If you’re dreaming about a getaway but don’t think you can afford one, all may not be lost. With a little strategic planning and budget-friendly hacks, you could be packing your bags and setting off on a well-deserved vacation in no time.
According to Consolidated Credit, a non-profit financial education and counseling organization, there are steps you can take to embark on a trip without incurring debt. The first place to start is by creating a vacation budget well before booking flights or reserving lodging. Consider the following tips:
Set up a vacation fund and don’t use credit cards. With APRs rising above 24%, using revolving credit to pay for your vacation can land you in a vicious debt cycle. Instead, create a vacation fund well in advance of your trop. Set up a savings account specifically for vacation, and set money aside regularly to go into that account. A surefire way to build this travel nest egg is to create automatic deposits, which will help your fund grow in no time.
Keep currency exchange rates and taxes in mind. If international travel is in your future, research exchange rates, local taxes, tipping and ATM availability before leaving for the trip. If using a credit card, make sure it’s one that doesn’t charge foreign transaction fees. Having this knowledge in advance will help you avoid unexpected expenses while out of the country.
Avoid travel during peak times and know when to book a flight. When it comes to flights and hotels, the timing of your trip can make a huge difference in cost. Naturally, summer is the peak travel season and usually sees the highest rates. If you can travel in the off-season, you can potentially save a bundle. Also keep in mind that, generally speaking, Tuesday is the least expensive day to fly whereas the weekend is often the most popular and expensive. Hotels are more crowded on weekends too so booking a trip for Monday – Friday may be more cost-effective.
Find free things to do. Research your destination thoroughly to find discounts and coupons for local activities. If you’ll be taking in museums and cultural landmarks, find out if they have free or reduced-cost visitation days. Join social media groups to find off-the-beaten path and low-cost or free things to do, as well as where to find the best food at the best prices. When staying at a hotel, ask the concierge if they have a coupon book for local attractions.
These are just some of the ideas to help turn your vacation dream into a reality. Search online for additional tips and local resources for affordable ways to travel.
