Recent events have had a huge impact on our way of life. How we spend our money is a big part of that.

For many this has created a serious financial strain on their household and forced them to re-evaluate their spending and expenses.

Others have been more fortunate. With limited opportunities to travel owing to closed state and international borders they have been able to save money.

Recent reports show as much as $38 billion that would have been spent on international travel will no longer leave Australia¹.

But we haven’t pocketed all of that $38 billion!…

With less spending on entertainment and travel, Australians have spent more on household goods and groceries. Spending on homewares was up by 26.4% compared to a year ago².

But with a little more focus, the money you save now could put you in a much better financial position in the future. It may even land you an investment property or a new home!

Here are a few examples of how some of our clients allocated the money saved on overseas travel and entertainment:

Client 1: The money not spent this year on an international family holiday has paid for a renovation of their home including a new kitchen.
Client 2: While working remotely from home, their lease expired on their rental property. They decided to move back home with their parents to help make their move into the property market and save towards a deposit on their first home loan.
Client 3: With the annual family holiday cancelled and the attractiveness of low interest rates it was decided now was the time to take their first step into property investment with the purchase of a two bedroom unit.
Client 4: This family was due to visit relatives overseas this year with their young children. The money they saved on airfares, accommodation and associated travel expenses has been put towards extra payments on their mortgage.