How To Save Money For Your Future Travel Plans

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Itching for a getaway now borders are wide open? We hear you. As much as we've all missed travel, it's still a massive financial hit to plan and enjoy a holiday, especially when you want to make the most of your trip after so long spent stuck in Australia.

We all deserve a getaway, though, so here are some great ways to grow your travel fund ahead of your next adventure.

Open A Separate Travel Fund Account

Deposit a portion of your wages into a separate travel fund account every pay. Even just $100 a week could see your travel account grow to $5,200 in a year. A term deposit can also gain a higher interest rate when you agree to leave your money in the account for a predetermined amount of time, though the minimum deposit required often varies between banks and can range from $1,000 to $5,000.

Salary Sacrificing Packages

Depending on your industry and role, you may be eligible to include private travel for you and your family as part of a salary package. Potentially, this could include airfares, hotels, and insurance costs, so ask your employer to see if you are eligible.

Minimise Your Tax

Make sure you are claiming for everything you are entitled to for the EOFY, particularly if you’ve been working from home. Many Australians don’t realise what they can claim and miss out on valuable funds in their tax return. Even using the shortcut method to calculate your home-office expenses, you can claim 80 cents for every hour spent working from home.

Audit Your Apps And Subscriptions

Are you really watching that much TV? Sign up for one service at a time, and when you’ve finished binge-watching your favourites, cancel and make the switch. Also, run an audit on all your app subscriptions and cancel or downgrade the ones you no longer use. You’ll be surprised how much you can save month on month.

 

Now, here's what you can claim on tax if you've been working from home.

Gerry Incollingo is the Managing Director of LCI Partners in 1998, an established accounting, finance and legal firm based in Parramatta. Since that time, the firm has expanded with six divisions and is now based in Sydney, Parramatta, and southern Sydney.

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