Raleigh NC Financial Advisor: Budget Travel Tips
We all experience the yearning for a vacation, but it's disheartening that travel expenses have become costly, aggravated by the impact of inflation on our wallets.
However, strategic changes in booking and travel approaches can render our getaways more affordable. Here are some tips to travel on a budget.
Secure flights 2-3 months in advance: Last-minute bookings usually result in higher airfare costs. Begin exploring fares months ahead of your trip and seize the opportunity when you find a comparatively lower rate. On average, the optimal time to book a flight is approximately 2-3 months prior to departure. Utilizing third-party vendor websites can assist you in identifying airlines offering the most competitive prices.
Time Your Travel Right: Flights, trains, and rental cars are pricier on busy days, especially Fridays and Sundays. Whenever feasible, plan your travels for Tuesdays or Wednesdays, as these days generally experience lower demand and, on average, offer more affordable prices.
While it may not always be possible, try to steer clear of peak times like holidays and school breaks if you have some flexibility in your schedule. Consider traveling during the "shoulder season," which falls between the high season and off-season. This period presents an opportunity to find enticing deals. For instance, September and November in Hawaii or April and May in Florida are typically regarded as shoulder seasons.
Assess the costs of flying versus driving: Traditionally, driving one's own car has often been a more economical choice compared to flying. However, the current surge in gas prices may impact this equation. To evaluate the estimated gas expenses, multiply your car's average miles per gallon by the total distance of the trip, and then multiply that by the cost of gas. Additionally, consider that gas prices can vary across different states, and some regions may have higher fuel costs than others.
Forego the rental car: There are numerous transportation options to reach your destination, and renting a car can often be one of the costliest choices. If your usual practice is to rent a car upon arrival, explore alternative methods.
While using public transportation and biking offer the most significant savings, relying on rideshare services is another viable option. You can use an online tool to calculate your potential spending on rideshares. After that, you can compare it to the overall cost of renting a car, which includes fuel.
Reduce fuel expenses: If driving is necessary for your upcoming getaway, employ a few strategies to enhance fuel efficiency and find more affordable gas prices. Consider lightening your load by eliminating excess cargo and avoid refueling at gas stations located near major intersections. Learn more about how to save money on gas and optimize your fuel expenditure.
Utilize travel points: If your travel plans were disrupted due to the COVID-19 pandemic, you might have accumulated travel rewards points that have been left unused. Utilizing these points can serve as a way to obtain discounts or even fully cover the cost of your trip. Many credit card reward programs offer the best value per point when redeemed for travel-related expenses. Use points before using cash reserves because points cannot be invested like money.
Bring your own food: We've all experienced that familiar scenario of feeling hungry at the airport or during a road trip, compelled to purchase overpriced snacks. Avoiding these inflated prices can be achieved by packing food from home. Additionally, don't forget to bring an empty, reusable water bottle, especially when traveling by air. After passing through security, you can refill it at a water fountain before boarding your flight.
Explore alternative ways to reduce hotel expenses: Hotel prices often have some flexibility. To get a cheaper online price or find out about discounts, contact hotels directly.
You can ask if they offer discounts for students, government employees, or AAA members. You can find cheaper hotels near airports. However, remember that you may need to spend more on transportation in the city.
You can also think about hotels being built, which might have cheaper rooms, but be ready for possible noise. Alternatively, you can look for deals at micro hotels where rooms are typically less than 200 square feet.
Earn money from your property while you're away: While on vacation, you have the opportunity to generate income by renting out your house, apartment, or even your parking spot. Numerous companies simplify the process of listing your property and finding temporary renters.
If you're a renter yourself, ensure you have written approval from your landlord before listing your place. To estimate potential earnings from renting your property, you can utilize an online vacation rental calculator.
Bottom Line
Vacations don’t have to be expensive. Save money on trips by planning early and watching prices, whether you're experienced or new to traveling. More importantly, taking advantage of reward points can significantly cut down on flight and hotel costs. Otherwise, traveling during the offseason can help drop expenses and allow you to travel on a budget.
Sources:
https://www.nerdwallet.com/article/travel/a-beginners-guide-to-budget-travel
https://www.fidelity.com/learning-center/smart-money/budget-travel-tips
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