5 Tips to Save Money When Traveling
With long weekends and summer break right around the corner, many people are getting ready for vacations and quick getaways. According to Bankrate, many Americans choose to spend money on travel even when their savings are tight. If you are looking forward to a road trip, flying to a destination, or going on a cruise, use these 5 tips to save money when traveling. You can still have fun without breaking the bank!
Key Points
- Traveling midweek and booking in advance can significantly lower airfare costs.
- Booking activities early and paying with cash or debit helps you stay on budget and avoid interest charges later.
- Travel rewards cards and airline or hotel programs can earn points, discounts, and perks that stretch your travel dollars.
- Take advantage of free attractions – parks, beaches, museums, and walkable destinations offer fun experiences without extra costs.
1. Travel on Certain Days
While many travelers opt to fly on Mondays and Fridays to maximize long weekends, flying midweek can lead to significant savings. According to FareCompare, the cheapest days to fly are typically Tuesdays and Wednesdays – sometimes offering up to 40% off compared to peak travel days.
Some airlines raise prices as summer approaches. By early June, prices begin to increase and don’t drop back down until late August. It’s best to refrain from planning your trip around that time, when possible, to save money. It’s also a great idea to book flights several weeks in advance, as prices tend to increase for last-minute flights.
2. Budget Activities and Pay Upfront
Booking activities in advance helps you efficiently plan your vacation while keeping your budget on track. When booking hotels, flights, excursions, or other travel expenses, pay as much as you can upfront with cash or debit. If you put all the expenses on your credit card, you may get hit with a bill you struggle to pay later. An unpaid bill leads to paying interest on top of your original travel fare.
Launch CU offers a Holiday Savings Account where members can make contributions throughout the year and then get the payout transferred to their account annually. This is a great option if you need help budgeting for vacations and holidays.
3. Consider a Rewards Card and Loyalty Program
Some hotels and airlines have loyalty programs that give members discounts, free stays/flights, and other perks. A Launch Visa® Platinum Rewards Credit Card earns cardholders one point for every dollar spent. Points are redeemable for statement credit, cash back, travel, gift cards, merchandise, theme park tickets, and more! Continue to save money and get rewarded when you spend with a rewards program that works best for you.
4. Save Money by Eating Local
Eating locally sourced dishes is often cheaper than dining at a restaurant for every meal. Check out nearby supermarkets to have snacks readily available at your hotel room, or put together a quick picnic to bring along. If you still plan on going to some nicer restaurants, having budget-friendly meals the rest of the day can help save you money. Dining out for lunch can also be more cost-effective since lunch portions are often much cheaper than dinner portions.
5. Enjoy the Free Stuff
National landmarks, parks, beaches, and museums are all places that may offer free or discounted attractions. You can admire the history of the city while enjoying a low-budget day. If it’s close enough, walk to your destination instead of paying a fortune for taxis.
FAQs
How much should I budget for a vacation?
Your budget depends on factors like destination, length of stay, and travel style. A good rule of thumb is to set a total spending limit before booking and break it down into categories such as transportation, lodging, food, activities, and emergency funds.
Is it better to use cash, debit, or credit while traveling?
Each has benefits. Cash can help you stick to a daily spending limit, debit cards provide easy access to funds, and credit cards offer fraud protection and rewards. Using a mix can help balance convenience, security, and budgeting.
What hidden travel costs should I plan for?
Common overlooked expenses include baggage fees, resort fees, transportation at your destination, tips, and souvenirs. Planning for these costs ahead of time can help avoid budget surprises.
How can I avoid overspending while on vacation?
Set daily spending limits, track expenses as you go, and prioritize experiences that matter most to you. Planning ahead helps prevent impulse purchases that can derail your budget.
