The first day of summer may be June 20 this year, but now that schools are out, summer is in full swing for many families. Jenn and Kerry celebrated their daughter’s high school graduation in late May and are looking forward to commemorating that accomplishment with a family trip to Greece later this month.
With that in mind, we want to share some financial travel tips that not only Jenn and Kerry have taken to heart when planning their vacations, but that they (and others within our office) recommend to clients throughout the year.
Plan and Research. Use comparison websites to find the best deals on flights, accommodations and car rentals. Generally, booking flights and accommodations in advance can save money. Consider traveling during off-peak times, as prices for flights and hotels can be significantly lower during the off-season.
Set a Budget. Consider your current financial situation when deciding where to go and how long to be gone. Include all potential expenses such as flights, accommodations, food, activities and souvenirs. Set a daily spending limit to help you manage your finances and avoid overspending. Tagging along with grandparents, family members, friends, colleagues, etc. can affect how much you’re going to spend while you’re away, so be sure to consider the financial situation of those you’re traveling with when you set your own budget.
Join Loyalty Programs and Procure Travel Insurance. Use accumulated frequent flyer miles or points to reduce travel costs. Sign up for hotel loyalty programs to earn free nights and other perks. Purchase travel insurance to protect yourself against unexpected costs due to cancellations, medical emergencies or lost luggage.
Travel like a Local. Consider alternative lodging options like VRBO or Airbnb instead of hotels. Don’t hesitate to ask for a better rate, especially for longer stays. Use public transportation instead of Ubers or rental cars, or explore cities on foot or by bike to save money and enjoy the local scenery. Street food and local markets are often cheaper and offer authentic experiences. Restaurants near major attractions are often more expensive.
Jenn and Kerry love to book the “hop-on, hop-off bus” as their first sightseeing activity when visiting a new city. It helps them get their bearings and better plan for the remainder of their time there. Look for free or low-cost attractions such as parks, museums and walking tours. Many cities offer passes that provide discounted entry to multiple attractions and unlimited public transport.
Top Tips for U.S. Travel:
- Look into train travel if you have the time. This type of travel is becoming more and more popular. You don’t have to drive, and you can get off and see different places, then continue on your journey, which you can’t do from a plane.
- Think about a U.S. cruise on the rivers or coast line, which is very popular with Mike and Jane. Consider a company like American Cruise Lines.
Top Tips for European Travel:
- Use Rick Steve’s website, books and even TV episodes. Start with his itineraries, then adapt to what you want to do.
- Consider exchanging some U.S. dollars for local currency before travel. You usually get a better exchange rate at a bank away from the airport.
- Notify your credit card company when and where you will be traveling before you go, or you run the risk of not being able to use your cards. Credit cards are great to use for currency exchange and keep you from having to carry a lot of cash, but be sure to check the exchange rate fee.
- Check with your mobile phone carrier to see if you have a plan that will work globally and what the cost is per day to use where you are traveling. Many have a 24-hour fee, which only starts from the first call or text, can be done at anytime and is not a set time of day, so plan accordingly to potentially save money.
- If you are planning on driving while in Europe, be sure to check to see if you need an international driver’s license. Each country is different, and many that did not require it before, do now. You will have to go to a local AAA office, but call first to make sure they have the necessary photo equipment. If not, bring two photos like those needed for your passport.
- Double check national holidays, festivals or big sporting events. These can cause attractions to be busy and expensive or potentially closed entirely.
- If taking ferries, trains or buses, make sure to double check the times. They often change or become reduced depending on the time of year and weather.
Practice Social Media Safety. Only post photos about your trip after you’ve returned home. You’ll notice that Kerry posts large, 100+ photo albums from the Milligans’ adventures well after the trip. This ensures that no one “online” knows you’re away from home or exactly where you are while you’re traveling.
Review Your Spending. Once you return from your trip, analyze your expenses to be sure there were no unauthorized charges on your credit card and review your spending to see where you could save more in the future.
Traveling can be expensive, but there are many ways to save money and make the most of your budget. By planning ahead, being mindful of your spending and taking advantage of various deals and discounts, you can enjoy your travels without breaking the bank.