11 awesome ways to save for overseas travel

Collage of a woman dreaming about summer holidays.

Two years of lockdowns and closed borders have given many insatiable wanderlust. So if you find yourself scrolling holiday inspo or wistfully comparing travel insurance policies, let’s explore how to make your dream a reality. 

Without further ado, here’s 11 (fairly easy!) ways to save for travel.

1. Get a term deposit, or switch to a high interest savings account

A row of pink piggy banks of increasing size.

Rising interest rates may be bad for home loans, but they’re great for savings accounts! 

Look into term deposits if you have a sum you don’t mind not touching for a while, or compare high interest savings accounts for greater flexibility.

2. Sell what you’re not using

Collage of a couch on legs.

“Travel light” can be a lifestyle, not just trip advice. Reduce clutter and move things on, especially if you’re planning on travelling for months at a time. 

You could earn quick cash through marketplace apps like eBay, Gumtree, or Facebook. Recycling this way also saves the planet, since your well-loved items get a new home instead of going straight to landfill. And if you need something ‘new’, buy second-hand! Your karma (and bank account) will thank you.

3. Track your monthly spending

A hand hold a credit card. Collage of different expenses behind her.

Bank account mysteriously leaking cash? Get on top of your transactions by tracking your spending. Once you know where your money’s going, you can decide how to cut back. Get started with a few fun money-saving apps which do the work for you.

You could also design a budget so you know which expenses are essential – and which could go toward a future trip to Europe.

4. Cut back on your grocery shop

Collage of hands holding different foods.

Food is one of 2022’s biggest living expenses, so it’s important to make groceries as affordable as possible. Check some of the best ways to save off your grocery list by:

  • Buying in bulk.
  • Downgrading to cheaper grocery stores or product brands.
  • Shopping locally and buying in-season fruits and vegetables.
  • Meal planning.
  • Dining at home instead of going out.
  • Buying ingredients you can stretch farther (rice instead of pasta, chicken instead of beef, beans instead of bread, etc.).
  • Shopping online so you can carefully watch your total. 

Hungry for deals? We’ve rounded up some of the best online grocery shopping brands through our Mozo Experts Choice Awards.

5. Bundle or switch your mobile and broadband

Collage of people grinning at their smartphones.

Lots of people get stuck with their mobile plans because they’re too intimidated to switch. But you’d be surprised how cheap mobile plans can be! Get ruthless about how much data you really need by comparing SIM-only plans, or switch to prepaid if you want to control your spend carefully. 

Some providers like Vodafone even offer special bundling discounts if you get your NBN and mobile on the same plan, so see what’s out there! 

Here’s a guide on porting your number, too, if you find a better deal and would like to jump ship.

6. Rethink your energy bill

Collage of a person swiping on their phone in front of recycling arrows.

Electricity and gas have been hit hard with inflation this year. Compare providers and cut back on your usage so you live within means. Remember, it’s cheaper to heat the human instead of the home! You may just have to rug up this winter instead of whacking the heater on full nick. 

Check out our energy-saving guide for more inspiration.

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7. Get a roommate

Collage of a person in a smartphone reaching out to another.

Renting? If your lease allows it, get a roommate! Splitting the bill means more money in your pocket for travel. Even renting out your parking space or pool (yes, pools get rented!) can earn you some extra income.

8. Try a savings challenge. Go on. We dare you.

Collage of a cheeky woman climbing green money bars.

Make saving spicy with these 6 insanely fun challenges. You know you want to...

9. Budget for travel expenses

Hands clutch a piggy bank. Pink background.

Give yourself a target by setting some savings goals for your travel budget. How much will you need for airfare? Accommodation? Food and souvenirs? Travel insurance? Once you have something to aim for, it’s so much more satisfying to get there – both with your bank account and holiday destination.

10. Compare destinations and itineraries

People walk across a pink map of the Europe..

If Europe seems too expensive, don’t fret – Asia and New Zealand are right around the corner! Research destinations and different ways to do them. Your trip doesn’t need to be classic or iconic to be worth having, and you may not need to save as much as you think! 

Sometimes unusual destinations can be cheaper and just as exciting, so see what’s out there, and don’t be afraid of going off the beaten track. (Just make sure your wanderings are covered by your travel insurance policy).

RELATED: Best (and safest!) travel destinations

11. Compare travel insurance policies

Travel souvenirs on a pink and blue background.

While it may sound a bit narky, this adage is unfortunately true: if you can’t afford travel insurance, then you can’t afford to travel. 

Luckily, it’s easier than ever to compare travel insurance policies. Look for value – not just price. The right policy for you will fit both your needs and budget, and could protect your finances in case you have a costly misadventure overseas. (And don’t forget to read the PDS!)

Going around the world in 80 days? Compare international travel insurance policies below, and make sure to avoid these 5 common travel mistakes.

Compare travel insurance - last updated 29 May 2024

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