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Budget Ready...Set...TRAVEL! · She's On The Money

0:00
Speaker 1: Hello.
0:01
Speaker 2: My name's Santasha Nabananga Bamblet. I'm a proud yr the
0:05
Speaker 2: Order Kerni Whoalbury and a waddery woman. And before we
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Speaker 2: get started on She's on the Money podcast, I would
0:11
Speaker 2: like to acknowledge the traditional custodians of the land of
0:14
Speaker 2: which this podcast is recorded on a wondery country, acknowledging
0:18
Speaker 2: the elders, the ancestors and the next generation coming through
0:23
Speaker 2: as this podcast is about connecting, empowering, knowledge sharing and
0:27
Speaker 2: the storytelling of you to make a difference for today
0:31
Speaker 2: and lasting impact for tomorrow.
0:33
Speaker 1: Let's get into it. She's on the Money. She's on
0:37
Speaker 1: the Money.
0:57
Speaker 3: Hello, and welcome to She's on the Money podcast for
1:00
Speaker 3: people who want financial freedom. My name is beck Syed
1:03
Speaker 3: and with me, as always, is a Victoria Devine.
1:06
Speaker 1: I'm excited for this one.
1:07
Speaker 3: I'm excited. Oh, I'm explorded.
1:09
Speaker 1: I think this is.
1:09
Speaker 3: Probably topical for a lot of people. This episode. Let's
1:12
Speaker 3: go and it's gonna be very useful, so v. In
1:15
Speaker 3: twenty twenty three, approximately seven point twenty seven million Australians
1:19
Speaker 3: traveled from Australia overseas slay. That's like all Australia no,
1:24
Speaker 3: it's not.
1:25
Speaker 1: But that's a lot of people, a lot of people.
1:26
Speaker 3: But as you dream of going on holiday and plan
1:28
Speaker 3: your next adventure, it's essential to prepare yourself financially for
1:31
Speaker 3: the journey. That's why today we are talking about how
1:34
Speaker 3: to prepare for just that financially. Let's get ready because
1:38
Speaker 3: we want to travel.
1:39
Speaker 1: I'm excited, and we've had so many money diarists recently
1:42
Speaker 1: talking about travel. I feel like I've like sparked a
1:45
Speaker 1: new interest in travel, which is really poorly timed because
1:48
Speaker 1: apparently traveling with a newborn is not that easy. But
1:52
Speaker 1: I'm probably gonna do it anyway. So this is like
1:54
Speaker 1: me having done some research for me that I'm sharing
1:56
Speaker 1: with you guys. The first thing I want to say, though,
1:59
Speaker 1: and I'm not saying saying you're gonna hate me. It's
2:01
Speaker 1: just a confronting thing that not everyone agrees with, but
2:03
Speaker 1: I think it is the most responsible thing I can
2:07
Speaker 1: share with you. If you cannot afford travel insurance and
2:11
Speaker 1: you do not have an emergency fund when going overseas,
2:16
Speaker 1: you cannot afford to travel back. If you do not
2:19
Speaker 1: have the insurance that you need to cover yourself in
2:21
Speaker 1: the event of an emergency. I hope it's the biggest
2:23
Speaker 1: waste for money in the e world. But if you
2:25
Speaker 1: don't have that, you can't go. And if you don't
2:28
Speaker 1: have an emergency fund to get out of any situation
2:31
Speaker 1: that you're in. We're not saying like millions of dollars.
2:34
Speaker 1: We just need access to cash so that you can
2:37
Speaker 1: get out of a situation. Like say you travel to Paris.
2:39
Speaker 1: Rightly you're like, oh, great, I got this backpack is
2:41
Speaker 1: hostel and it's really really good, and you finally get
2:44
Speaker 1: there and you realize that like your roommates are really
2:46
Speaker 1: creepy and making yourself feel really uncomfortable. I need you
2:50
Speaker 1: to have enough cash to get out of that situation.
2:52
Speaker 1: And if you don't put yourself in that position when traveling,
2:56
Speaker 1: you can't afford to go. So like, that's the negative
2:59
Speaker 1: note that we're starting on. But it's gonna get good
3:01
Speaker 1: from here because then we have some of our tips
3:03
Speaker 1: and tricks. So I do apologize, but I do think
3:04
Speaker 1: it's so important to just be like, look, I was
3:06
Speaker 1: a financial advisor. I also would like to think I
3:09
Speaker 1: have my head screwed on. You might not agree, and
3:11
Speaker 1: that's fine, but at least I told you by totally.
3:13
Speaker 3: It's a tough pill to swallow.
3:15
Speaker 1: It's not nice because you're often like already budgeting for
3:17
Speaker 1: so much and in the Cosey lives the room right now,
3:20
Speaker 1: you don't want to hear, Oh, there's these other costs
3:22
Speaker 1: that you've got to allocate for.
