Budgeting Tips for Travel
Summer Travel Goals That Won't Break the Bank
Budgeting Tips for Travel that Will Fit Your Lifestyle This Summer
Summer is here and it’s an exciting time because we’ve been granted the privilege of safely participating in many of the activities we’ve missed out on over the past year.
Although each of our lifestyles and financial situations differs, the universal goal is to travel more for less. When it comes to budgeting for travel, I don’t aim to reinvent the wheel, only to remind you of ways to make enjoying your traveling this summer a viable reality. Above all, prioritizing your goals and aligning them with your core values will help simplify the budgeting process and make its daily application more feasible.
What to do before your trip
There are many long and short-term travel budgeting tactics you can put into play before going on your trip. While saving up money for your summer trips may be off the table for this year, there are a few things you can do to get some quick cash on hand. Take an inventory of the things you are no longer using and can do without. You may no longer see them as valuable, but you’d be surprised what people are willing to pay money for.
Here are some ways to line your pockets before your trip.
Hold a garage sale
Post your items on social media marketplace sites or on Craigslist
Sell your items at a consignment shop
Roll up those coins and take them to your bank
Once you’ve cleaned out your closet, it’s time to create a budget-friendly itinerary that can help curb your costs and keep you focused on getting the most out of your money while on your trip. Sign up for flight alerts so you’re notified when there are flash deals on airfare. When planning where you want to visit this year, be clear on the max you’re willing to spend beforehand. Wherever you plan to go, keep in mind that it’s always financially lucrative to travel in the off-season to avoid expensive fees and large crowds. You can also take advantage of deep discounts designed to entice visitors.
Now you can start researching some good deals at your destination. Be knowledgeable of the local cost of living to give you a good estimate of what prices will look like. Also, it’s important to gain an understanding of the types of restaurants, attractions, and transportation options that are available to set proper expense expectations. Next, you can create a plan involving public transportation routes to desired sites, including main attractions, dining, and other activities in proximity to your lodging area.
Pack light to save money on baggage fees. Bring shoes that are versatile enough to go with most of your outfits and clothing that is interchangeable. Bonus points if you can fit all of your belongings into a carry-on bag.
You can benefit from prioritizing which activities will be most important to you on your trip to get a realistic picture of which local activities you can afford to partake in while you’re there. Global e-commerce marketplaces like Groupon, Living Social, and Retail Me Not are great ways to save money on these activities by purchasing discounted vouchers in advance.
You can also benefit by looking into budget-friendly lodging options. Extended stay hotels like Residence Inn by Marriott provide kitchens that allow you to cook your own meals, store perishable snacks, and refrigerate and reheat leftovers. You can also travel with a group of friends to save money on an Airbnb. This can save you money by spreading the overall cost over a larger group of people and you grant you much better accommodations for a lesser price.
Lastly, if you would like to plan an extended stay, you can look into taking on a quick virtual freelance project for extra income while traveling.
What to do during your trip
Do extensive research on what activities are located within walking distance of your hotel or lodging area. If you can save money by walking a couple of miles, take advantage of the savings and the opportunity to see the city. It may benefit you to pay a little more for a centrally located hotel if you can save a significant amount of money on ride-sharing costs.
Another benefit of traveling with a larger group is saving money on food. Sharing appetizers and splitting larger meals can go a long way over the course of your trip and you won’t have to sacrifice the experience of dining out.
When it comes to activities, you can focus on one or two main attractions, then opt for inexpensive or free activities to fill in your leisure time. Involve nature and outdoor activities to maximize your discovery experience without breaking the bank. Avoid tourist traps that are designed to lure you in and waste your money by reading reviews beforehand.
How to plan for your next trip
With everyone setting their sights back on travel these days, some hot spots are often booked up over a year in advance. So, it’s never too late to begin planning your trips for next year. I’d like to share some tips for long-term travel budgeting.
Automatically deposit a predetermined amount into a travel savings account. This will help set guaranteed travel funds for the year and get clear on how many trips you can afford to take.
Try to cut back on your monthly variable expenses. Reduce the number of times you eat out, limit your social activities, cut back entertainment costs, attempt to negotiate lower interest rates on your credit cards, shop around for lower auto insurance quotes, refinance your home to name a few.
Take advantage of travel-incentive credit cards. When used responsibly, these can truly reduce your travel-associated costs. I recommend using them for your everyday expenses, then paying the balance off that month. You can gain free travel miles, free flights, and lots of other perks.
If saving isn’t exactly your area of expertise, you can start off your saving journey by creating an account that transfers the change from purchases on your checking over to your savings account. Over time, you’d be surprised how it adds up.
Eliminate any stagnant or unnecessary memberships, subscriptions, and fees associated with products or services you’re not using. There are many ways to minimize your monthly spending. Instead of saying, “I’ll get to the gym eventually”, use the money from that membership fee to invest in simple home gym equipment.
Hopefully, these practical tips will help you plan a summer of activities that align with your desired lifestyle and build lasting memories - 100% guilt-free.