15 Pro Tips for Saving Money for Travel in 2023
15 Pro Tips for Saving Money for Travel in 2023
Have you always desired to travel but you just never seem to have enough money to do it?
Worry not, because saving money for a trip is generally not easy for many people especially during these hard economic times. It sure does take a lot of self discipline and commitment to the process. Regardless of that fact, there are still some effective ways to save money.
If you would like to start saving money effectively for your next trip or continue saving more money, here are 15 pro tips to help you in your journey. Getting started can be a bit challenging but when you're lying out on a white sandy beach under the tropical sun, it will be all worth it!
1. Set a specific and realistic savings goal
After setting the intention to travel, the next thing that you need to do is to plan your finances in order to save money.
To know how much you need to save, decide on your vacation destination, the cost of your entire trip, including flights, accommodation, transportation, meals, and activities. Now, take that total cost and work backwards. Consider how much money you can realistically save each month, taking into account your income and expenses.
Break down that cost either weekly or monthly to see how much you need to save each week or month to hit your goal. You can use a budgeting app or spreadsheet to track your progress and monitor your spending.
Create a timeline for reaching your savings goal, keeping in mind the date of your planned trip. Also note that you can adjust your savings goal and timeline if necessary based on your progress.
It's important to remember that setting a realistic savings goal and budget is key to making sure you can afford your travel plans without overspending or going into debt.
2. Create a budget and stick to it
Creating a budget and tracking your expenses will help you identify areas where you can cut back and save even more money for your next trip.
To create a functional budget, start by listing all of your income sources, including your salary, freelance or side gig income, and any other sources of income.
Next, make a list of all of your fixed expenses, such as rent or mortgage, utilities, insurance, and minimum loan or credit card payments. Also make a list of your variable expenses, such as food, transportation, shopping, and entertainment. Use a budgeting app or spreadsheet to track your expenses and income, and to create a budget that balances your income with your expenses.
Review how you spend money regularly and look for areas where you can cut back, such as reducing eating out, cutting unnecessary subscription services, or finding cheaper alternatives for bills. Set a specific amount for travel savings each month and make sure it’s included in your budget. Be mindful of impulse spending, and try to stick to your budget as closely as possible. Make adjustments to your budget as needed, based on your actual expenses and income. In case you have extra money left after taking care of your expenses, put that in your travel savings account.
By creating a budget and tracking your expenses, you can see where you're spending money money on and you can then easily identify areas where you can cut back in order to save money for your travel plans.
3. Book a vacation rental instead of a hotel
To cut back on the amount of money that you spend on accommodation for your next trip, consider booking a vacation rental instead of a hotel. Here are some reasons why:
Space
Vacation rentals often offer more space than hotel rooms, which can be especially beneficial for families or groups of friends traveling together.
Amenities
Many vacation rentals come equipped with amenities like kitchens, washers and dryers, and outdoor spaces, which can make for a more comfortable and convenient stay.
Privacy
Vacation rentals provide more privacy than hotels, as guests have their own private space and are not sharing common areas with strangers.
Cost
Vacation rentals can often be more cost-effective than hotels, particularly for longer stays.
Location
Vacation rentals can be found in a variety of locations, including in the heart of a city or in more secluded, rural areas, giving travelers more options for where they want to stay.
Experience
Staying in a vacation rental can provide a more authentic, local experience and allow travelers to live like locals during their trip. On your next trip,
If you're planning to visit Venice California, here's the perfect vacation rental for you
Resthaven LA
Resthaven LA is a cozy, luxury vacation rental under Resthaven Properties. The home is located at 522-524 Rialto, Venice, California in the upscale neighborhood of Venice, CA. The property is a Black-owned luxury vacation rental with modern amenities and is perfect for people looking to experience luxury travel, on a solo trip or vacation, on their honeymoon, on a staycation or simply looking for new adventures.
This home sits on 3,400 sq. ft., has 4 beds and 4.5 baths. Its close proximity to popular tourist attractions such as Muscle Beach, Ocean Front Walk and the Venice Fishing Pier makes it the perfect home for travelers looking to explore the city. It is also located less than half a mile from Venice Beach and Abbot Kinney Boulevard and less than ten miles from Los Angeles International Airport.
For those looking for an exclusive, safe and stunning vacation rental where you can kick back and relax, Resthaven LA is the perfect vacation rental for you.
