Aussies saving $392 a month by tweaking travel plans

Higher travel costs, along with the skyrocketing cost of living is forcing Aussies to reassess their travel plans.

New data from NAB found Aussies had saved an average of $392 a month, or $4,704 a year, by making changes to their holiday plans.

While 85 per cent of Aussies plan to go on holiday over the next 12 months, around two in three have either cancelled or postponed their trip in the past three months.

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Around four in 10 said they had scaled back their plans, with some choosing to holiday domestically instead of overseas.

NAB retail customer executive Tara Hartley said, while holidays were high on the list of ‘wants’, many Aussies had reassessed their plans and re-prioritised their spending.

“While you might have some FOMO from travel pics, it might be reassuring to know you’re not the only one making sensible spending decisions, with data showing two thirds of Australians have made changes to their plans due to rising costs,” Hartley said.

“Just like grocery bills and filling up the car have become more expensive, Australians think holiday plans have become much harder to budget for and they’ve made considered changes to prioritise spending.

“Australians are making considered changes to their travel plans and they might be swapping the Mediterranean for Maroochydore or Bali for Burnie.”

Saving up

Separate research from Canstar found 71 per cent of Aussie adults were currently saving for a big purchase or expense - up from 66 per cent last year.

Travel and holidays are the biggest expense people are saving for (57 per cent), followed by building up an emergency fund (33 per cent), property (24 per cent) and a car (24 per cent).

Canstar group executive of financial services Steve Mickenbecker said the data showed a case of “two-speed savers”, with some saving for survival and others saving for goals.

“Mortgage holders account for the biggest increase in those saving for big-ticket items this year,” Mickenbecker said.

“Higher loan repayments and tighter finances have likely left many borrowers with limited capacity to save, but they are hanging in there and [are] hopeful to achieve their goal, even if it is just survival for many.”

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