7 money tips to avoid a holiday hangover

Don't get stuck with huge debts from a holiday
Source: Getty

You may want to withdraw cash from an ATM (after exchanging your currency on a banking app)

Don’t let slapdash financial planning put a sour finish on your next dream holiday.

The key to avoiding a ‘holiday hangover’ is planning ahead, says HSBC Australia head of wealth and personal banking, Jessica Power.

“If you’re among the Aussies gearing up to travel this year, it’s important to make sure that your money is ready to travel too,” she says.

So to help with this, here are a few tips around better spending and importantly saving while on your next holiday.

  • Track flight prices before you book: Sites like Webjet and Skyscanner can help you track prices so you can book your ticket at a lower cost. You can also set reminders to get emails about when a particular flight is at a cheaper price.
  • Consider applying for a travel credit card a few months before leaving: This is definitely worth a bit of research and Mozo has all the info to help. Your points could even pay for your flights!
  • Get to know the local currency: Many people use an Australian credit card to pay for overseas purchases but the foreign conversion fee can add up, usually in the range of 2-4%. After landing, you may want to withdraw cash from an ATM (after exchanging your currency on a banking app). This small step gets you into the rhythm of getting used to using the exchange and local currency.
  • Borrow before you buy: Before hopping onto Amazon to buy last minute travel adapters and pillows, ask friends or family to lend you theirs. No need to break the bank.
  • Create a budget before you go on your trip: I know, you don’t want to dampen the holiday mood, but sticking to your travel budget and avoiding frivolous spending could save you thousands of dollars. If you don’t want a strict budget, at least try to set a total spending limit to avoid a nasty bill shock surprise when you come back.
  • Turn mobile data off: Use Wifi to stay in touch with loved ones and download WhatsApp before you leave. Avoid using messages and calling. Also check out Mozo’s range of international phone plans to help with data costs while travelling.
  • Try to travel in off-peak seasons. A trip can be more expensive during peak tourist times. And when the demand is high, there can definitely be premium accommodation rates. It’s worth moving your trip by a few weeks or months to avoid higher room charges.

If you’re travelling anytime soon, you’ll be weighing up how to pay for things. You can start by comparing the cards available in our database below to find one that could be good for you. Don't forget to check for international transactions fees or overseas ATM fees when comparing. 

  • Compare debit cards for your next adventure - rates updated daily

    Search promoted debit cards below or do a full Mozo database search . Advertiser disclosure.
    • placeholder
      Transaction Account

      account fee
      Payment Options
      what kind of card
      $0.00
      Apple Pay, Google Pay, PayID
      Debit Mastercard

      Earn 1.50% p.a. interest on all balances. No monthly account fees. Winner of a Mozo Experts Choice Australia's Best Bank 2022^.

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    • placeholder
      Everyday Options

      account fee
      Payment Options
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      $0.00
      Apple Pay, Google Pay, PayID
      Visa Debit

      An easy, everyday banking account packed with flexible options to help you spend, budget & save better. You could get $25 plus Suncorp Bank will donate 25 meals to Oz Harvest. T&C’s Apply.

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    • placeholder
      Glide Account

      account fee
      Payment Options
      what kind of card
      $0.00
      Apple Pay, Google Pay, PayID, Samsung Pay, FitBit Pay, Garmin
      Visa Debit

      Unlimited free internet transactions. Super fast transfers & use Apple Pay, Google Pay and Samsung Pay. No account keeping fees. Access Any Major Bank & MyState Bank ATM Fee-Free.

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    • placeholder
      Classic Banking Account

      with Standard Visa Debit Card

      account fee
      Payment Options
      what kind of card
      $0.00
      Apple Pay, Google Pay, PayID, Samsung Pay
      Visa Debit or
      EFTPOS

      No monthly account fees ever, with no conditions. Free use at over 7,000 ATMs around Australia. No overdrawn fees if you happen to go over your account balance. Open an account in less than 7 minutes.

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    • placeholder
      Everyday Edge Account

      account fee
      Payment Options
      what kind of card
      $0.00
      Apple Pay, Google Pay, PayID, Samsung Pay
      Visa Debit or
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      Enjoy $0 monthly account fees and unlimited fee-free card, phone and online transactions. Tap and pay with Google Pay, Apple Pay or Samsung Pay. Refund of overdrawn fees and international ATM withdrawal fees and international card transaction fees^.

    • placeholder
      Orange Everyday

      account fee
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      what kind of card
      $0.00
      Apple Pay, Google Pay, PayID
      Visa Debit

      Rebates on ATM fees anywhere in Oz. No ING international transaction fees. Zero monthly fees. Winner of the Mozo Experts Choice Awards 2022 for Exceptional Everyday Account.^

      Details

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