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In the age of rising living costs, it's becoming increasingly difficult to pack our bags and jet away to some far-off paradise.

With flights more expensive than ever, petrol sky-high, and the cost of living ever-growing, financially conscious Aussies everywhere have to get creative with their holiday plans.

It's been reported that, over the past three months, around two in three Aussies have either cancelled or postponed their trips due to these soaring expenses. And of the 85 per cent who still plan to take some sort of holiday over the next 12 months, four out of 10 have had to scale back their plans.

But while the idea of jetting off to an overseas paradise may be fading, there is a silver lining: it looks like Aussies can still save a fair bit of money by tweaking their travel plans.

According to a new report from NAB, by simply making appropriate changes, Aussie adults can save up to an average of $392 a month—that’s no small potatoes, especially for those on the hunt for a more cost-effective holiday solution!

Domestic holidays have become the best way to save cash without completely missing out on all the travel fun (don’t forget, Australia is a stunning place!).

Could domestic travel be the solution? Image by Catarina Sousa from pexels

'Australians are making considered changes to their travel plans and they might be swapping the Mediterranean for Maroochydore or Bali for Burnie,' NAB Retail Customer Executive Tara Hartley said.

This willingness to adjust, rethink and re-prioritise our spending certainly bodes well for our respective savings accounts. A separate research report from Canstar found that 71 per cent of Aussies are saving for a big purchase or expense—up from 66 per cent last year.

Travel and holidays are the most significant expense people are saving for—57 per cent of Aussies are putting away their cash for potential trips—followed by building an emergency fund (33 per cent), property (24 per cent) and cars (24 per cent).

It’s a case of two-speed savers, said Canstar's Group Executive of Financial Services, Steve Mickenbecker.

'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 of achieving their goal, even if it is just survival for many,' he explained.

Key Takeaways

• Australians have managed to save an average of $392 a month by altering their holiday plans due to the rising cost of living and travel expenses, according to new data from NAB.
• Two-thirds of Aussies have cancelled or postponed their trips.
• Many travellers are choosing domestic holidays over international ones to reduce costs.
• Separate research disclosed that 71 per cent of Australian adults are actively saving for a big purchase or an expense, with travel and holidays as the top priority for saving.

If you’re on the hunt for travel savings, use any discounts and offers available to you. To get started, you might like to look through our Discount Directory.

The state and territory governments have a range of concessions for older Aussies that apply to a range of transport options, such as discounted services on regional rail and some ferry services. Luckily, we’ve compiled them all into one handy article (broken down by each state and territory).

The astounding disparity between international and domestic travelling expenses is one not to ignore.

Research has found that the average domestic trip lasts less than four nights and costs roughly $700. Meanwhile, an international trip lasts an average of 18 nights and will set you back $6,500.

The line item that makes up the core of this price gap leaps from the page: the flights. The cost of international flights can skyrocket, accounting for as much as or more than half of the total holiday budget, depending on the destination.
Take advantage of domestic deals where possible—you never know how much you could save!

What do you think, members? Would you rather save up for an international holiday or jet off sooner domestically?

 

[Trudi]

My partner and I had to cancel our trip to Europe because of Covid, luckily we got most of our money back. Then I fractured two vertebrae last year, then we bought a block of land, where we had to put up some fencing, etc. Funny how time disappears when you're having fun,

But the time is ripe to finally start planning our European trip again, next year in May/June sounds about the right time.

 

[Cattersfan]

​

In the age of rising living costs, it's becoming increasingly difficult to pack our bags and jet away to some far-off paradise.

With flights more expensive than ever, petrol sky-high, and the cost of living ever-growing, financially conscious Aussies everywhere have to get creative with their holiday plans.

It's been reported that, over the past three months, around two in three Aussies have either cancelled or postponed their trips due to these soaring expenses. And of the 85 per cent who still plan to take some sort of holiday over the next 12 months, four out of 10 have had to scale back their plans.

But while the idea of jetting off to an overseas paradise may be fading, there is a silver lining: it looks like Aussies can still save a fair bit of money by tweaking their travel plans.

According to a new report from NAB, by simply making appropriate changes, Aussie adults can save up to an average of $392 a month—that’s no small potatoes, especially for those on the hunt for a more cost-effective holiday solution!

Domestic holidays have become the best way to save cash without completely missing out on all the travel fun (don’t forget, Australia is a stunning place!).

View attachment 26371

Could domestic travel be the solution? Image by Catarina Sousa from pexels

'Australians are making considered changes to their travel plans and they might be swapping the Mediterranean for Maroochydore or Bali for Burnie,' NAB Retail Customer Executive Tara Hartley said.

This willingness to adjust, rethink and re-prioritise our spending certainly bodes well for our respective savings accounts. A separate research report from Canstar found that 71 per cent of Aussies are saving for a big purchase or expense—up from 66 per cent last year.

Travel and holidays are the most significant expense people are saving for—57 per cent of Aussies are putting away their cash for potential trips—followed by building an emergency fund (33 per cent), property (24 per cent) and cars (24 per cent).

It’s a case of two-speed savers, said Canstar's Group Executive of Financial Services, Steve Mickenbecker.

'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 of achieving their goal, even if it is just survival for many,' he explained.

Key Takeaways

• Australians have managed to save an average of $392 a month by altering their holiday plans due to the rising cost of living and travel expenses, according to new data from NAB.
• Two-thirds of Aussies have cancelled or postponed their trips.
• Many travellers are choosing domestic holidays over international ones to reduce costs.
• Separate research disclosed that 71 per cent of Australian adults are actively saving for a big purchase or an expense, with travel and holidays as the top priority for saving.

If you’re on the hunt for travel savings, use any discounts and offers available to you. To get started, you might like to look through our Discount Directory.

The state and territory governments have a range of concessions for older Aussies that apply to a range of transport options, such as discounted services on regional rail and some ferry services. Luckily, we’ve compiled them all into one handy article (broken down by each state and territory).

The astounding disparity between international and domestic travelling expenses is one not to ignore.

Research has found that the average domestic trip lasts less than four nights and costs roughly $700. Meanwhile, an international trip lasts an average of 18 nights and will set you back $6,500.

The line item that makes up the core of this price gap leaps from the page: the flights. The cost of international flights can skyrocket, accounting for as much as or more than half of the total holiday budget, depending on the destination.
Take advantage of domestic deals where possible—you never know how much you could save!

What do you think, members? Would you rather save up for an international holiday or jet off sooner domestically?

Not sure I believe that domestic travel is cheaper, sadly. We just booked flights from Townsville to Darwin return, 2 adults, at a cost of $1300. Luckily we have family to stay with once there. The same $$ could take 4 people to Bali & back PLUS accommodation.