3:24
Speaker 3: We didn't think about it, of course, But.
3:26
Speaker 1: Today, Beck, we're not only going to explore how to
3:28
Speaker 1: set your budget before setting sail, but also we're going
3:31
Speaker 1: to discuss the often overlooked aspects of budgeting for your
3:34
Speaker 1: return home. So fasten your little sleep belt. You're gonna
3:38
Speaker 1: have to get over your fear of flying, Beck, Oh.
3:41
Speaker 3: You can.
3:42
Speaker 1: We're gonna work on it.
3:43
Speaker 3: That's so true. Okay, sorry, I've been watching yellow Jackets.
3:45
Speaker 3: That's incurable choice. But v we have done a few
3:49
Speaker 3: episodes in the past on travel and your finances, so
3:51
Speaker 3: we're gonna link these in the show notes. A few
3:53
Speaker 3: just off the top of my head, travel saving hacks, slag,
3:56
Speaker 3: common financial mistakes for travelers, travel ensure sexy. But I
4:01
Speaker 3: want to talk about something that can be common for
4:03
Speaker 3: some people. Do you think it can be hard letting
4:05
Speaker 3: go of money on something like travel If you've been
4:07
Speaker 3: saving hard, like can it feel like a waste? Oh yeah,
4:11
Speaker 3: of money, which is a weird thing.
4:12
Speaker 1: Now it totally cares. So in like twenty eighteen, my
4:17
Speaker 1: two best friends Steph and Rose and I we decided
4:20
Speaker 1: to do Europe together and so like we'd obviously planned
4:23
Speaker 1: it in advance, and oh my gosh, like I just remember,
4:26
Speaker 1: I'm gonna go find the spreadsheet for that, because okay,
4:29
Speaker 1: you and I both know that I was meticulous in
4:32
Speaker 1: spreadsheeting that. So I want to know what the total
4:34
Speaker 1: budget is and I cannot remember, but I remember it
4:36
Speaker 1: being so expensive, like it would have been over ten
4:39
Speaker 1: thousand dollars for this trip, and that was individually, like
4:42
Speaker 1: as in each because we spent six weeks in Europe,
4:45
Speaker 1: So I think, like ten grand for a six week
4:47
Speaker 1: trip nowadays is pretty good, but this was twenty eighteen,
4:50
Speaker 1: so we had done a lot of saving. Anyway, I
4:53
Speaker 1: remember saving, saving, saving, and we went to a travel
4:56
Speaker 1: agent and we'd like set it all up with them
4:58
Speaker 1: because we're like, we don't really know what we're doing.
5:00
Speaker 1: We want an itinerary for six whole weeks, and you know,
5:03
Speaker 1: we all couldn't decide on like where we wanted to go.
5:05
Speaker 1: So we went to this travel agent kind of brain
5:07
Speaker 1: dumped on her and said sort it out anyway. I
5:10
Speaker 1: remember when all of that was sorted and she was like,
5:13
Speaker 1: you're happy with all of that? Can I start looking
5:14
Speaker 1: it in? And we were like yeah, yeah, let's go.
5:16
Speaker 1: Let's go. And she sent us an invoice via email
5:19
Speaker 1: to be like this is what Stefo's Rose Victoria and
5:22
Speaker 1: it was all the same. But I remember being like, wait,
5:24
Speaker 1: what I have to give you the cash? Like oh yeah,
5:27
Speaker 1: I just had built up this level of safety, like
5:30
Speaker 1: a feeling of having cash yeah to go, and then
5:33
Speaker 1: realizing I had to give it away and I was
5:35
Speaker 1: like oh yeah, so yeah, Like even I experienced that,
5:40
Speaker 1: I feel like.
5:40
Speaker 3: When you're spending money on an experience, it does feel
5:43
Speaker 3: like if you can't see where all your money went
5:45
Speaker 3: at the end.
5:46
Speaker 4: Yeah.
5:47
Speaker 1: I mean by the time we went on the trip,
5:48
Speaker 1: we had all fully paid for the trip, so nothing
5:51
Speaker 1: was outstanding. So that then felt good because we weren't
5:54
Speaker 1: having to cough up cash at every hostel and every
5:57
Speaker 1: trip tail. Oh yeah, go a math like if you
5:59
Speaker 1: pay for it in a dance, did you really favor it?
6:03
Speaker 1: But it did feel bad, but I think it's really
6:05
Speaker 1: important to you know, have your values aligned and go,
6:09
Speaker 1: you know, I do want to do this, and if
6:10
Speaker 1: it's a goal of yours, create that goal. Save for
6:13
Speaker 1: that goal. And it can be really gratifying. Like I
6:15
Speaker 1: remember being on the trip. This was like sealed in
6:18
Speaker 1: my mind.
6:18
Speaker 2: Right.
