Have you been working so hard for that dream vacation? Are your personal savings and investments depleted or not enough to cover for your next holiday trip? Worry no more because here are some practical travel budget tips that can help you solve your money woes. If you’re planning that dream holiday, throw caution in the wind, go ahead and plan it because the following enumerated travel money sources might just solve your travel budget dilemma.
Try Saving & Investing Way Ahead of Time
There’s benefit to be reaped from early planning when travelling.
This applies to planning what you’re taking with you in terms of luggage – and it can pay to travel light. (Look out for nasty charges for going over baggage allowances – especially on so-called budget airlines.) It can also help to plan your finances ahead of your journey. Whether it’s saving or investing towards your dream trip around the world or putting something away so you have a nice pot of spending money, thinking ahead can be a wise choice.
If you plan ahead and if you were thinking of opening an ISA account, and were to save or invest over a period of at least 5 years, ideally 10, it could mean you won’t need to rely on plastic when you get to your destination. Think how much better you’ll feel knowing that you won’t be paying interest on your good times while you’re away.
Bear in mind that if you’re investing money in an ISA, the value of your investment can go down as well as up and you could get back less than you have paid in. Another advantage of planning early is catching the best early bird deals. Major airlines offer early bird promos as a way of luring possible buyers to buy their plane tickets. These early bird promos are slashed 50% off from their regular price.
Some of the major hotel establishments also offer early bird promos. Example, a particular hotel offers a free night stay if you book 6 months in advance with them. Such early bird promos are a big help in lessening your travel expenses.
Two Heads Are Better Than One
There is truth to this old saying. If you’re travelling with friends, dividing the expenses is one of the best ways for you to earmark a small and practical budget for your travel. Dividing the expenses on the hotel, restaurant, or transportation will enable you to travel within your budget limits. So why not invite your close friends for a holiday adventure; plus, it’ll be more fun to travel with friends than to travel alone.
Scout for the Best Online Deals
Other than early bird promos from airlines and hotel establishments, online travel agencies offer packaged deals for travelling. For a price of one, you can have round trip tickets plus hotel accommodations, all paid and wrapped in one travel package. The thing about this though is that you should make sure that the online travel agency you’re dealing with is a legitimate entity so that you won’t be robbed of your money.
Use Your Credit Card Rewards Points
Maximize your credit card reward; when we say maximize, use your earned points. With enough points, you can redeem a roundtrip plane ticket or even an extra night stay with your accredited hotel.
Final Note
These are just few of the travelling tips for a once in a lifetime venture. What’s important is you have enough money to cover for your basic travel needs like roundtrip plane tickets and hotel accommodations.
No advice has been provided in relation to any financial plans or funds. You should contact an IFA if you are in any doubt about the suitability of the product.
Photos by Mike Behnken and Erwin Soo
