1. Fly for free
Travel can be the most expensive line item in your vacation budget, with two-way airfare ranging from $500-$1,500 for a single flyer. Luckily, there are multiple ways to earn free airline miles that can reduce or even eliminate the cost of your ticket. If you travel often or have a favorite airline, loyalty rewards programs like frequent flyer miles can pay off—literally. Already enrolled? Make sure you’re getting the best deals.
Not a frequent flyer? Most major airlines partner with credit card companies to help cardholders save when you spend. While it’s never advisable to go into debt in order to save a little on your next vacation, if you have a healthy relationship with your current card and don’t carry a revolving monthly balance, a credit card rewards program could be the right choice for you. Compare popular options here.
2. Pick a hotel with perks
Like airlines, many hotel chains offer rewards programs for loyal customers. Earn free nights, suite upgrades, free room service and more from Best Western, Hilton, and Marriott. You can also secure better deals by making your reservations through a third-party booking platform like Travelocity or Expedia, using a co-branded credit card, or enrolling in an airline loyalty program.
Your hotel can also save you money in other ways. Did you know that the average couple spends $66 per day on food during a vacation? To shrink that number, practice these three words: free continental breakfast. Similarly, a hotel room with a kitchenette gives you the option of cooking for yourself.
3. Check community calendars
Before heading out on your trip, check local newspapers, magazines, and travel sites for low-cost or no-cost events. Once you touch down, keep an eye out for community calendars or flyers in local restaurants, coffee shops, and parks. These events can run the gamut from concerts and food festivals to charity fundraisers and cultural celebrations. Often, community events will give you a bigger dose of local flavor than common tourist attractions and museum tours.
4. Flex your discounts
Senior discounts, AARP membership privileges, and discounts for veterans can help you trim the price of meals and admissions tickets. Make sure you bring any relevant IDs or membership cards. Ask around at local businesses if they offer any relevant specials or discounts.
5. Set a budget
A couple of margaritas here. A souvenir—or two—or three—there. Without a plan, vacation spending can quickly spiral out of control. Work out a vacation budget before you leave, and pay special attention to small expenses that add up quickly such as admission prices, meals out, alcohol, and transportation.
6. Separate your savings
Help yourself save up for your tip by establishing a separate bank account for vacations. If you have trouble resisting the urge to dip into your savings for impulse buys or budget shortfalls, open the account at another bank, preferably one with a high interest rate. This will help keep your trip money out of sight and in your pocket.
7. Automate savings
To supercharge your vacation savings plan, automate your savings. Many banks will allow you to schedule automatic and repeating transfers between your account on a daily, weekly, or monthly basis. You set the frequency and the amount. If you’re still working and use direct deposit, you can have your employer split your paycheck between multiple accounts.
8. Take your bonus to the beach
Did you earn a seasonal bonus or a tax refund this year? Why not put it toward a plane ticket? Research conducted at San Francisco University indicates that we find purchases more satisfying when they involve an experience rather than a material good. So, if you’re planning to splurge after a sudden influx of cash, you may as well make it count.
9. See more with a tour
The price of walking, bus, and bike tours varies by location and tour company, but if you do your research ahead of time, they can be a great way to explore an area on a budget. Why? For the price of a guidebook, tours give you transportation, human interaction, and a knowledgeable guide who can answer your questions on-site. Tours also allow you to pack multiple tourist attractions into one ticket and let you “see the sights” without having to pay for an in-depth exploration of each individual landmark. Many places will also offer tours specific to your interest. Whether you’re into antiques, wine, or the paranormal, there’s probably a tour for it.
10. Volunteer vacation
Get out of town and give back with a volunteer vacation. As the world becomes increasingly connected, more people are opting to use their time off to help others in need. Volunteer opportunities can range from assisting with sea turtle research in the Galapagos islands to excavating ancient artifacts in Italy. Volunteer trips are often cheaper than traveling on your own as travel, housing, and even food costs are subsidized by the organization you’re assisting. You’ll also have plenty of time to explore on your own outside of your volunteer hours.
Sara McKinney
saractag@gmail.com
As Cowen Tax Advisory Group’s Digital Content Marketing Specialist, Sara provides in-house copywriting and manages the company’s electronic records system, email marketing, and blog.
