While it’s often recommended to have a general emergency fund that’s around three to even six months’ worth of your usual expenses, about one in every five Australians don’t or aren’t able to set aside any of their monthly income. With constant rates of inflation, various things are coming in at higher ticket prices with travel being one of them. And with a lot of Aussies having less than $250 in the bank at times, preparing for potential travel emergencies have many people wondering how to combat this issue.
At least one in every six Australians aren’t purchasing travel insurance when traveling internationally as a way to save money on travel, but the thing is, the inevitable happens when we least expect it so how do you take control and plan for the unplanned?
The Aftermath of COVID-19 and Its Effects on Travel
COVID-19 has had a large impact on the economy and the travel industry makes up for a wide range of that. Due to strict travel rules and guidelines that were put into place in response to the pandemic, Australians have been stranded, in some cases, due to being short on money, border closures, and other unforeseen events.
Aside from COVID-related emergencies, you still have to consider other factors that could affect your trip like flight cancellations with no insurance, the loss of your luggage, passport, or funds, or even things like being arrested, getting sick or being in an accident while abroad.
The trend here is, anything can happen, and many Australians think they can handle emergencies like this, and hope for the best, until the best doesn’t happen.
Leading up to a holiday, cash can be tight and you may be determined to save every penny for traveling money. However, travel insurance doesn’t have to be expensive and could save you a lot of money and grief. So, do some research into the best insurance for your trip and enjoy your holiday with piece of mind.
