Singaporean families love to go on holidays. In fact, it’s predicted that by 2025, households here will spend a collective $44.9 billion on travel every year every year. The figures put Singapore as the seventh highest spending country in the world when it comes to overseas travel – a statistic that is all the more impressive when you consider that it is based on overall spend, not per capita.
Yet, while we have a strong sense of wanderlust as a nation, there’s no need for individuals to spend too many of their hard-earned dollars on jetting off overseas.
So, if you’re looking to stretch your holiday fund further, what should you look for?
1.Think like a trader
Well, it pays to adopt a business-like approach to this. Just as those trading in commodities will look at the rise and fall of an asset, you should look at the financial strengths and weaknesses of potential holiday destinations.
In the most part, this means looking to areas in which the strong Singapore dollar will stand you in good stead. The resorts of east Malaysia become an even more attractive proposition when you look at the exchange rate between the ringgit and the dollar.
The United Kingdom too is also an attractive place to ‘invest’ your holiday fund in at the moment. Ever since voters chose to leave the European Union last June, the SGD has performed well against the pound.
2.Take some credit
Does your family use a credit card to fund purchases? It’s possible to use this to your advantage to get a better deal for your holiday.
By signing up to the right card you can earn air miles as you spend and these can be redeemed to help pay for your flights as you go on holiday. If you were going to spend the money anyway then this is a great way to get a reward – and money off your holiday – without even having to change your spending habits.
Grace Cheng and her family have even been able to fly around the world for free based on the air miles earned from a single year of spending. This takes some smart thinking – and financial planning – but is well worth considering.
3. Or look close to home
Of course, you don’t have to go halfway around the world to find some great holiday destinations. There are are several superb Asian destinations on our doorstep – or even within Singapore – that could make for a great getaway. Some of these are place we might all visit from time to time for work anyway so you’ll have the advantage of knowing more about where you are going.
4.Peak times aren’t the best value
It’s not a great idea to choose to head to a destination during its peak tourism season. Not only might you struggle to find accommodation, but you could also find that attractions are overcrowded – whether they be museums or beaches.
This doesn’t mean compromising quality either, New Zealand still looks pretty stunning if you turn up between June and October. Indeed, the best time to visit Hong Kong is in its autumn season (October to December), when the temperatures are more enjoyable.
5.Use the tools available
The wonders of the world wide web mean that we all have a wealth of information at our finger tips. From searching for budget flights through to apps that can plan out a trip in a way that makes the best of time and resources, there’s no excuse for not taking the time to research and plan a holiday well in advance and, as a result, get the best deal possible.
Try aggregator sites such as Trivago, Expedia and Skyscanner – as these will look up deals on flights and accommodation on your behalf from a whole series of different sources and save you time as well as money. Once you’ve got something booked, pick an app that will help you plan your time out properly. If your trip is well planned then you can make the most of offers, search out deals and generally avoid making costly mistakes during your vacation. TripIt, Planapple, Tripomatic and TripHobo are examples of this sort of app.
By thinking about currency, using credit card rewards to your benefit, considering local destinations, avoiding peak times and using the power of the internet, there’s plenty of scope for Singaporeans to save money from their next holiday.
Also READ: Are you really prepared for your next family holiday?
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