Search Destinations (e.g. Byron Bay)

Fancy island hopping around Greece, four wheel-driving through a game park in Africa, or shopping on Fifth Avenue in New York? Whether you are seeking adventure or relaxation your dream holiday can be easily achieved with a little planning and a well-thought out budget.

Taking some time to travel the world, particularly after just finishing high school or university is a great way to experience different cultures while meeting interesting people and exploring exciting locations. However this will take some serious dedication to the cause and you will need to be prepared to make sacrifices. This may mean spending less money when socialising with friends, working through your summer holidays or holding off on that new wardrobe.

Plan to go it alone if that is stopping your dream trip - if you wait for your mates to decide whether they want to come with you it might not ever happen. If you do however, decide to travel with friends or partners make sure you will be totally comfortable travelling with them and schedule some time for yourself as well.

So what are you waiting for? Why not start planning that trip of a lifetime? To help you turn your dream into a reality, we spoke to Marissa Yates, Senior Financial Planner at Commonwealth Financial Planning, who has the following top tips.

1. Planning
After finishing school or university, the last thing you probably feel like doing is more research and planning, but it is a must in order to achieve your dream holiday. Start planning early - while this may seem like obvious advice it is actually the most important. Start by opening a high interest earning account and organise regular deposit transfers to make sure you're getting the most out of your savings. While saving your dollars prior to the trip may have a temporary impact on your social life, it will be worth it when you're standing on the Contiki bus travelling through Europe!

2. Research
Invest in a reliable travel book that can provide invaluable advice for the fledging traveller right through to the more seasoned traveller.

3. Goal
Set a realistic goal of how much you will need for the whole trip including putting aside an emergency fund plus taking into consideration taxes and the conversion rate. Flights, accommodation and activities will need to be paid well in advance of when your actual leaving date so make sure you have enough money to cover this.

4. Book Early
Research available flights, accommodation and other expenses before you make reservations. The earlier you book, the better deals and discounts you are likely to receive. Summer and around Christmas and New Years are the busiest times of the year for airlines with the price of tickets skyrocketing. The closer you book to the time of the departure date the more expensive the ticket, so remember to book well in advance.

5. Travel Agents
Travel agents offer great advice and deals on accommodation, tours, flights and travel insurance. However, make sure you do some research into competitor travel agencies as many agents will match the price if you find a better deal somewhere else.

6. Safety
While you want to enjoy your trip, you still need to take precautions to make sure you stay safe. This includes using a money belt and not leaving money or credit cards in easily accessible places like pockets. Put pad locks on backpacks and handbag. Also store away duplicate copies of passport details, insurance policies, traveller's cheques (ID numbers), visas and credit card numbers. You can carry on you one copy in a separate place to the originals and leave a copy with someone at home.

7. Before You Leave Home
Remember to let your bank and mobile phone carrier know the dates and location of where you will be travelling overseas. Additionally, check well in advance of your trip with you doctor to find out what vaccinations you need to have, this will obviously depend on the destinations you will be visiting.

8. Transport
Consider different transport options – trains, buses and flying all offer different advantages depending on your budget and time frame. Make sure you invest time in researching – there are lots of online websites to help you decide the best option for you.

9. How to Handle Your Money
Use a combination of travellers' cheques, credit cards and foreign currency notes so that you are not dependent on a single source for your finances. There are now some great ways to access foreign currency including securing a pre-paid Traveller card, so you can use ATMs wherever you are. Online banking is also a good way to manage your money while you are overseas. You can look at your account and credit card balance, transfer funds between accounts and pay bills anywhere in the world with access to the internet.

You can also travel the world, just like Sarah

Travelling through the ancient ruins of Athens, celebrity spotting at the Cannes Film Festival and eating traditional haggis in Scotland – these are some of the amazing adventures Sarah plans to experience when she takes off on her trip of a lifetime in February this year.

Sarah is leaving for almost six months, backpacking with some friends visiting 11 European countries.

"I decided that I wanted to experience the world before entering the workforce. The six month trip has involved an enormous amount of planning for me and my travel buddies. We discussed the idea generally about a year in advance, and booked our tickets eight months ahead of our departure date. When planning we decided that we wanted more than just one or two days in each place so we could experience as much as possible within the six month time period."

"The goal of the trip is to have the absolute time of my life, without work, study or responsibility, to just enjoy the break and soak up the atmosphere of each destination," Sarah explains.

Without any income Sarah had to do some serious financial planning. She needed to firstly work out how much money she would require. Based on extensive research she decided on a budget of AUD$100-150 per day which would cover all accommodation, food, transport, sightseeing and entertainment. To take advantage of the discounts available she booked her flight to Europe early.

"In order to save for the trip I have had to work full time over the summer holidays with an extra job a few nights a week, working two casual jobs throughout my final year while juggling full time studying at the same time. Sounds a little manic but I know it's going to be well worth it! My financial goal is definitely achievable, and setting up a high interest earning savings account has been really helpful in working towards the goal while getting decent amounts of interest as a reward."

Sarah has some valuable advice for people planning their own overseas adventure. Firstly don't be scared to travel alone, be open to your friend's suggestions and recognise that 'touristy' destinations should not be overlooked because they are too obvious.

She says, "it's important to be realistic about your financial situation – you can't do everything all in one hit and if it means staying in hostels and buying food from the supermarket to cook meals - this will only add to the experience and memories."