Resthaven Properties offer you the ultimate membership for an extraordinary life of travel. The 3 membership options that you can choose from are:
Infinite Access
This option comes with:
- Complimentary 3 nights and 2 days visit across all U.S. based properties
- No annual membership dues
- $250 cleaning fee per visit
- $250 pet fee per visit
Global Entry
This option comes with:
- Complimentary 3 nights and 2 days stay across Resthaven properties worldwide
- No annual membership dues
- No pet fee
- $250 cleaning fee per visit
Global Entry, Monthly Financing
This option comes with:
- Monthly Financing
- No FICO requirements
- 10% down & 19% APR
- 20% down & 12% APR
- No prepay penalties
To book the property or for more information, get in touch with us here.
4. Look for the best flight deals and discounts and book accommodation in advance
To save some money on flights and accommodation, look for deals and discounts and make your bookings in advance. Here are some hacks that you can use:
- Use comparison websites to compare prices for flights and accommodations from different airlines, hotels, and travel agencies.
- Sign up for airlines and hotel loyalty programs, as they often offer exclusive deals and discounts to members.
- Follow airlines and hotels on social media, as they often offer special promotions and deals to their followers.
- Check for last-minute deals and discounts, as airlines and hotels may offer lower prices closer to the travel date to fill seats or rooms.
- Look for package deals that bundle flights, accommodations, and activities together, as they can often save you money.
- Consider alternative airports or accommodations that may be cheaper.
- Use a travel agent to help you find deals and discounts, especially for complex itineraries or group travel.
- Keep an eye on prices and book as soon as you find a good deal, as prices can change quickly.
By keeping an eye out for deals and discounts and booking in advance, you can save money on your flights and accommodations and stretch your travel budget further.
5. Use credit card rewards or loyalty points to help pay for travel expenses
To save on your travel expenses, you can use your credit card rewards or loyalty points that you have stacked to help you offset some expenses.
Many credit cards allow you to redeem rewards or points directly for travel-related expenses, such as flights, hotels, or car rentals. Some credit cards also allow you to transfer rewards or points to travel partners, such as airlines or hotels. This can give you more flexibility in how you redeem your rewards.
Be sure to keep track of your rewards or points. Know when your travel rewards or points expire and also the terms and conditions of redeeming them.
6. Set up a direct debit to your savings account
If saving for you is a challenge once money hits your account, you can opt to automate the process. Just speak to your bank so they can do a direct debit to your account every month. By regularly transferring money to your savings account, you easily develop a saving culture. This can make it easier to save a significant amount of money over time for your travel.=]
Some advantages of automating this process include easier tracking of your money and progress, more discipline as you develop a saving habit and also it helps you avoid impulse buying as you have less money to spend after the direct debit.
It's important to note that setting up a direct debit alone may not be enough to save for travel, you should also have a budget plan and stick to it. A direct debit can help you save but it's up to you to control your spending habits.
7. Travel during off-peak seasons
Another hack is to travel during off-peak seasons. These are the months or seasons where demand for travel is low. And so in a bid to lure customers, travel related companies might offer their customers attractive discounts.
When you travel off season, you can take advantage of lower prices for flights, hotels, and other travel-related expenses, deal with fewer crowds as well as get better exchange rates in foreign countries.
It's important to note that off-peak seasons can vary depending on the destination. Do make a point of researching the best time to visit the place you are interested in traveling to. Also, keep in mind that traveling during off-peak season doesn't always guarantee lower prices and better deals, but it's worth checking and comparing prices before you book.
8. Cook your own meals instead of eating out
Instead of always ordering in food or eating out, try to cook your own meals more often. This will help you save more money because when cooking your own meals, you can purchase the ingredients in bulk and save a few dollars. You can direct the saved money to your travel savings account.
Another advantage of making your own meals is that you have full control over the ingredients and recipes that you choose to follow and so you can make healthy meals that are in line with your dietary needs and those of your family members too. With any recipe that you try, you can easily get the ingredients at your local grocery store.
If you like to eat out, you can still do so occasionally. You don't have to completely give up that experience. Just limit it and make cooking more of a priority.
9. Pick up a side hustle
In order for you to save quicker, start or pick up a side hustle that will allow you to earn more money, meaning you can save more money on a monthly basis.
A side hustle will not only provide you with additional income but also flexibility in terms of when and where you work, which can make it easier to save for travel. It will also help you diversify your income and give you motivation to continue staying focused on saving for travel.
It is very important to choose a side hustle that aligns with your skills and passion as maintaining one required skill, time and consistent effort.
