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Save for one holiday These days can seem like a chore, but some destinations may not take as long as you expected.
New research has revealed exactly how long it takes Aussies save for a vacationwith almost a third of travelers (31 percent) needing an average of a year to save for a trip.
Money.com.au’s research also found that 29 percent of Aussies saved for up to six months before moving.
For some of us (18 percent) it takes more than a year to save for a trip, while a few (13 percent) manage to save for a vacation in less than three months.
On the other hand, some Aussies (7 percent) skip saving altogether and cover their holiday costs entirely with a credit card, while a smaller group (2 percent) opt for a personal loan to finance their trips.
“Our research also shows that travel is the one expense Australians won’t give up, regardless of their financial goals or income level,” Money.com.au‘s financial expert, said Sean Callery.
“Taking on debt for a vacation comes with additional costs and risks. It is important to have a plan to pay off the debt as quickly as possible.”
With that in mind, the experts crunched the numbers to estimate how long it would take the average Australian to save up for a trip to the most popular overseas holiday destinations.
The savings time for each location was calculated based on a savings percentage of 10 percent of the average weekly revenue of $1,923.40 (from ABS data).
Two of the fastest places to save for are China and Thailand, with both taking less than six months on average.
Whether you’re traveling for business, pleasure or both, China offers an incredible mix of ancient and modern wonders, and is becoming increasingly popular among Australian travelers.
From the iconic Great Wall and historic temples to the vibrant cities of Beijing and Shanghai. A ten-day trip to China costs around $4,153, experts reveal.
Travel costs are for one adult and include return flights to each destination’s main airport, 10 nights in a four-star hotel and an expenses and travel allowance.
Saving for a trip to Thailand takes an average of 5 months, with a 10-day trip to this Southeast Asian paradise costing around $4,543.
Other destinations that you can save for in about six months, according to the experts, are New Zealand, Vietnam and Singapore.
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