A few weeks ago we wrote about how to plan for a holiday and save like a boss. But what happens when you succumb to the allures of friday frenzy and holiday deals?

If you’ve booked a last-minute trip, you still want to enjoy it rather than return worried about your financial situation.

We’re not here to give you a hard time about impulse purchases, because everyone makes them, us included. Let’s instead talk about some practical ways to ensure your week of unplanned cocktails & adventures don’t leave lasting memories on your hip pocket.

Booking on the dreaded c-word – credit card (get your mind out of the gutter!)

Your credit card has a few thousand dollars that needs to be paid off asap before you start paying interest. This is definitely not the position we would encourage you to be in if you were planning a holiday in advance. However, if find yourself in this bind there are some easier ways out than paying 20% interest. Reducing the interest cost to as low as possible is important – scouring websites for alternative cards is a start.

We would suggest you find a credit card with a 0% balance transfer offer and a timeframe that works for you. Once you have found a card, take the holiday expenses (A) and divide by the number of months on the 0% rate offer (B). Your monthly repayments onto this card need to be a minimum of A/B. WARNING: discipline is required to ensure you get this card paid off asap and before hefty interest starts being applied.

Get your hustle on

You’re jetting off in 5 weeks? Great! How about your get your hustle on. If you have the opportunity to pick up some extra work from overtime, ad hoc jobs or helping family we suggest you do this. Any extra work that can help add to the last-minute holiday kitty will make the time away so much more rewarding!

Think about how you spend overseas

Do you need to take cash or can you pay for most things on card? It’s surprisingly easy to visit many overseas locations and pay for things on card. There are two benefits to this; you can often find international transaction fee-free cards and it can be safer than travelling with wads of cash. Whatever your preferred option, try to be organised in advance so you can reduce unnecessary bank fees where possible.

Start finding money

Okay so you might not have a money tree, but what about considering some easy ways to boost your bank account and reduce your credit card burden. All those coins floating around your drawers and pockets? Take them to the bank. That jacket you bought for $500 and wore once? Cut your losses, sell it for $300 and enjoy two extra nights accommodation. Get creative – you’ll be surprised at how easily you can ‘find’ a weeks worth of spending money.

Holidays are to be enjoyed and help you reset your batteries. If you are jetting off soon, think about ways to ensure your post-holiday blues are no bluer than necessary. And next time – please start saving in advance 😛

The above is general advice only. If you would like to review your holiday goals or budget, please contact us here.

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Pursue Wealth Pty Ltd is a wholly owned subsidiary of Grimsey Wealth. Pursue Wealth’s Financial Advisers are Authorised Representatives of Grimsey Wealth Pty Ltd, ABN 90 113 911 247 AFSL 293334

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