If you love to travel, you’ve probably seen how high some vacation prices are these days. Even on a champagne budget, you may only find cheap options for traveling with beer. Read on as we share some tips for traveling well without breaking the bank.
Going the extra mile to stretch your travel dollars can help you travel more or save some money.
Here are five ways I stretch my travel dollars to get more luxury travel each year.
Dreaming of your own White Location vacation at the Four Seasons Maui?
-Try to plan ahead- Also known as Reserve Early
I recently went on a trip with friends. We were all flying to the same place on the exact dates. I got a great deal by booking in advance. A friend in the group, who likes to procrastinate, was not so lucky. He ended up paying more for his flight than I did. The big problem here is that I booked first class, while he booked economy.
Booking early will often give you a better chance of finding good flight deals. Many hotels also have early booking offers of 30-40% off the listed room rate. You get the same room and flight but at better prices in these cases.
Being flexible with your travel dates can help you save big on flights and hotels.
-Be flexible with your travel dates
For those with limited vacation days, this can be more difficult to do than the other strategies, but it’s worth mentioning. Shifting your trip a day or two could result in substantial savings. The price of international flights can vary by hundreds or even thousands of dollars a day. If you can save $2,000 on flights, that pays for an extra day of vacation. Similarly, hotel rates may be different each night of your stay. Avoiding a vacation could help you slash your hotel costs. Or maybe you go for the nicest room?
-Maximize your points and airline miles
I’m a big fan of maximizing the points and miles I receive from everyday spend. They can be used to help cover the cost of your next vacation. Take a few minutes and look at your credit cards and see which spending categories they offer rewards for.
Maybe spend a few nights at the Holiday Inn and a few nights at the Ritz Carlton.
-Mix up the levels of your hotel stays
Save ultra-luxury hotel stays for when you’re going to use the property. Combine more modest hotels when you plan to be out all day doing activities or sightseeing.
–Be flexible with airlines
When you have status with an airline, it’s always tempting to try and fly with them. That loyalty can cost you. Don’t get me wrong, I love the perks that come with airline status, but at some point, they cost you a lot.
Hypothetically, if airline A costs $500 more than airline B for a flight, is it worth it? What about buying a first class ticket on airline B for less than the economy class fare on airline A? When prices are close, don’t forget about costs like checked baggage or lounge access.
To quickly check flights between airlines, use Google Flight. You can even set up alerts when prices change on the flight you’re considering.
-Take advantage of credit card benefits
American Express Fine Hotels and Resorts is one of my favorite credit card benefits. Allows you to get additional benefits on properties, guaranteed late checkout and often a room upgrade. You can access a two-for-one first class flight voucher every year if you have Delta Reserve American Express. While these coupons can sometimes be difficult to use, the savings can be huge when you can use them.
Pay your expenses with the right credit card to help you get to your next luxury trip faster. For example, Chase Sapphire Reserve gives you three points for spending on travel and dining. These points can be used like cash at a value of 1.25 cents each. That means every dollar you spend on travel can earn you 3.75 cents toward your next vacation.
It goes without saying, but spend responsibly. Pay off your credit card balance each month to avoid incurring interest charges.
I hope you can use these tips to travel better or more often. As a Fun Financial Planner, I love helping my clients plan amazing life experiences now while staying on track for Financial Freedom in your desired time frame.
Where do you dream of traveling next time?
