Exactly how long it takes Aussies to save for a holiday
Saving for a holiday these days can seem like a daunting task, but for some destinations it might not take as long as you expected.
New research has revealed exactly how long it takes Aussies to save for a holiday, with nearly a third of travellers (31 per cent) needing on average a year to save for a trip.
The survey by Money.com.au, also showed 29 per cent of Aussies save for up to six months before jetting off.
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How long does it take Aussies on average to save? iStock
For some of us (18 per cent) it takes more than a year to save for a trip, while a few (13 per cent) manage to save for a holiday in less than three months.
On the flip side though, some Aussies (7 per cent) skip saving altogether and cover their holiday expenses fully on a credit card, while a smaller group (2 per cent) opt for a personal loan to fund their trips.
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"Our research also shows that travel is the one expense Australians aren't willing to forgo, no matter their financial goals or income level," Money.com.au's Finance Expert, Sean Callery said.
"Going into debt for a holiday brings additional costs and risks. It's important to have a plan for clearing the debt as quickly as possible."
Saving for a holiday doesn't have to take too long. Getty
With that in mind, the experts have crunched the numbers to estimate how long it would take the average Aussie to save for a trip to the most popular overseas holiday destinations.
The saving time for each location was calculated based on a 10 per cent savings rate of the average weekly earnings of $1,923.40 (from ABS data).
Two of the quickest places to save for are China and Thailand, with both taking on average less than six months.
Whether travelling for business, pleasure, or both, China offers an incredible mix of ancient and modern marvels, and is becoming increasingly popular with Aussie travellers.
From the iconic Great Wall and historic temples to the vibrant cities of Beijing and Shanghai. A 10-day trip to China costs around $4,153, the experts reveal.
A trip to China is on many Aussies' lists right now. Getty
Travel costs are for one adult and include return flights to the main airport in each destination, 10 nights in a four-star hotel, and a spending and travel allowance.
Saving for a trip to Thailand will take on average 5 months, with a 10-day trip to this Southeast Asian paradise costing around $4,543.
Other destinations the experts say you can save for in around half a year include New Zealand, Vietnam and Singapore.
