Around the world and how to pay

From

Dante De Gori

Australians love to travel – and we are among the biggest travel spenders in the world. But we’re not financing our travel well and we’re returning home with phones full of pictures and wallets full of debt, according to the Financial Planning Association of Australia (FPA).

The most recent data available from Commonwealth Bank found Aussies overspent on international travel by more than $900 million. Additionally, close to half of all Aussie travellers had not set a budget before they left for an overseas holiday.[1]

A global initiative by the Financial Planning Standards Board Ltd., World Financial Planning Day takes place this year on Wednesday 2 October. FPA is encouraging Australians to #PlanWell2LiveWell so we can see more of our beautiful country and travel overseas without financial regret.

“Too often, we hear of well-meaning Australians who have embarked on a holiday before they were financially prepared. They got caught up in the years of dreaming and organising, and came home saddled in debt,” says FPA CEO, Dante De Gori CFP®.

“We really want Aussies to understand on this World Financial Planning Day that if you don’t have a good grasp of your financial situation before you depart for your travels, your finances are more likely to unravel while you’re on the road. Set your goals. Budget your everyday expenses and savings, manage your debt, invest wisely, and get appropriate travel insurance. And if you’re planning to use your retirement to see more of the world, plan early for that stage of life. Make a plan with a CERTIFIED FINANCIAL PLANNER® professional now to live well later,” De Gori continued.

With the help of a CERTIFIED FINANCIAL PLANNER® professional much of the debt and financial regret when planning a dream holiday can be avoided. The FPA recently launched Match My Planner, a new online service to help connect Australians looking for a CFP® professional. It’s designed to create matches based on their personal profile of money and life goals, not just location. It instantly notifies eligible CFP® professionals that consumers are interested in financial planning services and it facilitates open conversation via Match My Planner’s messaging feature. When ready, consumer and planner can arrange an in-person or phone appointment to get their financial planning journey started.

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[1] https://www.commbank.com.au/guidance/newsroom/Aussies-overspend-by-900M-on-holidays201612.html

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