Whether you’re working or retired, if you’re like most people, one of your primary goals is to enjoy more vacation time and travel. Time away allows you to relax and recharge your batteries, as well as explore and expand your horizons.
SageVest Wealth Management firmly believes that your wealth should be enjoyed, including the opportunities it provides to your and your family. Travel can be a big ticket item, so here are our top tips to help you maximize your enjoyment, without maxing out your credit cards.
Make Your Big Trips Special
Consider taking a year in between large trips to help you afford more luxurious travel on major vacations. For example, consider cheaper domestic travel for one year, followed by a bigger trip the following year.
Create A Travel Fund
Save in advance and include flexibility for splurges, so that you can enjoy your time away and be financially stress-free when you return.
Travel During Off-Season
Peak travel season means peak prices. Sometimes just a week’s difference in timing can dramatically reduce travel costs. For example, prices often plummet in September, even though summer doesn’t officially end until September 21st. Apps like Hopper and Ship Mate can help pinpoint the cheapest booking dates, times, and more.
Know The Best Times To Book Online
Similarly, timing can be everything when booking online. Tuesdays and Wednesdays are often the best days to capture lower prices. Remember to clear your internet browsing history to get the best deals.
Look For Last Minute Deals
If you have flexibility, last-minute deals on sites like Kayak and Expedia can offer economical travel options.
Use Your Miles And Travel Points Wisely
Use the airline miles and other travel points you’ve earned wisely to gain the most value. For example, using your air miles for a class upgrade on a long-haul flight to Asia typically makes more sense than using them on a shorter domestic flight.
Extend Your Travel
Travel can be fun, but it can also be exhausting. Make sure your getaway includes enough enjoyment to justify the time it takes to plan, pack, travel, and catch up. If you’re traveling by air, a longer vacation will also help absorb flying costs, overcome jetlag, and provide more time to explore without feeling rushed.
Consider Other Travel Options
International carriers may be cheaper than US airlines if you’re traveling overseas. In places like Europe, budget airlines and train passes are often economical options for traveling between destinations.
Hedge Your Currency Bets
Fluctuations in exchange rates can significantly impact the cost of your international travel, particularly in today’s volatile economic environment. You may be able to take advantage of favorable currency rates by paying for some things in advance.
Know When Your Kids Must Pay Adult Prices
Visiting some locations can become dramatically more expensive as your kids mature. Disney parks are a great example, where kids ages 3-9 pay kid prices, but kids 10+ pay the same prices as adults.
Forego The Car Rental
If you’re traveling to one central location, particularly if it’s a walkable setting, you might be able to forego a car rental, opting to take a shuttle, taxi, Uber or other transport when needed.
Research Destinations In Advance
Take the time to investigate beforehand so that you can enjoy every minute when you get there. Sites like TripAdvisor and apps like City Papers and CityMaps2Go offer reviews of hotels and restaurants, plus listings of events, festivals and more.
Explore Beyond Tourist Areas
Discover areas beyond popular tourist destinations, if safe to do so. Outlying areas are often less expensive, just as enjoyable, and may give you a better sense of the region.
Stay With Family And Friends
Visiting family and friends can offer an inexpensive getaway option that also allows you to reconnect and spend time with those you love. If you have children, bonus babysitting for an evening out or mini adult getaway might also be included!
Discover Simple Weekend Getaways
Sometimes you don’t need a lengthy or exotic vacation to recharge. Enjoying a local getaway can help embrace a weekend, while avoiding costly airfares.
Enjoy Nature’s Wonders
Some of the most breathtaking sights and magnificent adventures can be found at our nation’s regional and national parks, many of which are low-cost or free.
Economize On Large Family Vacations
If you’re planning a large family vacation, renting a house instead of hotel rooms can be more relaxed, and allows you to economize on food by cooking instead of eating out.
Consider Socially Responsible, Charitable And Volunteer Travel
A volunteer trip might provide just as much enjoyment as a traditional vacation, with the added bonus that your travel could be tax deductible if it’s related to a charitable organization.
Take A Sabbatical
If you’re a seasoned employee, find out if you’re eligible for a sabbatical. Combining an extended vacation with some meaningful time at home provides relaxation for your body and soul, and helps reduce travel costs too. A sabbatical is also a great way of testing the waters if you’re considering retirement.
SageVest is committed to helping you connect with your wealth in meaningful ways, including helping you to utilize your resources to enjoy memorable vacations that support your physical and mental wellbeing. Please contact us to explore additional ways of wisely planning for your future, blending financial security and enjoyment along the way.