6:19
Speaker 1: We're sitting in this little park in France. We were
6:22
Speaker 1: in Paris, and we were having a very frugal trip
6:26
Speaker 1: back and we had gone to a local supermarket and
6:29
Speaker 1: bought some like baguette and some cheese. And I remember
6:32
Speaker 1: so vividly picking apricots because I was just like, oh,
6:35
Speaker 1: apricots in you know, France. For me for some reason,
6:38
Speaker 1: that was really nice. And I bought these apricots, and
6:41
Speaker 1: I'm sitting in the park on the most beautiful day,
6:43
Speaker 1: and I was like, I did this. I got myself here,
6:46
Speaker 1: I paid for this, Like amazing, that feeling of being
6:50
Speaker 1: like wow, I'm so grateful, but also how cool. And
6:52
Speaker 1: I took a picture of the apricot because I was
6:54
Speaker 1: like I need to remember this, like it was just
6:57
Speaker 1: so weird. But I think it can also be so
7:00
Speaker 1: gratifying because you just know you've achieved this massive goal.
7:02
Speaker 3: Amen's sister so cool, right, So what's the first step
7:06
Speaker 3: when we're actually planning to travel.
7:08
Speaker 1: We're back to the boring partner apricots here, but we're
7:10
Speaker 1: going to set our budgets. So, unless you're obscenely wealthy unrelatable,
7:16
Speaker 1: traveling without a budget is like embarking on a journey
7:19
Speaker 1: without a map. It might be like super exhilarating you first,
7:22
Speaker 1: but you risk losing your way and just running around.
7:26
Speaker 1: I'm not achieving much, guilty. You need to understand if
7:29
Speaker 1: you're a luxury traveler or maybe like a budget adventurer.
7:33
Speaker 1: I was like a mix of both, Like I wanted
7:35
Speaker 1: the lux but I couldn't afford the lot totally, so
7:38
Speaker 1: we compromised and stayed in hostels but did more lux experiences,
7:44
Speaker 1: which I think you know, there's always a level of compromise,
7:47
Speaker 1: but your budget is essentially your compass and steering towards
7:50
Speaker 1: the experiences the line with your preferences. So some people
7:54
Speaker 1: might say I would never stay in hostel V like
7:56
Speaker 1: absolutely not. Couldn't do it, Okay, Like I'm not saying
7:59
Speaker 1: you have to do what I did, but like when
8:01
Speaker 1: I sat down and worked out what budget I had
8:03
Speaker 1: to travel and how much I could save in the
8:06
Speaker 1: period of time that we were saving, and my friends
8:09
Speaker 1: were on very similar incomes to me at the time,
8:11
Speaker 1: so it didn't feel like, you know, one of us
8:13
Speaker 1: was significantly you know, out earning and had higher expectations.
8:17
Speaker 1: But we had these conversations and it was like, all right, well,
8:19
Speaker 1: we don't really have the budget for fancy hotels or
8:23
Speaker 1: even hotels at all. Let's go find some really good
8:27
Speaker 1: like hostels that we could stay in. And like, our
8:29
Speaker 1: compromise was stay in a hostel, but we want it
8:31
Speaker 1: to be private room like, so we felt safe. And
8:33
Speaker 1: so you need to understand that because that's going to
8:37
Speaker 1: be a major expense that will stop you from achieving
8:39
Speaker 1: other things while you're over there, Right, So we did
8:42
Speaker 1: that knowing that we could have done the same amount
8:44
Speaker 1: of time in really fancy hotels, but we wouldn't have
8:47
Speaker 1: had very much budget for day to day activities. Yeah,
8:50
Speaker 1: so we're like, actually, we would prefer to be able
8:52
Speaker 1: to go and do fun stuff every day, and we
8:55
Speaker 1: kind of don't mind where we crash as long as
8:56
Speaker 1: we're safe. So I guess that leads into making sure
9:00
Speaker 1: that you're outlining your major expenses. So first you'll have transportation,
9:04
Speaker 1: and you need to when you're looking at transportation, not
9:07
Speaker 1: just look at the plane flight there. One of the
9:09
Speaker 1: things that stings a lot of people is the transfer
9:12
Speaker 1: from your airport to wherever you're staying, and that can
9:17
Speaker 1: also be a bit of a clunky journey. So unless
9:19
Speaker 1: you're a really lean traveler, like we had three girls
9:22
Speaker 1: that were getting off a plane after you know, twenty
9:25
Speaker 1: four hours plus traveling, we all had six weeks worth
9:28
Speaker 1: of luggage that wasn't just going to go in a
9:31
Speaker 1: standard taxi, you know. So we had to work out
9:34
Speaker 1: have we organized if we're catching a train and catching
9:38
Speaker 1: a train with two wheelly suitcases each. I regret that
9:42
Speaker 1: was what was in budget, Beck, So.
9:44
Speaker 3: We did it.
