Jessica Shuwalow, Business Development and Marketing Manager
With holiday season fast approaching, I thought it timely to talk about travel and giving you some support to have the financial freedom to be able to travel. When we first meet with a new client, we commonly hear them ask, I like to travel regularly or I have a big trip I’m planning, you’re not going to tell me to stop spending money on holidays are you?
The answer is NO. We actually encourage people to put the things they enjoy the most at the top of their priority list. It’s about putting your big rocks in first. Your big rocks are the things that are most important to you, then the tedious things can work around your big rocks. The most common big rocks are: family and health, which for many translates into things like holidays and travel.
So how do you go about ensuring your financial freedom to travel? First and foremost, if travel is important to you, make it one of your big rocks.
Secondly, determine what you want travel to look like for you, is it a one off big trip you’re wanting to invest towards or is it an annual holiday.
If it’s a once in a lifetime trip that you’re planning for, say five years’ in advance, then you could look at a managed fund with a regular savings plan, where you have time to ride out market fluctuations.
If it’s an annual trip, then each pay check allocate a regular amount to a high interest savings account. If you do use your credit card, make sure you do balance transfer to an interest free card while you pay the money off.
Check out how some of our clients have successfully incorporated travel into their financial plan: www.newcastlefinancial.com.au/what-our-clients-say
Disclaimer: This editorial provides general information only.