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It used to be easy to plan for the next getaway. We understand that you may not want to think about how you are going to fund your next holiday right now but this may be the best time to plan cleverly so that you can create memories without going into debt.
In this week's episode of Money Heroes, we explore the fun side of making wise financial decisions – planning for holidays and travel. Good budgeting can go a long way when you’re making plans to recharge your batteries.
Tim Hogins of Hogins Enterprises draws from his experience in the tourism sector to give us his success tips on travelling with your family, and Frans Hiemstra, general manager of Uber Sub-Saharan Africa, shares his best tips for travelling locally.
Holidays and Travel
Many of us have been dreaming about the day we can move freely again for a delightful, safe holiday at a lovely destination. Perhaps the past year has been hard on your wallet, or you don't have the necessary assurances to travel yet.
Well, the good news, is that we can approach our holidays in the same way we think about our investments: by drawing on the power of expert advice in empowering us to get the most from our budgets.
"We are all human beings, and after a long year, there is nothing better than investing some time in yourself, recharging your batteries and spending some time with loved ones."
Marais believes that travelling, when safe to do so, is an investment in yourself, and can also have returns that are more than just financial.
Here are some of Jeanette's success tips for approaching your next dream holiday.
1. Take advantage of loyalty schemes - If you’re a member of a loyalty scheme like Momentum Multiply, make sure that you understand all the rules and options. Often there are great deals, like getting 40% discount on tickets, or getting reduced prices on car hires and hotel bookings.
2. Plan something special - COVID-19 has forced many of us to postpone or cancel our plans. On one hand, that may have been good for our finances – on the other hand, it has given us more time to save a bit more and for a bit longer, to make your next holiday truly special.
3. Don't use long-term savings – Believe it or not, but many people withdraw money from their investment at the end of the year to pay for a small holiday. "If that's how you’ve planned for your holiday, that's wonderful. If not, make sure that this holiday does not interfere with your long-term savings goals."
"Something as nice and special as travel and a holiday can be a great investment in yourself and in the wellbeing of your family, but plan ahead, plan it well and enjoy every minute of it.”
Join forces with a financial adviser for the best expert advice for planning for a big or small holiday.
Holiday Budget Tips
Theo Vorster, CEO of Galileo Capital, says we all need to take a break from time to time – whether it is for an experience or activity, or simply to relax and broaden your horizons.
"If you plan properly, your holiday is an investment in yourself, to recharge yourself," Theo says.
Here he gives us expert advice for how we can best manage the costs of holiday travel.
Success Stories: Tim Hogins
Tim Hogins is a businessman and chairperson of Hogins Enterprises. He specialises in various industries including travelling, tourism and holidaying, and gives us his best tips for going on holiday with your family.
Decide on the number of days – Calculate the number of days you will be spending on holiday to the day. "Once you’ve done that, you have to allocate a budget per day, as your daily budget will decide what you do at that point in time."
Save spare income towards travel – It is much easier to go on holiday if you intentionally save towards it. "My personal advice: On a monthly basis, I allocate about 5% of my spare income towards holidaying."
Going on holiday with family can be affordable – We often think holidaying with family is expensive, but the opposite can be true. "When I take my kids on vacation, the things we do are influenced by them being present." Fun family activities can often be the most affordable.
Watch the video for more from Tim on buying up timeshares, and a tip for those wishing to find employment in the tourism industry.
Success Stories: Frans Hiemstra, Uber
Frans Hiemstra is the general manager of Uber Sub-Saharan Africa.
With the global COVID-19 pandemic affecting how we move around, Frans shares how we can still enjoy a good trip today.
Travel locally – South Africa has so many great places and regions to visit within its borders. Get out and about and explore everything our country has to offer, which can often be lighter on the pocket too.
Spoil yourself in a smart way – Take advantage of smart travel deals that are available during this period. You can still spoil yourself with a fantastic holiday by using apps such as Uber Pass, which makes rides and eats more affordable.
Watch the video for more tips from Frans on treating yourself when you travel, and considering what will give you value…