9:45
Speaker 1: We were so grumpy, Like the day we arrived, we're
9:48
Speaker 1: all a bit salty, but that is okay. We need
9:51
Speaker 1: to work out accommodation meals, what activities are you going
9:54
Speaker 1: to do, travel, insurance, beck, and any unexpected issues that
9:58
Speaker 1: you might encounter on your trip. Obviously, flexibility is key
10:03
Speaker 1: when making a budget, and while it's essential to have
10:06
Speaker 1: a roadmap, I want you to leave room for some
10:09
Speaker 1: level of spontaneity because you'll get somewhere and be like,
10:11
Speaker 1: oh my god, that's so cool. I really want to participate.
10:13
Speaker 1: But if it's too locked and loaded, you're not going
10:15
Speaker 1: to be able to do that. So I would make
10:17
Speaker 1: sure that there's like a little bit of budget left
10:20
Speaker 1: for spontaneity and making sure that you can join in
10:23
Speaker 1: on a few things. Obviously, I also want you to
10:26
Speaker 1: consider a budget not as a restriction, but more as
10:29
Speaker 1: a tool to enhance your travel experience. It's a way
10:31
Speaker 1: to kind of ensure that you can savor every moment
10:34
Speaker 1: without worrying about your financial situation. Becau, there's nothing worse
10:37
Speaker 1: than going oh bit nof more than I can chew,
10:40
Speaker 1: and then you're anxious your whole holiday. I know, absolutely
10:43
Speaker 1: not that sounds like trash. Let's not do that. Let's
10:46
Speaker 1: just be really realistic and go all right, we've got
10:48
Speaker 1: ten grand, how far can we make this stretch? Or
10:51
Speaker 1: I've got five grand or whatever it is. And these
10:53
Speaker 1: are big numbers. So there's a lot of privilege in
10:55
Speaker 1: traveling as well. But I also just want to be like, well,
10:59
Speaker 1: once you've got your budget, what are we doing with it?
11:01
Speaker 1: How is it gonna work for us? How can we
11:04
Speaker 1: you know, set in Stone as many things, so that
11:06
Speaker 1: you know, beck, once you get to this place, you're
11:08
Speaker 1: not like, oh, I didn't realize it in me, do
11:11
Speaker 1: you know what I mean? We just don't need that stress,
11:13
Speaker 1: So what's next? So unnecessary unless you're going old school.
11:18
Speaker 1: Phones are a vital part of our day today, right,
11:21
Speaker 1: So when I am overseas, it's glued to me. I
11:25
Speaker 1: know it shouldn't be should be hiding it, but I'm
11:27
Speaker 1: using it for Google Maps. I'm using it to look
11:29
Speaker 1: up a coffee shop. I'm using it to like get
11:31
Speaker 1: to my next destination, take photo, take photos. I'm using
11:35
Speaker 1: it to you know, order uber Like absolutely, you don't
11:40
Speaker 1: really want to be sprung with a huge phone bill
11:42
Speaker 1: while you're away, so check your list and check it twice.
11:45
Speaker 1: Because when I went to Europe, I was like great,
11:49
Speaker 1: Like I had a phone plan that gave five dollars
11:52
Speaker 1: a day international roaming, which gave me access to my
11:55
Speaker 1: existing data. It's like great, that works for me, And
11:58
Speaker 1: I googled it was a available in the locations I
12:01
Speaker 1: was going. Yep, absolutely every location I was going is
12:04
Speaker 1: available in Great Norries. Tick tick tick tick tick. But
12:07
Speaker 1: it wasn't available in the UAE. So we did a
12:11
Speaker 1: stopover in Dubai and my dumb us went and turned
12:17
Speaker 1: my phone on and my girlfriends were like, oh, we
12:19
Speaker 1: don't have reception. I was like, don't worry, just tether
12:21
Speaker 1: to my phone.
12:22
Speaker 3: Oh gosh is it?
12:23
Speaker 1: Eight hundred dollars later that's how much my phone bill
12:27
Speaker 1: was in Dubai because it didn't have international roaming. But
12:31
Speaker 1: because I was like, well that's fine, like I've got
12:33
Speaker 1: access to this, I just turned it on and started
12:35
Speaker 1: using it. But Dubai wasn't included.
12:37
Speaker 3: Oh no, that's.
12:39
Speaker 1: That I talked my way out of it. I called.
12:41
Speaker 1: I was so apologetic. I was like I didn't know
12:43
Speaker 1: and like I kind of boord this and then they
12:45
Speaker 1: were like, okay, no worries, Like oh I think I
12:48
Speaker 1: ended up paying like two hundred dollars or something instead
12:50
Speaker 1: of like that was nice if them wasn't it?
12:52
Speaker 3: That's really nice?
12:53
Speaker 1: But still, but phone plan understand it. You might find
12:57
Speaker 1: that getting a SIM card when you get overseas is
12:59
Speaker 1: the cheapest and best for you.
