How to Save for Your Dream Holiday as a Young Person

 

Planning a holiday as a young person can feel like a big financial challenge, but with the right approach, you can make it happen without breaking the bank. Whether you're dreaming of a backpacking adventure, a beach getaway, or a city escape this guide is for you!

1. Set a Clear Holiday Budget

Before anything else, determine how much you need for your holiday. Break it down into:

✅ Flights or transport
✅ Accommodation
✅ Food and daily expenses
✅ Activities and entertainment
✅ Travel insurance and emergency funds

This will make it easier to find the exact savings goal that you require. 

2. Maximize Your Income

If you’re working part-time while studying, set aside a percentage of your earnings specifically for your trip. Some strategies include:

💰 Picking up extra shifts during peak seasons
💰 Taking on freelance or gig work (e.g., tutoring, delivery driving, pet sitting)
💰 Selling unwanted clothes or gadgets online

For bigger savings, consider working full-time during university holidays to build up your travel fund quickly.

3. Use a High-Interest Savings Account

Open a separate savings account with a competitive interest rate, such as those offered by ING or UBank as these accounts have the highest interest rates right now!. Setting up automatic transfers from your main account ensures you consistently contribute to your travel fund without thinking about it.

4. Take Advantage of Student Discounts & Travel Deals

Many airlines, hostels, and travel agencies offer discounts for students and young travelers. Look into:
🎓 Student travel cards (e.g., ISIC Card)
✈️ Youth flight discounts from airlines like Qantas, Virgin, and Jetstar
🏨 Hostel memberships (e.g., YHA or Hostelworld discounts)
🚆 Public transport passes in cities you’re visiting

5. Earn and Redeem Frequent Flyer Points

If you frequently use a Qantas Frequent Flyer or Virgin Velocity program, start maximising your points:
🔹 Use a points-earning debit or credit card (e.g., Qantas Premier Everyday, Virgin Money Flyer)
🔹 Shop through Qantas Shopping or Velocity eStore to earn bonus points
🔹 Book flights during points promotions or use points to upgrade your seat

You can also sign up for every airline’s free rewards program—you never know when those points will come in handy!

6. Choose Budget-Friendly Destinations

Not all destinations are created equal when it comes to costs. If you’re on a tight budget, consider:
🌏 Southeast Asia (Thailand, Vietnam, Indonesia) – Cheap flights, food, and accommodation
🌍 Eastern Europe (Poland, Hungary, Bulgaria) – Affordable and less touristy
🦘 Domestic Trips (Gold Coast, Cairns, Tasmania) – Avoid international airfare and explore local gems

Use budget airlines like Jetstar, Scoot, and AirAsia, and compare flight prices on Skyscanner or Google Flights before booking.

7. Travel in the Off-Season

Flights and accommodation are significantly cheaper during non-peak seasons. Avoid school holidays and opt for:

📆 Shoulder seasons (spring and autumn)
✈️ Midweek flights (Tuesdays and Wednesdays)
🏨 Last-minute hotel deals on Booking.com, Hostelworld, or Airbnb

8. Save on Accommodation

If hotels are too expensive, consider:
🏡 Staying in hostels or budget-friendly Airbnbs
🏠 House-sitting or couchsurfing for free accommodation
🏕️ Camping or van life for an adventure on a budget

If you're traveling with friends, splitting accommodation costs can also help significantly reduce expenses.

9. If You’re Paying Rent, Budget Smartly

For those not living at home, saving for travel requires extra discipline. Some tips:
💸 Reduce rent costs by sharing a place with roommates
🍜 Cook meals at home instead of eating out
🚌 Use public transport instead of Uber
📱 Cut unnecessary subscriptions like extra streaming services

Even small savings each month can add up to a flight ticket or an extra night at your destination.

Saving for a holiday as a young person is all about smart planning, consistent saving, and finding ways to cut costs. Whether you're making use of frequent flyer points, choosing a budget-friendly destination, or maximizing your income, there are plenty of ways to make your dream trip a reality.

Looking for more tips to master your money? Find Out More 👉 @theyoungdollardiary for weekly insights and inspiration!

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