How To Travel on a Budget This Holiday
Travel isn’t just for the rich. With a little creative thinking and some clever planning, you could have a great adventure while saving money at the same time. Not much is considered cheap or affordable anymore, especially when it comes to travel with the prices of airfare up and fees for seemingly everything. If you are planning on traveling for the holiday season, you can expect prices to be higher than at other times of the year. However, you don’t have to let that dampen your holiday spirit.
Here are several spending strategies to save money while traveling over the holiday:
A euro saved is a penny earned, create a travel budget
· Figuring out how much money you can spend without it becoming financially stressful is critical to planning your holiday vacation.
Consider staying local
· One great way to experience a rewarding holiday vacation while saving money is by staying local. Sometimes, because we are so familiar with the area in which we live, we overlook some of the gems that are right before our eyes. Maybe there is a historical bed and breakfast or an old hotel within driving distance near sites where you can create new memories with your family.
Not everyone wants to hang around their neck of the woods. If you are planning to fly, particularly abroad, there are also steps you can take to save money.
Don’t get grounded, find a fair flight fare
· Look at different dates, both front and back sides, which means the departure date and your return date. Not all flights are equal. Depending on what day you choose to fly, and which month, will determine how much you pay, and it can be a difference of hundreds of dollars. For example, Tuesday is generally the cheapest day to fly, but that isn’t always the case and requires you to do a bit of investigating.
· There are several avenues you can take in pursuit of a cheap flight including certain apps like Sky Scanner and Hopper. Hopper, for example, is a free travel booking app that helps users find deals on flights, hotels, rental cars, and vacation rentals. After you select the location, you wish to visit you are shown a calendar and each day is a color from red to orange, butterscotch, and green. Each color represents the cost of flying on that day for example:
o Green - $90+
o Butterscotch - $130+
o Orange - $170+
o Red - $210+
The green represents the cheapest days to fly and return. Taking advantage of apps like Hopper is a great way to save hundreds of dollars on flights when you determine which day and month is the cheapest to fly to a specific location.
· Look for a manageable “red-eye” flight. If you aren’t familiar with that, the red eye is the overnight flight. This is a great hack because you can save two nights of hotel stay costs by sleeping on the plane. Plus, it is a great way to help combat jetlag.
Hip Hotel Hacks
· Large chain hotels may be more expensive. Consider a smaller, more local hotel that could shave off a few hundred dollars from your bill.
· Look for hotels that offer complimentary breakfast in the morning. You can then eat your fill and pack up food that you can have for lunch instead of having to buy food in a restaurant.
Smart Credit Card Tips
· While traveling, if you are going to put anything on a credit card, ensure it is a 0% APR card and pay if off before you incur any interest.
· Always use a credit card that has no overseas transactional fees.
· If you know you are going to travel, use credit cards that build up points ahead of time, that you can use to get discounts on flights, hotels, and car rentals.
Take advantage of available discounts
· There are many instances where military veterans get discounts. Always ask if there is a military discount.
· Membership with some programs offer travel discounts such as AARP. Always ask if you are not sure what is offered.
Convert money outside the airport
· If you are traveling abroad to a different country, don’t change your money at the airport. Make sure you locate an ATM and withdraw in their currency because at the airport you will be charged a conversion fee. At the ATM withdrawing local currency, it is running in real-time and instead of paying a $26 fee, for example, you will only pay a dollar or two.
Bring an empty water bottle or frozen water through TSA instead of purchasing it at the gate
· If you are traveling, especially with a family, and you generally buy water after going through security you may notice it is expensive to buy water at $5 a bottle. You can either bring an empty water bottle that you can then fill up at the gate or on the airplane, or you can bring frozen water. Frozen water is not considered a liquid, and you can typically pass through security with it. You’d be surprised that the water won’t melt as fast as you think by the time you reach the TSA checkpoint from your home. This strategy might not seem like much, but everything you do to save money here and there will add up over time.
Stay in an Airbnb for longer stays and larger groups
· Depending on how long you are staying and how many people you are traveling with, an Airbnb might be a cheaper option than a hotel. This way, you may not only save on boarding costs, but you can also prepare your own food which may save significantly on expenses.
Saving money on long-distance calls
· If you are traveling abroad, you may consider purchasing a SIM card. When you use the phone abroad, charges for calls can be expensive, over $2 per minute. A SIM card makes communicating with loved ones cheaper and coverage is often more dependable. There are several options when deciding which SIM card to purchase; for example, there is a custom plan at around $4 per month or an unlimited plan from $15 per month.
Consider getting help from a financial professional
There are many ways to travel on a budget. It takes a bit of creativity, and you may consider getting help from a financial professional who can introduce you to savings tricks you never even thought about.
Important Disclosures:
The opinions voiced in this material are for general information only and are not intended to provide specific advice or recommendations for any individual.
All information is believed to be from reliable sources; however, LPL Financial makes no representation as to its completeness or accuracy.
Sources: Check Basic Rates Before Making International Calls | Federal Communications Commission (fcc.gov) Are Airbnbs More Cost Effective Than Hotels? - NerdWallet
This article was prepared by LPL Marketing Solutions