13:00
Speaker 3: It's a good idea.
13:01
Speaker 1: Another is do you need to negotiate a new rate
13:04
Speaker 1: or plan with your service provider? So like you might
13:06
Speaker 1: want to switch carriers before you're going to make sure
13:09
Speaker 1: that you're getting the best bank for bucks. So, like,
13:11
Speaker 1: there's lots of things to think about and plan before
13:14
Speaker 1: you go. When it comes to like.
13:15
Speaker 3: Tech, gotcha okay, okay, okay, I'm liking it. You know,
13:19
Speaker 3: so far nothing seems too out of reach. What's nothing
13:23
Speaker 3: out of reach? If we have a plan back, Yeah,
13:25
Speaker 3: one hundred percent fee, sit.
13:27
Speaker 1: Down, nothing, not one thing, but we are going to
13:29
Speaker 1: want to have a think about how you're going to
13:31
Speaker 1: pay for things, the actual transactions, like are we're going
13:34
Speaker 1: to go overseas with a credit card? Are you going
13:37
Speaker 1: to use a debit card? Are you getting cash out? Now?
13:40
Speaker 1: I certainly can't be trusted with one, but if you
13:42
Speaker 1: have a credit card, cards with minimal foreign transaction fees
13:46
Speaker 1: and travel perks can be a really good option. Important though,
13:50
Speaker 1: before you travel back, call we bank. Let them know
13:53
Speaker 1: because red flag to them is seeing Beck buy a
13:56
Speaker 1: coffee in Melbourne one morning and then all of a sudden,
14:00
Speaker 1: she's buying coffee in France. They're gonna go scam sus
14:05
Speaker 1: block your card, make sure Beck can't access her money
14:09
Speaker 1: because we're trying to protect Beck. But you need to
14:11
Speaker 1: call your bank and be like, hey, got some travel plans.
14:14
Speaker 1: If you see transactions from France, will indeed be me.
14:17
Speaker 1: It will be me making transactions in France. I wouldn't
14:20
Speaker 1: underestimate the importance of cash, so some places might not
14:23
Speaker 1: have embraced the card revolution. So having a little bit
14:26
Speaker 1: of local currency is important and can be a lifesaver.
14:30
Speaker 1: I actually found this to be more true in the
14:32
Speaker 1: US than in Europe, because Europe seemed to be pretty
14:37
Speaker 1: across like tap to pay and credit card transactions and stuff,
14:41
Speaker 1: and I was in the US last year. If they're
14:44
Speaker 1: smaller businesses, like they don't have Apple Pay, like they
14:47
Speaker 1: take legit credit cards, and because I'm so in I
14:52
Speaker 1: guess the swing of just taking my phone places and
14:55
Speaker 1: expecting to pay. There were a few places that I
14:57
Speaker 1: got to that I went to like tap to pay
15:00
Speaker 1: and they're like, oh, no, you have to use like
15:01
Speaker 1: a real card, and I'd be like, sorry, what, I'm
15:03
Speaker 1: not carrying one, Like I left all of those in
15:04
Speaker 1: my hotel, Like yeah, just use Apple Bay. So when
15:08
Speaker 1: you are traveling, having a number of different options can
15:11
Speaker 1: be really helpful. Also, I'm an anxious girlie, having a
15:15
Speaker 1: number of different cards has always made me feel really good.
15:18
Speaker 1: So if I'm traveling overseas, like I'll have my standard
15:21
Speaker 1: debit card, but I'll also have one with another bank,
15:23
Speaker 1: and both debit cards that are carrying person never have
15:26
Speaker 1: access to my full amount of money. I'll always like
15:29
Speaker 1: just transfer five hundred dollars ish each time that I
15:32
Speaker 1: need to from my big travel budget over to that
15:35
Speaker 1: debit card. So if it gets lost and someone starts
15:38
Speaker 1: being tap happy, like, I'm not losing absolutely everything. So really,
15:42
Speaker 1: and you know, if my card gets skimmed or something overseas, like,
15:46
Speaker 1: they don't have access to, you know, all of my savings.
15:49
Speaker 1: They just have access to the money that I've given
15:51
Speaker 1: myself access to for like that day, all those few days.
15:54
Speaker 3: You know, that's fairy clever idea NAVI. I am shocked
15:58
Speaker 3: to my core that I I've only heard this word
16:01
Speaker 3: a few times peppered throughout this I don't know what's
16:03
Speaker 3: your favorite thing to talk about? Travel insurance.
16:07
Speaker 1: You're like me, I'm so sick of insurance.
16:09
Speaker 3: I am, but I am shocked and I'm kind of
16:12
Speaker 3: proud of you that you haven't brought it up more
16:14
Speaker 3: so far. Do you want to talk about it. No,
16:16
Speaker 3: it's all good.
