anything contained in this publication without first obtaining specific professional advice. To the extent permitted by law, Bankwest, a division of Commonwealth Bank of Australia ABN 48 123 123 124 AFSL/Australian credit licence 234945, its related bodies corporate, employees and contractors accepts no liability or responsibility to any persons for any loss which may be incurred or suffered as a result of acting on or refraining from acting as a result of anything contained in this publication.

Terms of use apply for use of Bankwest App. Bankwest Easy Alerts are available for your mobile personal transaction and savings accounts. Limited alerts only are available for credit card transactions. Bankwest Easy Alerts will be sent to any compatible iOS and Android device on which you have the Bankwest App and enabled notifications. Whilst some alerts may be sent to your device once you have enabled notifications, in order to receive the full range of Easy Alerts available you will also need to activate the Bankwest Easy Alerts service within the Bankwest App. Terms of Use apply. Bankwest Easy Alerts is currently supported on iOS 9 and Android 5.0 devices and above. Bankwest Easy Alerts is not available on tablets and Windows devices.