Home & Family
How to Save Money when
Traveling After this past year, people are more than ready to hit the road (or board the plane, train, bus, or boat.) But with airfare, food, gas, and lodging, travel can be pricey. Knowing how to avoid spending more than necessary can help you stretch your budget and give you more memories for less money. Your vacation doesn’t need to be expensive to be memorable, and saving money doesn’t make the experiences any less special. Follow these five tips to help keep travel costs down: GO OFF-PEAK
Save money by traveling when others (think families on a school calendar) cannot. The prices of not only airline tickets but also hotels and rental cars vary significantly based on demand. If you want to travel to Disney World with your kids, for example, steer clear of the weeks around President’s Day or the Fourth of July. Consider going to a summer resort destination in the fall. Or head to a ski mountain and hike in the summer.
BUY EARLY
Planning your travel can itself be fun and can get the whole family excited about the upcoming vacation. Thinking ahead also saves money. Airfares climb fast in the weeks right before departure. An annual survey by CheapAir.com finds that flyers get the best ticket prices if they buy at least three weeks ahead of their travel date—but no more than four months prior. Airlines price tickets higher when they first publish the fares, according to the research, and then gradually lower prices until you get to that ideal ticket-purchase time window.
BE ADVENTUROUS
If you prefer experiences over expensive indulgences, you may come away with a more memorable vacation. Camping in a beautiful park may cost less than a hotel in ho-hum surroundings. The travel industry likes to market luxury, but good company can make any meal or outing more fun, no matter how much you spend.
MIND THE FEES
The revenue airlines collect for something other than flying you from point A to point B has quadrupled over the past decade – think fees for baggage, extra leg room, and other niceties such as boarding early. Minimizing those charges can save a lot. The first-bag-free feature that some airline-branded credit cards offer, and other perks, can be valuable. Similarly, you may be offered non-essential add-ons at the rental car counter, ranging from satellite radio to enhanced roadside assistance. Optional rental car insurance may be redundant with coverage a credit card or your own auto policy already provides. Non-bank ATM fees are another expense that can add up when you’re in unfamiliar territory. Check with your bank to see if they have a policy of refunding ATM fees.
BE FLEXIBLE
Be willing to go to the next town over for a cheaper hotel, or fly at a less convenient time to reduce the fare. Renting an apartment or cottage instead of a hotel has become much easier thanks to vacation-home rental services. And it may save you a lot of money, especially if it means you can buy groceries and cook for yourself instead of eating every meal out. Sometimes “living like a local” can help save money and make your vacation even more interesting. Finally, don’t feel like everything has to be perfect—no matter the expense—when you go on vacation. Travel experiences tend to improve in your memory. When you look back on a trip, the lessthan-perfect parts will fade and you’ll mostly remember the good stuff. Source: Charles Schwab
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Thrive Magazine for Better Living • April 2021