16:17
Speaker 1: Thanks for bringing it up, of course, but yes, I
16:19
Speaker 1: do really want to talk about travel insurance.
16:21
Speaker 3: There she is.
16:22
Speaker 1: Yeah, it's so important. We had my friend Rihanne and
16:26
Speaker 1: Tracy on the podcast a while ago, and thankfully she
16:29
Speaker 1: had travel insurance. But when she was twenty, Like, if
16:33
Speaker 1: you've listened to the episode, you'll know the story. If
16:36
Speaker 1: you haven't, please go listen to the episode, because really
16:39
Speaker 1: you will see the value in travel insurance. Yeah, she
16:42
Speaker 1: dove into a pool in Bali and it was more
16:45
Speaker 1: shallow than she thought it would be. And now she's
16:48
Speaker 1: a paraplegic, she's thriving like she's one of the coolest
16:52
Speaker 1: human beings I know. But that is one thing that
16:56
Speaker 1: you just can't foresee. She was twenty, she was having
16:58
Speaker 1: the best time. She was even partying or drinking. She
17:01
Speaker 1: was on just like a chill holiday with her mom.
17:04
Speaker 1: Like you wouldn't expect that kind of outcome, right, Like
17:07
Speaker 1: you don't get to Bali and think, oh, hey this
17:10
Speaker 1: is gonna be wild. I'm with my mom, do you
17:12
Speaker 1: know what I mean? So I think it's so important
17:15
Speaker 1: and so many people go, oh, it's not with it.
17:17
Speaker 1: I don't bother with it. Like I think there's this
17:19
Speaker 1: automatic default that it's not about covering your person, it's
17:21
Speaker 1: about covering your stuff. They're like, oh, I can't be bothered.
17:24
Speaker 1: It's so expensive. If I lose my phone or just
17:26
Speaker 1: replace it whatever, I'll get a new one when I
17:28
Speaker 1: get home. Like it's actually more than that. It's actually
17:32
Speaker 1: not about your luggage being covered, because I don't care
17:34
Speaker 1: about your luggage back. Like to be real brutal, if
17:37
Speaker 1: you lost your suitcase, great, we can replace that quite easily.
17:40
Speaker 1: Might be expensive, it's really frustrating. You know, you've got
17:43
Speaker 1: all your skin care products in there in that stuff
17:45
Speaker 1: adds up, but you haven't lost your life and your
17:48
Speaker 1: parents aren't paying three hundred thousand dollars to have you
17:51
Speaker 1: airlifted from a random country back to Australia. Like that's
17:55
Speaker 1: what I want you to be protected from. I want
17:57
Speaker 1: to make sure that if you need, you know, to
17:59
Speaker 1: be met vacked from one location to another, it's not
18:02
Speaker 1: going to financially cripple you. I need to know that
18:06
Speaker 1: if something happens in a foreign country and you get hurt,
18:09
Speaker 1: you don't have thousands and thousands and thousands of dollars
18:12
Speaker 1: worth of medical bills. And you have heard how bad
18:14
Speaker 1: the American system is, right, that system applies to you
18:18
Speaker 1: if you are over there and you do not have
18:20
Speaker 1: travel insurance. Same with every other healthcare system around the world.
18:25
Speaker 1: You might go, oh, their hospitals are good. But it's
18:26
Speaker 1: not really about that, is it. It's about getting you
18:28
Speaker 1: home safely because you can't just get on a normal flight.
18:32
Speaker 3: Yeah.
18:32
Speaker 1: So yeah, I've just got a lot to say about that. Obviously,
18:36
Speaker 1: I want it to be the biggest waste of money
18:38
Speaker 1: in the entire world. Like I would love you to
18:40
Speaker 1: go v I travel all the time, always get travel insurance,
18:43
Speaker 1: never claimed on it. What a waste. I'd be like,
18:45
Speaker 1: lucky you slayh Like that's so good. But make sure
18:49
Speaker 1: that you're when you start looking into this, you're choosing
18:51
Speaker 1: a policy that actually aligns with your travel ambitions. So
18:55
Speaker 1: are you going to be like paragliding or skiing or
18:58
Speaker 1: scuba diving. You need to make sure that your insurance
19:00
Speaker 1: actually covers these activities. So showing my privilege again, I
19:04
Speaker 1: have been to New Zealand to go skiing. That is
19:06
Speaker 1: a different country. I need travel insurance for that, but
19:10
Speaker 1: I need to upgrade my travel insurance to include snowsports, ye,
19:14
Speaker 1: because otherwise it's not included. And if I got hurt skiing,
19:17
Speaker 1: they'd be like, well, you didn't have that level of cover.
