Here are some hot tips to remember before you start planning for that upcoming Euro summer trip!
It’s that time of year again where every Aussie begins to plan their Euro summer (read: winter escape plan). So if you’ve said ‘yolo’ and agreed to a euro-summer with your besties, here’s 3 tips on how to get your bank account in shape BEFORE you get to the departure gate.
While it’s tempting to skip straight to finding insta-worthy hotels and the best Italian gelato in town, the first step in any euro-trip needs to be running the numbers.
Yep, we know - budgeting can feel as complicated as a foreign train timetable after a 24 hour flight. But future you (the one sipping Aperol spritzes at a beach club) will be so grateful you did this now.
As you plan for your euro trip, the big question is, how much can you afford to spend without breaking the bank? This number will help you stay on track (and out of bad debt) as you start booking stuff in.
Ideally, you want to divide your budget into key categories:
If the math is not math-ing (i.e. your expected costs are more than your savings amount), make some adjustments like staying at more affordable accommodation or priorities only the activities you REALLY want to do.
Trust us, you don’t want to come back from Europe with holiday blues, money regrets and a debt that sticks with you for years.
For those looking for a helping hand with the saving game, Flux’s spending tracker can help you understand your spending habits so you can identify how much extra cashola you can allocate to your Euro summer funds. There’s also a tool that shows you all your subscriptions so you can cancel the ones you don't use anymore! When you have a holiday to plan, EVERY. DOLLAR. COUNTS.
It’s no secret that summer is the peak season to visit Europe. After all, who doesn’t want to enjoy an limoncello spritz by the sunny Italian coast? But don’t underestimate how much money you can save by beating the crowds and booking your flights and accommodation early (or late)!
A recent study by Expedia revealed the best time to snag a good flight deal is actually 18-29 days before your departure. But as with any high reward strategy, you also run a higher risk of being stuck with long layovers, poor seat options, or inflated prices if there’s a sudden increase in flight demand.
The second best time to book an international flight is 22 weeks (about 5.5 months) in advance. Which should give you plenty more time to plan and lock in other essential bookings. Also good to note, the best day to book your flights is a Tuesday morning, with your departure set for a Tuesday, Wednesday or Thursday.
Bonus tip: Clear your web cache/cookies and use an incognito browser before booking flights and accommodation to avoid search history price surges.
Fee alert! Many big banks charge a foreign transaction fee (around 1-3%) when you use your card overseas. That means if you’re withdrawing $500, you might be paying an ATM fee plus ~$10 in foreign transaction fees. It might not sound like a lot but when you’re travelling those extra $ can really start to add up.
Luckily you can reduce or avoid this cost entirely by paying in cash or opting for travel cards. For example, with a prepaid travel card you can load up your chosen currency in the card before you leave Australia, and then use it like a normal debit card overseas (without the fees).
Want to learn more? Check out our other article on this topic: How to spend money when you’re overseas.
Bonus tip: Give your bank a heads up on where you’re going and when you plan to leave the country to make sure they don’t block your account when you try to access your funds overseas!
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