Following pressure from the Australian Competition and Consumer Commission’s Covid-19 Taskforce (ACCC), Qantas made the decision late last week to refund passengers whose flights had been cancelled due to travel restrictions.
So, if you are one of the many Qantas customers who previously received credit for your cancelled flight, then you may now be entitled to a refund instead. The question is what are you going to do with it once you get it?
We’ve come up with a list of both fun and frugal ways to use your refund.
1. Soak in the scenery in your state or territory
You may not be able to jet off overseas anytime soon, but that doesn’t mean you can’t explore your own backyard a little.
Why not take your refund and head off on a scenic tour around your local area. Australia has such a vast, open landscape, there’s always something new to see. You could even head to regional areas previously affected by the bushfire crisis, to support local communities trying to get back on their feet.
2. Treat yourself
While you probably won’t want to blow your full refund on stuff, it might not be a bad idea to have a little splash. If you have the means and you want to treat yourself, why not have a meal out at your favourite restaurant with friends or family.
Or if there’s something you need or you want to buy a gift, you could use some of your refund to support small local Australian businesses. You could even use your money to support Indigenous owned businesses, some of which include Indigiearth, Haus of Dizzy and Kakadu Tiny Tots.
3. Make a tax deductible donation
If there’s a cause that you care deeply about and you have the means, you could donate some of your refund to a charity or Go Fund Me page.
The best bit is it’s almost tax time, meaning you can write off your donation against tax in just a few short weeks!
4. Put some aside for your bills
This one isn’t really as fun, but if Covid-19 has put a strain on your finances, then it might be a good idea to put some of your refund aside for your bills. You could even pay some money into your energy bill early, if your provider has that option. If not, you could simply move it into your savings account, so you’re less tempted to spend it.
5. Open a savings account
If your refund is fairly sizeable and you don’t have anything pressing to spend it on right now, you could put it into a savings account. While you’re at it, you could even review your current account to see if the interest rate you’re receiving at the moment is actually competitive.
Head to Mozo’s compare savings accounts page to see where you could be stashing your cash.
6. Park your refund in a term deposit
Lastly, if you have some long-term goals that you’re working towards, you could think about locking your refund away in a term deposit.
With Tourism Minister Simon Birmingham suggesting that Australia’s borders will remain closed until 2021, most of us probably won’t be going too far afield in the next six months. The good news is that that’s just enough time to stash some money away in a term deposit and make a little bit of interest.
Keen to see what term deposit rates are on offer right now? Check out the 1-year term deposits below or head to Mozo’s compare term deposits page for more options.