10. Cancel unnecessary subscriptions
With so many apps and online platforms out here, it is easy to find yourself subscribed and paying for an app or service that you use occasionally or never use. If for example you always listen to your music on Apple Music and are also subscribed to Spotify, cancel the Spotify subscription and only remain with Apple Music. Also if you keep paying for your gym membership and only show up once a month, cancel it and find other alternative and effective ways to work out.
By doing so, you declutter your life and stop wasting too much money on services that you barely use. You can choose to redirect that money to your travel savings account.
11. Take advantage of free activities and events at your destination
If you're an adventurous traveler and like to do activities while on vacation, a hack for you would be to look for accommodation options that offer activities and events at no extra cost. Many holiday destinations have free activities that guests can enjoy such as parks, museums, trips to the city center and festivals. Taking advantage of these free options can help you save money on your trip.
You can also enjoy free cultural experiences that are offered at the destination or explore activities like free walking tours that are offered by locals or indoor and outdoor sports.
So that you are aware of what your options are, always research ahead of time and plan in advance in order to make the best use of your destination's free activity options.
12. When shopping buy generic brands
For every product that we use, we all have brands that we prefer. However, if you're really committed to saving for travel, among the things that you can do to save money include switching from name brands to generic brands. Whether you're buying food, tissue or coffee, you will always find that generic brands in a convenience store are considerably cheaper than name brand products. Also, buying in bulk can be a good way to get great deals and save money.
By doing so, you save money and still get products whose quality is just as good as that of the name brands.
13. Travel with a friend or group
Another way of saving money for travel is planning trips with a friend or as a group. In such a case, it is easier to split expenses such as the car rental fees, accommodation and activities. With the ongoing rise in gas prices, traveling with a friend or group can really help reduce the overall cost of the trip. If you're traveling abroad, keep in mind the foreign transaction fees as you pay for different things or experiences.
Another benefit that you can enjoy is group discounts. Many travel companies usually offer discounts on activities for larger groups of people traveling together. Other benefits of traveling with a friend or as a group include shared cost of meals, shared fun experiences which make for good memories and also because of the fact that there is usually safety in numbers.
14. Where possible, plan a road trip instead of flying to your destination
Flying from one destination to the next is among the most convenient ways to travel. However, if you'd want to spend less money on your next trip, you can plan to go on a road trip using a rental car as opposed to taking a flight. This of course is subject to the location of your vacation destination.
If you're planning to visit a nearby town or city, hop into a car rental or use public transportation together with your friends and go for a road trip. However, if you're flying from one country or continent to the next, this might be tricky.
15. Cut back on online shopping
Another way in which you can save for travel is by restricting your online shopping habits. When shopping online, it is easy to overspend because it is convenient and you don't actually see the physical cash that you're spending.
To be able to save money for travel, challenge yourself to go to a store every time you need to buy something. This will help you pace your spending, avoid shipping costs, avoid the credit card trap and impulse buying.
If you love online shopping, create an effective system that will help you not overspend while buying things at the best price possible
Conclusion
Traveling is important as you get to experience new things and create new memories. If you want to save effectively for your next vacation, form a habit of being mindful of your spending and saving patterns. With a proper budgeting and tracking system, you'll be surprised at how fast you can save for your next memorable vacation!
Resthaven Properties
Unified Hub is an online booking engine that shifts the accommodation search experience from “where” to “who.” Consumers are inspired to experience the same properties as the value-aligned content creators they follow which leads to intentional purchase decisions based on whom they are spending in support of, not where they will be located when they spend.
Resthaven Properties is a collection of Black-owned luxury vacation properties. Resthaven Properties focuses on acquiring vacation property across the world's best travel destinations for predictable income and appreciation. So far, the luxury properties under the Resthaven Properties portfolio include Resthaven Los Angeles, Resthaven Tahoe, and Resthaven Zihuatanejo. Resthaven Properties operate under membership options that disrupt traditional lodging and timeshare accommodations by implementing a pay once and use for a lifetime strategy. The team opportunistically acquires properties in the 5-7M range based on the high potential for appreciation and a prime location for leisure travel and intentionally supports diverse vendors in each property.
Bay Street Capital Holdings is a leading Black-owned investment firm. The team of 17 is 75% women, 66% 1st-generation American, and 47% under the age of 30. DLA Piper serves as legal counsel, Weaver serves as tax advisor, and Juniper Square serves as fund administrator.
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