19:20
Speaker 1: So make sure you are checking it, because, as I
19:23
Speaker 1: said before, it's not actually about protecting your belongings. I mean,
19:26
Speaker 1: it's nice to have as a little security blanket, but
19:29
Speaker 1: it's actually about your life. It's about making sure that
19:33
Speaker 1: you're in the best possible position. And I mean the
19:35
Speaker 1: bonus of that is travel insurance usually covers things like
19:38
Speaker 1: flight cancelations, obviously medical emergencies, but making sure that you
19:43
Speaker 1: have the right cover. Let's go to a break because
19:46
Speaker 1: I need to calm down. But if you don't have
19:48
Speaker 1: travel insurance, you can't afford to travel beck end of story.
19:51
Speaker 1: But see you on the flip side of this break.
19:58
Speaker 3: Welcome back, everyone. So we're talking about how to prepare
20:00
Speaker 3: your finances for travel, and you left us on a
20:03
Speaker 3: bit of a giant pill two swallows, So I hope
20:06
Speaker 3: everyone's gotten that down nice and safely.
20:09
Speaker 1: Nice and smoothly, nice and smoothly, yeah, nice and smoothly.
20:12
Speaker 3: Shut right down. So you have a few more things
20:15
Speaker 3: to say.
20:16
Speaker 1: I actually want to ask a question. Okay, Beck, have
20:18
Speaker 1: you ever been traveling and then spent every single cent
20:21
Speaker 1: in your bank account and had nothing left for when
20:23
Speaker 1: you come home?
20:24
Speaker 3: Yes?
20:25
Speaker 1: So it's Jessic Gorici like, I feel like we've all done.
20:27
Speaker 3: It right totally. Yolo.
20:29
Speaker 1: I'm overseas, need to have the best time ever, Like
20:32
Speaker 1: I don't want to miss out on a thing. Comes
20:33
Speaker 1: home and there's twenty seven cents in your account and
20:36
Speaker 1: you're like.
20:36
Speaker 3: Worry about that later.
20:37
Speaker 1: Yeah, so the problem for another day. It's not we're
20:40
Speaker 1: going to make sure that we're okay. We need to
20:42
Speaker 1: talk about budgeting for when you come home. It's so
20:46
Speaker 1: easy to get excited and swept up in the trip
20:48
Speaker 1: that you actually forget that you'll be coming home and
20:50
Speaker 1: have like bills to pay, life to pay for you
20:52
Speaker 1: actually have to put food on the table. Still really
20:55
Speaker 1: boring when you get home that you're not eating baggettes
20:57
Speaker 1: under the Eiffel Tower, but you actually have to go
21:00
Speaker 1: to the supermarket and stock up your fridge because you've
21:02
Speaker 1: been away for a while and that costs money. And
21:05
Speaker 1: often we come home and we don't have that money.
21:08
Speaker 1: It's so important to I guess acknowledge that every journey
21:11
Speaker 1: it's going to come to an end, and returning home, yeah,
21:14
Speaker 1: there's going to be some financial consequences. So first things first,
21:17
Speaker 1: I would make sure that I understand what my bills
21:21
Speaker 1: or rent or mortgage and other related costs are going
21:25
Speaker 1: to cost us. It's super tempting to focus on, I guess,
21:28
Speaker 1: just the adventure, but returning to a financial mess can
21:31
Speaker 1: obviously dampen the post holiday glow. We want to keep
21:34
Speaker 1: that going as long as possible, so set aside a
21:37
Speaker 1: portion of your budget to cover these impending costs. Gabby
21:40
Speaker 1: who is on the she's on the money team. She's
21:43
Speaker 1: just got back from a massive Europe trip, and she
21:45
Speaker 1: had a really cool few tips for me when it
21:47
Speaker 1: came to budgeting, because obviously we like talk about it
21:50
Speaker 1: off air as well, and she was like, one of
21:52
Speaker 1: my favorite things because petrol sucks. When you get home,
21:56
Speaker 1: you've probably got an empty tank. She said, I always
22:00
Speaker 1: make sure that I fill my car full of fuel
22:03
Speaker 1: before I leave for a trip, so I have it
22:05
Speaker 1: full tank coming home. And she said, and sometimes I'll
22:09
Speaker 1: buy myself like one hundred dollars fuel gift card, pop
22:13
Speaker 1: it in the center consoles. So when I come home.
22:15
Speaker 1: I know I've got the fuel in there, and I'm
22:16
Speaker 1: not gonna have to pay for fuel for a little while.
22:19
Speaker 1: So isn't that smart? I feel like so much less
22:22
Speaker 1: stressed coming home to Oh yeah, actually I've got money
22:25
Speaker 1: for that, and I can't spend it on anything else either.
