With inflation touching every aspect of the economy, everything feels more expensive lately, and travel is no exception. This episode of Financially Naked: Stories from The Financial Gym is all about traveling and how to save money while living your richest life. Kylie and Sara, two of our Certified Financial Trainers at The Gym both have experience with various types of travel and are here to share some tips they’ve learned along the way.
BEFORE THE TRIP
Saving for travel:
If travel is something you really care about, plan ahead of time and save up for it!
The key is always keeping what is important to you in mind. From the planning stages all the way through. You can have anything you want, but not everything.
To save money to travel or take a vacation, budget cuts might have to be made in areas that aren’t so meaningful to you in order to make real progress.
If you can get gifts from your loved ones for a wedding or event, put travel on the registry. This is a great thing to think about if you don’t need things. Ask for support. If you’re flying home for the holidays, can that be part of the gift so you can make the trip?
It can take time to build up to taking a year off or saving for a dream trip. While saving, there’s a lot to explore in your state and local areas. Staycations can be fun and a chance to explore new things in your own city.
Scheduling Ahead:
When you are able to travel will depend on your life and various obligations.
Kylie does not have kids and her schedule is incredibly flexible. She usually will block off time 3 months in advance, and finalize details as it gets closer.
Sarah’s travel schedule is dependent on the kid’s school schedule, which means they usually visit their families in the summer and alternate every other holiday. They also keep a running list of places they would like to travel to and take one big trip each year.
Don’t feel pressure to try something or pay for an experience that is not of value to you, even if it is a popular thing everyone does.
Booking Flights
Start looking at flights in advance, especially if you plan to travel around major holidays.
Set your browser to incognito mode when you’re searching to help minimize tracking and price fluctuation
Look at different iterations of the flights to see if there are more affordable options.
If your arrival and departure days are flexible, check the price on various days to compare rates.
If you live around a few different airports, check the flights at all of them. Consider the time and cost of commuting to those different airports when considering the price.
If traveling with a child, those who are under 2 do not require an additional ticket purchase.
Consider other options for travel, like trains! You can travel the east coast of the United States via train.
Booking Accommodations:
This is dependent on the standards of how you like to travel and the places you like to stay.
Travel with friends, so you can split the cost of the hotel or Airbnb.
If you have family, friends, or acquaintances in a city, reach out to see if you can stay with them.
Kylie does a lot of backpacking and camping and she learned there is a lot of free camping out there. These free National Forest Lands might not have a lot of amenities, but totally great if you like that style of camping.
If you’re visiting a National Park, there is usually National Forest Land within an hour or so, sometimes even closer!
If you want to get into camping but don’t have the equipment, you can borrow it or rent it before investing in a purchase.
There are hostels and some even have private rooms. They’re cheaper than hotels and it’s a great way to meet people.
Other travel-related expenses that come up:
Trip insurance or international health insurance. There's always a balance between getting enough insurance but not paying for too much which isn’t necessary. See what your credit cards and current insurances cover and go from there.
How will you communicate? Do you need a pocket wifi device or does your phone provider cover where you’re traveling? Be prepared, know what you’ve got, and top up on what you need.
Be mindful when packing for the trip. There can be a tendency to buy a lot, but be mindful and only purchase what is needed and borrow what you can!
How will you be paying for things? Is it best to use cash or a credit card? Using a travel credit card can help you avoid international fees.
WHEN YOU ARE THERE:
Depending on where you’re going and how you like to travel, one of the biggest expenses is food.
If eating out is an important aspect of traveling for you, budget for it.
You don’t have to eat every meal out.
Take advantage of continental breakfasts offered by hotels.
Buy groceries and cook meals or make sandwiches when you need something quick. You can still enjoy the food the country has to offer, even if it’s not coming from a restaurant.
Consider taking public transit rather than renting a car or paying for taxis.
If you want to learn about using credit card points for travel, check out episode 123: Travel Hacking with Bevin & Garrett
If you’re ready for a change or want to learn more about working with a Certified Financial Trainer, schedule a free warm-up call to learn more!
What is a place you’ve been that you recommend others travel to?
Where are you traveling next?
What do you like to do en route? On the plane or in the car.
