5 money smart tips when travelling with children

Published on November 24th, 2020
  Written by 
Bill Tsouvalas
Bill Tsouvalas is the managing director and a key company spokesperson at Savvy. As a personal finance expert, he often shares his insights on a range of topics, being featured on leading news outlets including News Corp publications such as the Daily Telegraph and Herald Sun, Fairfax Media publications such as the Australian Financial Review, the Seven Network and more. Bill has over 15 years of experience working in the finance industry and founded Savvy in 2010 with a vision to provide affordable and accessible finance options to all Australians. He has built Savvy from a small asset finance brokerage into a financial comparison website which now attracts close to 2 million Aussies per year and was included in the BRW’s Fast 100 in 2015 as one of the fastest-growing companies in the country. He’s passionate about helping Australians make financially savvy decisions and reviews content across the brand to ensure its accuracy. You can follow Bill on LinkedIn.
Our authors

Fact checked

At Savvy, we are committed to providing accurate information. Our content undergoes a rigorous process of fact-checking before it is published. Learn more about our editorial policy.

At Savvy, our mission is to empower you to make informed financial choices. While we maintain stringent editorial standards, this article may include mentions of products offered by our partners. Here’s how we generate income.

There is a lot of preparation when it comes to winding down with the kids to create memorable memories while on holiday. As much as you want to create picture-perfect moments with smiles all ‘round the last thing you want is to have a holiday finance hangover. To make the most of your budget and every dollar we have put together 6 money smart tips for your next trip.

1. The big ‘T’ when it comes to planning

Timing your trip is the difference between you enjoying your favourite holiday destination with the children at almost half the price or paying through your nose because you promised them you would go there. You can try booking your holiday off season or even save on transport costs by flying midweek, preferably at night, or early in the morning when your children’s energy levels are still low. This also means that to cash in on such deals you can consider signing up for flight or accommodation deals online to be notified.

2. Budget according to your interests

Before going on a trip, it is important that you set a budget that caters to the family’s interest. This means sitting down and planning where you would all like to go, what type of activities you want to do, and sights you would like to see. This will help you know how much will be needed to adequately cover the cost of the trip and also go to a place that everyone will enjoy. Explaining your budget to the children will also help them understand what they can and cannot afford to do so that you don’t break the bank.

3. Keep an eye out for family deals

Whether you are travelling or looking for accommodation you are most likely to spot a deal if you put some research into it. Always ask if there are discounted rates or free meals for children to help you save in the process. This also means that you will need to find child friendly places to take a holiday at.

4. Take the right credit card with you

The right credit card can help you save hundreds in dollars when going on holiday. According to ASIC, Aussies could have saved themselves $621 million dollars in the previous financial year if they chose a low rate credit card with an interest rate of 13%.

To make this more effective you will have to plan a budget that also incorporates your planned credit card usage. If you are travelling abroad, you could consider getting a 0% foreign transaction fee card to buffer the fee that comes with foreign transactions. If you have a rewards card now will be a great time to review the points you have accumulated and where you can use it to cut down costs.

5. You could choose to rent a house

Couples who spend money on accommodation during the holidays fork out a total of $160 which will be more if you include the kids. This will vary according to where you take a holiday and the number of days that you choose to stay there. However, in some cases, you will find that it is more affordable to rent out a house than to book into a hotel. You can compare your options to see which one will be more affordable for you.

Did you find this page helpful?

Thanks for your feedback!

This guide provides general information and does not consider your individual needs, finances or objectives. We do not make any recommendation or suggestion about which product is best for you based on your specific situation and we do not compare all companies in the market, or all products offered by all companies. It’s always important to consider whether professional financial, legal or taxation advice is appropriate for you before choosing or purchasing a financial product.

The content on our website is produced by experts in the field of finance and reviewed as part of our editorial guidelines. We endeavour to keep all information across our site updated with accurate information.

Approval for personal loans is always subject to our lender’s terms, conditions and qualification criteria. Lenders will undertake a credit check in line with responsible lending obligations to help determine whether you’re in a position to take on the loan you’re applying for.

The interest rate, comparison rate, fees and monthly repayments will depend on factors specific to your profile, such as your financial situation, as well as others, such as the loan’s size and your chosen repayment term. Costs such as broker fees, redraw fees or early repayment fees, and cost savings such as fee waivers, aren’t included in the comparison rate but may influence the cost of the loan. Different terms, fees or other loan amounts may result in a different comparison rate.

In this article

Share this article

Share on facebook
Share on twitter
Share on linkedin
Share on email
Share on pinterest

Looking for a personal loan?

Compare personal loan lenders with Savvy and get approved today!

* Terms and conditions and lending criteria apply.

Smart money saving tips

Subscribe to our newsletter.

By subscribing you agree to our privacy policy

Compare personal loans today

We’re here to help you find the most affordable options, so there’s no better way to compare personal loans and rates than right here, all in one place.

Related articles

We'd love to chat, how can we help?

By clicking "Submit", you agree to be contacted by a Savvy broker and to receive communications from Savvy which you can unsubscribe from at any time. Read our Privacy Policy.