6 Tips to Enjoy Your Holiday Without Breaking the Bank

Traveling is all about experiencing unique cultures and pushing you outside your comfort zone. It offers a welcome change of pace from the usual rigors of life back home. But with so much to see and do, it can be easy for costs to spiral out of control. Small expenses like souvenirs may not seem like much at first but they can really start to add up.

It’s important then to practice some degree of restraint while travelling. The last thing you want is to return home with thousands of dollars in debt. A major financial setback like that could easily take months or even longer to fully recover from.

Fortunately, you can still have an enjoyable holiday without breaking the bank or putting yourself in debt. Here we’ll look at how.

Review Your Financial Situation

The thought of booking a holiday in an exotic location is tempting. But you also need to consider the financial aspects. International flights alone can easily cost several hundred and even over a thousand dollars. That doesn’t even include lodging and other travel expenses either. If going on vacation will add financial stress to your life, consider taking a holiday closer to home instead or wait until you have more saved in a high interest rate savings account.

Create a Travel Budget

Creating a travel budget is an important part of planning a holiday. It establishes a spending plan for your money and ensures you have enough to cover your expenses. If you haven’t already, create a budget for expected expenses like transportation and lodging. Research costs for any activities you want to do so you can budget accordingly. Unexpected costs will undoubtedly arise so be sure to give your budget some breathing room.

Compare Travel and Lodging Prices

International flights and lodging are two of the largest travel expenses. You can easily save hundreds of dollars by comparing rates or staying in a hostel. It may not be as luxurious as a hotel room but that extra amount you save can really add up. Another option is to avoid travelling during peak season as airlines and hotels tend to increase their prices around busier months. 

Take Advantage of a Credit Card Deal

Before any big expense in my life, I usually search around for the best cashback travel credit cards that offer big point balance incentives or cash back in exchange for spending a lot of money in the first three months.  Traveling is expensive, so before big trips is a great time to open a new card.  Make sure you give yourself enough time to get qualified and receive the card so that you can use it for the big expenses like flights and hotels.

Prepare Your Own Meals

Eating out is always a pleasant experience but it can also push your budget to the limit. If you have access to a kitchen where you’re staying, consider preparing your own meals once a day. You can still sample the local cuisine and stay within your allotted budget.

Use Public Transportation

Many major cities make it easy for tourists to hail a cab to their next destination. Some even have Uber where you can use a mobile app to have a driver pick you up. While convenient, these costs can add up especially if you’re using them multiple times a day. Use public transportation if it’s available as it will likely be much cheaper than these alternatives. 

Buy Travel Insurance

You can never predict what will happen with certainty but one thing you can do is buy travel insurance. Plans vary depending on the provider but insurance typically covers flight cancellations, mandatory evacuations, and emergency medical coverage – useful if you’re travelling to a country where diseases like yellow fever are prevalent.

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