3 ways a caravan can help you cut down costs

Published on November 20th, 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.
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Becoming part of the grey nomads can be a worthwhile investment, especially when it comes to cutting down costs. You may need a leisure loan to take care of the initial costs, but in the long run, you will find that you can cost down your costs by thousands of dollars. Here are three ways in which a caravan can help you cut down costs.

Save on accommodation cost when going on holiday

Australians are knowing for raking up debt when it comes to holidays. Budgets are thrown out the window or compromised when it comes to ‘treating ourselves’. Aussies managed to rake up a total of $7.5 billion in credit card debt over the holiday season last year. Furthermore, 42% of Aussies are lying to their partners on the true cost of their trip.

Accommodation is one of the largest costs that most people face when going on holiday, especially around peak times. Purchasing a Caravan can take care of your accommodation needs, especially when you are travelling with children. There are various sizes to choose from and you will only be able to use it over and over again. The only cost you will have to deal with after purchasing is repair and maintenance.

Reduce the cost of food

Holidays are synonymous with food. According to ASIC, Australian households spent an average of $44 a week on restaurant meals. This cost can quickly increase if you are travelling with a large group and eat out for almost all the days that you are on holiday.

The benefits of having a caravan are that you will be able to bring food from home which is already cost-effective. Being able to plan a trip in advance can help you estimate the right amount of food and snacks that you will need on your trip, which can also help you avoid overpriced food at restaurants or possibly blowing your budget at a fast food joint. However, it is vital that you plan and set a budget way before you take your trip so you can effectively manage the costs of your trip.

You can get creative with recreational activities

Instead of forking out hundreds of dollars of recreational activities a caravan can push into a creative space of creating your own fun. On average, Australians spend $80.3 billion on recreation. This can have us quickly reaching for our credit cards to help us foot the bill, which can also cause us to accumulate holiday debt. Caravans are a great way to switch off and really explore the open road. This can help you think out of the box when it comes to doing activities that are usually free like exploring beaches, markets, or nature reserves.

Before you take purchase a caravan it is vital to check that your car will be able to tow your caravan. Remember to run a maintenance and repair check before you hit the road.

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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.

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Approval for leisure 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.

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