Traveling can be a pricey experience. But, it doesn’t have to be.
With a little planning, it’s possible to create an affordable vacation plan that will make your dream getaway a reality. Start by setting a savings goal using Monorail. The earlier you start saving, the easier it will be to stick with your goals.
1. Know Your Limits
The first step to planning a budget-friendly vacation is determining how much you can comfortably spend. Travel expert Melissa McGrath recommends following the 50/30/20 rule, in which 50% of your income goes toward fixed expenses like housing and food; 30% is for discretionary spending, such as entertainment or golf memberships; and 20% is saved for retirement and other goals. “If you can find a number that works for you, then travel is definitely something that you should be able to make work,” she said.
Once you’ve figured out your maximum amount, start saving in advance. You can save up to 38% on airfare when booking three months in advance, and you can also book lodging and rental cars at lower rates. You can also cut down on dining costs by taking advantage of complimentary hotel breakfasts or using your credit card points for restaurant meals.
Another way to save is by traveling during the off-season, when popular destinations are less crowded and more affordable. However, off-season travel does come with some drawbacks, such as colder temperatures or fewer activities available.
To keep your vacation within your budget, stick to a daily limit for spending while on vacation. You can do this by tracking all of your purchases on a spreadsheet or using a travel app, which will help you stay on track and avoid going overboard.
You can also try to save as much money as possible by investing in a high-yield savings account that will give you the opportunity to earn interest while you’re saving for your trip. You can deposit a lump sum or set aside a certain percentage of each paycheck that will automatically be deposited into your account each month.
2. Plan in Advance
When it comes to planning a budget-friendly vacation, doing the research and booking everything in advance can help. You’ll save money by not leaving things to the last minute and avoiding expensive peak-season rates. Track airfare prices online and sign up for travel alerts so you can plan ahead.
Accommodation can eat up a big chunk of your overall trip costs, so make sure to price shop and get creative when booking your accommodations. Staying at a hostel or vacation rental can save you money over traditional hotels. Similarly, staying with friends and family can reduce your hotel costs. You could even try a home exchange or couchsurfing if you’re traveling as a group.
If you’re a member of a rewards credit card, consider using your points or cashing in on travel perks before and during your trip to slash your expenses. Other hidden fees, such as cab fare or money for tipping, may not be front of mind when planning your vacation but can add up quickly.
Another way to trim your vacation costs is to avoid a lot of the tourist attractions and do more local activities. Popular spots are often crowded and priced higher, while smaller hidden gems can offer the same experience at a fraction of the cost. For example, if you’re visiting southern California, don’t miss Wild Willy’s Hot Springs — they’re not as recognizable but just as relaxing.
Don’t let rising travel and lodging costs prevent you from pursuing your dreams of traveling. By setting a clear budget, planning your finances in advance, and taking advantage of discounts and deals, you can enjoy affordable travel with the people you love most.
3. Look for Discounts
When it comes to vacations, discounts can save you a lot of money. From big-ticket items like plane tickets and hotels to more costly experiences like tours and attractions, there are always deals out there to be found — you just need to know where to look.
One of the best ways to find vacation discounts is to shop around online. There are a number of third-party websites that will do the legwork for you, scouring the web for discounts on airfare and accommodations. Some will even alert you to last-minute deals as departure dates approach.
Another way to save on your trip is to travel during the off-season. While this may mean a little bit less warmth or sunshine, it can also be a much more affordable time to visit many of the world’s most beloved destinations.
You can also save on accommodation costs by choosing to stay in a vacation rental instead of a hotel or motel. These rentals often have full kitchens, which can help you cut your dining out expenses. Some are also located outside of the city center, which can further reduce your transportation costs.
Don’t be afraid to consider a more off-the-beaten path destination for your next getaway. While popular tourist spots like the Grand Canyon and Yellowstone will likely be on your bucket list, they can be quite crowded and expensive. There are plenty of hidden gems out there, like the relaxing Wild Willy’s Hot Springs in Southern California, that will provide a fun and unique experience at a much more reasonable price.
4. Stay Local
When it comes to budget-friendly vacation planning, the location of your trip is as important as airfare and hotels. Choosing destinations that aren’t tourist traps can drastically lower your vacation costs. For example, Tuscany will cost you a lot more than Little Italy—but both offer immense beauty. A little research can reveal hidden gems, including under-the-radar locations where you can experience the best of local cuisine, culture and adventure for a fraction of the price.
Traveling off-season can save you a ton, too. Although it may not be ideal if you’re looking for sunshine, traveling during the off season can make it much more affordable to visit popular destinations. For instance, Florida’s peak season is summer, but if you visit the state during the off-season, you can find deals on flights and hotels that are half as expensive.
You can also reduce your vacation costs by cooking at your lodgings instead of dining out. It’s not always easy to find kitchen facilities in hotel rooms, but many rentals and Airbnb homes have full-size kitchens. It’s not only cheaper to prepare meals yourself, but you can also avoid the crowds that plague restaurants on weekends and holidays.
You can also cut your food expenses by flying into a regional airport rather than a major hub like Atlanta or New York. And if you’re on a cruise ship, skip the all-inclusive package and bring your own snacks and beverages. You’ll save a ton of money by bringing breakfast items and snacks from home, which can easily be stored in your carry-on. You can also save by taking a shorter cruise or staying in a smaller ship, which will be less expensive than the bigger ones.
5. Explore Free Attractions
Vacations can be pricey, especially if you’re not careful. But that doesn’t mean you have to splurge on a trip that drains your wallet or worse, put you in debt. In fact, if you’re smart about your planning and use the right strategies, a well-deserved getaway can be affordable for everyone.
Start by defining what kind of trip you want to take. For example, you might choose to focus on a destination where there are free or low-cost attractions that you’d like to experience, rather than paying to visit a few high-profile sights. Or maybe you’ll pick a shorter trip, which will help you save on airfare and accommodations.
Next, do your research to find the best prices on airfare and hotels. Then look into the cost of food, drinks and activities in your desired destination. You may be surprised to learn that some restaurants and attractions offer discounts during certain times of the year, such as twilight or lunchtime hours, where admission is less expensive. And some destinations have lower costs during off-season, when it’s easier to avoid crowds.
Finally, try to plan your trip around local events and festivals that are taking place during your travel dates. These can be a great way to experience local culture and add a sense of adventure to your trip, without spending extra money.