22:28
Speaker 1: And she said, making sure that she has like some
22:31
Speaker 1: non perishable items in the pantry, So making sure she's
22:34
Speaker 1: got some pasta and some tomato paste and like some
22:37
Speaker 1: stuff that she can make some dinners with without having
22:39
Speaker 1: to go to the supermarket. Because obviously you're like, I
22:41
Speaker 1: don't want to split with more food. You could prepay
22:46
Speaker 1: some of your bills, so if you know, oh, quarterly
22:48
Speaker 1: we pay xys, why don't I just call up and
22:50
Speaker 1: ask what you know an indication of my next bill
22:52
Speaker 1: is going to be. They might go, it's one fifty,
22:54
Speaker 1: all right, or I'm just going to put one fifty
22:56
Speaker 1: on the account so that when that bill comes it's
22:58
Speaker 1: not going to sting as much. Like let's take so
23:01
Speaker 1: much pressure off ourselves. Same thing with like rand and mortgage,
23:04
Speaker 1: like make sure that that is allocated. Have a think
23:07
Speaker 1: about I guess baggage fees as well, Like what if
23:10
Speaker 1: you really like shopping, Beck, are you going to get
23:14
Speaker 1: stung at the airport on the way home when you
23:16
Speaker 1: have mixed to no money because your bags are real heavy.
23:18
Speaker 1: Make sure that we're thinking about this, like, I know
23:20
Speaker 1: that when we go overseas, you'll be like that, I
23:22
Speaker 1: have twenty three kilos. Do you know how easy it
23:24
Speaker 1: is to go over that twenty three kilos? You've been
23:27
Speaker 1: collecting souvenirs the hallway home and then they're like, yep,
23:30
Speaker 1: so your bag has come over. That's just one hundred
23:33
Speaker 1: and eighty dollars.
23:34
Speaker 3: You're like, sorry, what, Yeah, that's a good point.
23:36
Speaker 1: Well, how one hundred and eighty dollars? And I don't
23:38
Speaker 1: want to throw my stuff out?
23:39
Speaker 3: That's a very good point.
23:41
Speaker 1: Fee Obviously, we need to plan for these expenses in
23:43
Speaker 1: advance to make sure that there's like a little smooth
23:45
Speaker 1: transition home and we're not stressed and we just get
23:47
Speaker 1: to continue our holiday glow.
23:49
Speaker 3: I love that this is kind of off topic and
23:52
Speaker 3: maybe irrelevant for a lot of people, but really quickly,
23:54
Speaker 3: there's this freezer hack where you put a coin on
23:56
Speaker 3: top of like an ice cube or something to see if.
23:59
Speaker 1: I've seen that on and I'm sorry, I was trying
24:00
Speaker 1: to swallow some of my oat last day, which I
24:02
Speaker 1: definitely shouldn't have while we're recording.
24:04
Speaker 3: But isn't that smart If you're gonna put meals in
24:06
Speaker 3: the freezer, you know, maybe there's a blackout or something
24:09
Speaker 3: and you want to see if the food's been unfrozen
24:11
Speaker 3: then refrozen.
24:12
Speaker 1: Yeah, you put a coin on the top of a
24:14
Speaker 1: frozen cup of water, and if you get home and
24:17
Speaker 1: the coin is still on top of that piece of
24:20
Speaker 1: frozen ice, we're all good. Freezer didn't turn off, Yes,
24:23
Speaker 1: But if the coin has melted through and he's now
24:25
Speaker 1: at the bottom of the cup, well, your whole freezer
24:27
Speaker 1: has been defrosted and refrozen.
24:29
Speaker 3: While you're exactly all sorts a bit of a money
24:31
Speaker 3: saving hat because you can chuck a couple of coins
24:33
Speaker 3: on there, you forget.
24:34
Speaker 1: Put put fifty bucks in the bottom.
24:36
Speaker 3: Yeah, exactly genius. So I guess I kind of does it.
24:39
Speaker 3: But is there anything else?
24:41
Speaker 1: Look, I think it's really important that when you're spending
24:43
Speaker 1: your hard earned money and taking some time off, we
24:46
Speaker 1: want to savor all of those moments. So making sure
24:48
Speaker 1: that you're not coming home to a financial stress that
24:51
Speaker 1: takes the shine away to me is really important. And
24:54
Speaker 1: making sure that you're covering yourself and budgeting for everything
24:57
Speaker 1: is going to mean that just the holidays better. I
25:00
Speaker 1: have so much more fun if you know you're not
25:02
Speaker 1: under any financial stress. Like, no one wants to come
25:05
Speaker 1: home to a financial mess, and we don't have to
25:08
Speaker 1: if we plan well, Beck and I love it. We
25:10
Speaker 1: can do that. That's very easy. I think that's all
25:13
Speaker 1: we have time for today.
25:14
Speaker 3: I think that's a pretty good episode and a good
25:16
Speaker 3: place to leave it.
25:17
Speaker 1: We're so smart. We have a good week, guys. We
25:20
Speaker 1: will see you on Friday.
25:21
Speaker 3: Bye, guys.
25:28
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25:30
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25:34
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