If you love to travel, summer is a great time to do so and have new experiences near home or far away. As you plan, remember to budget for travel expenses and look for ways to save during the peak summer travel season.
Here are some tips to help you save on summer travel:
You may want to travel to a few different places this summer. Create your travel itinerary with the understanding that plans may change and be flexible. Remember to leave time in your itinerary to rest, relax, and disconnect- and not spend money. Enjoy the sunrise, sunset, parks, and places that are free too!
Once you decide where you want to travel, create an estimated budget. Conduct your research online or visit a travel professional to understand your trip’s cost. Remember to include daily expenses such as meals, rides to and from the airport, and tickets to events or venues you want to attend.
Regardless of how you plan to pay for travel, it takes money. If you can set aside a portion of the cost into a savings account each payday, you can enjoy a paid-for vacation versus using credit. If you must use credit, plan to pay off your vacation quickly to avoid interest fees.
Watch for online deals to score the best deals and save. One travel savings strategy is to combine offers such as airfare and hotels. You can also combine trips by visiting multiple locations or family and friends during the same period to reduce spending for numerous trips. Get creative and make the most out of your travel budget.
Create a cash buffer for your travel for unforeseen expenses. For example, you may budget for an all-inclusive vacation but decide to enjoy some excursions at the last minute. Planning for unexpected costs can be beneficial in situations like this.
When you travel, you can skip paying for hotels and restaurants. If you’re traveling to a destination with family and friends along the way, consider asking them to host you for a night. Also, make meals and buy groceries to stock a cooler when you can versus eating out every meal.
First Fruits Asset Management has been in the financial services profession since 2007. We work together to create a personalized financial plan. We then review and revise the plan as situations and/or goals change over time. Contact us today to learn more about how we can build a partnership with you today.