Seven smart steps to save money on your next trip
While the market and economy remain questionable, vacation bookings remain high, with most Americans opting for getaways especially this summer, after many months of being homebound during the pandemic. But vacations are more expensive than ever and prices continue to surge. Flight costs have gone up given gas prices and staffing issues, with the average domestic flight costing about $400 roundtrip.
Overspending can happen quickly and create unwanted stress on your vacation. Plus, it’s easy to go right into vacation mode and forget all about the word “budget.” So, how can you manage to spend less with all the rising costs associated with traveling? Here are several tips.
Compromise on location.
Instead of staying in an oceanfront rental, opt for a few blocks away, which could save hundreds per night. You can still have an ocean view and access to the beach, as well as other conveniences.
Internet search in a private browser.
As you’re searching online, you may notice sudden price jumps and feel compelled to book or risk the price going higher. Airlines and hotels have tracking that allows them to raise prices for desirable dates. It pays to be smart about your searches.
Find accommodations with a kitchenette.
The cost of dining out continues to rise, with a meal for four costing upwards of $100 at a modest restaurant. Purchasing the same items at a grocery store and cooking in your hotel or rental home can save over 50 percent.
Like this content? Be sure to check out our blog “Your Survival Guide to Inflation” for 9 tips you can start today!
Bring your own alcohol or avoid drinking.
Alcohol can be your largest expense on vacation. Just two drinks can cost more than a meal. Plan to have a pre-dinner cocktail at your hotel room or home rental, or choose restaurants that allow you to bring your own alcohol.
Spend on experiences, not souvenirs.
It’s nice to have hats or shirts for yourself and others, but spending on experiences like a surf lesson or hour jet ski rental will go further and make more memories. You may even save more when you opt for beach days with lots of pictures or find free events to attend like local markets or outdoor concerts.
Join rewards clubs.
Most rewards clubs are free to join and have great benefits that can earn you a free vacation over time. In addition to joining restaurant, hotel and airline clubs, join travel credit cards like Capital One Venture, then charge expenses to gain points to redeem next time.
It doesn’t hurt to ask!
When checking into a hotel, ask for complimentary upgrades or view changes. Ask when happy hours take place or even ask about complimentary breakfasts. If you don’t ask, you don’t know and can’t get it!
Overspending while on vacation can seem fun at the moment, but those expenses can linger in terms of debt and regret for quite some time after you arrive back home and go back to work. If you’ve worked hard for your vacation funds, take advantage of the opportunities to save some money and you’ll be glad you did, plus you probably won’t feel you’ve missed out.
If you have questions about whether your financial plan is on the right track, or if you would like to discuss a new financial plan, schedule an appointment on Bayntree’s online calendar by selecting the date and time that is most convenient for you! You can also always reach us by emailing info@bayntree.com.
Bayntree Wealth Advisors provides comprehensive financial planning and wealth management. The Bayntree team specializes in all aspects of financial health, including retirement planning, risk management, investment advice, tax strategies, estate planning and insurance.
Bayntree does not provide specific legal or tax advice. Please consult with your tax advisor or legal professional for guidance with your individual situation.
