Ahhhh, 2021. The year that just keeps on giving. It’s easy to forget that many of us looked ahead to 2021 with such hope and promise after a grim 2020, but here we are.
The pandemic has wreaked havoc on our lives in so many ways, but one of the more common things it has put on hold are our travel plans. Health restrictions and lockdowns have meant that travel plans already booked have been cancelled by the thousands, leaving us only to dream about far-off lands.
If you’re just itching for borders to re-open once vaccination targets are met, and you fully intend to make up for lost time by following your wanderlust instincts post-COVID, we understand. But if you’re cautious, or are just happy to wait until things are a little calmer, you may be sitting on a substantial amount of money you had stashed away for your travel plans this year.
So, what to do with savings from my cancelled travel plans?
A valid question. If you’re after some options to help make your travel savings work for you while you’re stuck in limbo, you’ve come to the right place.
The main two options at your disposal are saving or investing, and both come with pros and cons. Before you consider either, it’s probably worthwhile deciding what you want to achieve, and what sort of timeline you’re willing to operate on.
Explore your savings and investment options with our range of online calculators:
Savings Calculators Home Loan Calculators
Saving
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Let’s face it – saving the money from your cancelled travel plans isn’t going to make you fabulously wealthy overnight. However, if you are happy to be patient and keep adding to your nest egg, selecting the right savings account or term deposit will allow your money to grow.
What is a savings account?
A savings account is different to an everyday banking (or transactional account) in that they allow you to earn interest on your balance by encouraging further deposits and discouraging withdrawals.
What savings accounts does Greater Bank offer?
Explore our savings account options
Bonus Saver
Term Deposits
Life Saver
Investing
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Investing the money from your cancelled travel plans basically means purchasing something which you hope will increase in value over time, in order to deliver you a return, or profit.
Investing gives you the potential to grow your money faster than you can by saving it, but it does come with more risk.
Of course, there are many options when it comes to investing, but one of the main ways we can help with this is if you’re thinking about buying property.
If you’ve been toying with the idea of buying property over the past few years, and the amount you otherwise would have spent on travel this year is into the tens of thousands of dollars, you may already be on your way to a deposit amount for your first property purchase. Whether you’re thinking of buying a place for you to call home, or an investment property that you plan to let-out, our range of how-to guides can help. Be sure to check them out below.
This article is intended to provide general information of an educational nature only. This information has been prepared without taking into account your objectives, financial situation or needs. Therefore, before acting on this information, you should consider its appropriateness having regard to these matters and the product terms and conditions. Terms, conditions, fees, charges and credit criteria apply. Information in this article is current as at the date of publication.
