NRMA study: Rising living expenses eating into family travel plans
From the rising cost of energy bills to increased home loan repayments, many Australian families are experiencing greater amounts of strain on their households budgets - a strain which looks to be having a flow on effect to other areas.
According to a recent survey of 1,000 families conducted by NRMA Blue, 71% of families are having to sacrifice eating out, leisure activities and even utilities in order to save up for holidays away.
But when it comes to planning a trip, 45% of respondents felt that even holidays within Australia didn’t present value for money when taking into account expenses like food, accommodation, entertainment and the cost of actually getting there.
In fact, just under half of families felt that, by comparison, international travel presented better value for money - particularly as children get older.
“We all know holidays are an expensive time for families. With the increased cost of living, taking a holiday with the family is harder,” said Mum and Family Finance Expert, Canna Campbell.
“But holidays are so important for families, and personally, I think worth the investment. This is where we create memories, connect and bond as a family, and recharge our batteries.”
How can families cut back on holiday costs?
With close to half of the families surveyed by NRMA reporting that their day-to-day living costs had increased by over 10%, it’s hardly a surprise that many are looking for ways to cut back in order to be able to afford that much needed time away.
But aside from trimming back on everyday expenses like entertainment and bills, the survey also revealed that 60% of respondents were looking towards deals, discounts and even loyalty apps to help fund family holidays.
According to Campbell, programs like the NRMA’s newly launched NRMA Blue program could prove valuable assets for money savvy families hunting for ways to save on their domestic trips away.
“Joining a member program like NRMA Blue gives families access to exclusive offers and discounts on those big ticket items that can really add up; fuel, transport, travel and accommodation, entertainment and attractions,” she said.
But what about families looking for a budget holiday abroad?
While locking in cheap flights and grabbing a deal on accomodation are great places to start, recently released figures from Mozo show that Aussie families could be saving a hefty amount on their trips just by choosing the right travel money card.
Mozo research found that when combined, annual fees, foreign ATM fees and foreign exchange margins could add up to over $1,000 on a $10,000 spend depending on the travel money option used.
However, there are also travel cards available that wouldn’t cost a family a cent in fees for the same $10,000 spend.