Travel More, Spend Less: The Art of Saving Money While Traveling

Traveling is one of the most enriching experiences a person can have. However, for most people, the associated costs of traveling can prevent people from exploring the world and taking part in new life experiences. Despite whatever financial hardships you may have, as long as you plan strategically and make smart choices, you can travel more while spending less. So in this article, we will go over the best practices on how to travel on a budget, so you can master the art of saving money while traveling.

What Is a Reasonable Travel Budget?

One of the first and most important steps in determining how to travel on a budget is understanding where you want to go and setting a realistic budget. Depending on where you want to go, your budget will vary widely from location to location. However, a good budget for most international trips tends to average around $2000 to $3000, while domestic trips can average anywhere between $500 to $1500.

How to Manage Your Money Wisely

When you are traveling, managing your money can help you budget your spending and prevent you from spending too much. One of the best ways to manage your money while traveling is to utilize a travel credit card. As travel credit cards are specifically designed to handle a variety of travel costs and purchases, they come with useful features such as no foreign transaction fees during purchases and the ability to earn points on every purchase.

However, if you travel to a country where you are unable to use your credit card, then a safe way to manage your money is by bringing a set amount of money when you travel and carefully tracking your spending. By understanding how much you have spent and have left, you are forced to manage your funds and budget accordingly to ensure your chances of not going over budget.

How to Make Your Money Last While Traveling?

There are several things you can do to make your money last longer when you are traveling, however, these methods would require some initial planning before you embark on your trip. As the amount of planning can potentially determine the pacing and effectiveness of your trip, it is important to think of the following factors as you plan for your trip.

Travel Off-Season

One of the best ways to ensure your money lasts while traveling is to purchase cost-effective traveling prices during the off-peak season. By purchasing plane tickets far ahead in advance and during times when nobody is purchasing flights, you are able to access significantly lower price points. Even traveling to destinations during off-peak seasons can also increase your savings, because there will be fewer crowds, lower prices, and a more personalized service.

Travel Where Your Money is Valued

Another great way of making your money last is by choosing cost-effective destinations where the value of your currency is stronger in other countries. As the US dollar is valued more in Southeast Asian countries like Thailand, Vietnam, Cambodia, and Indonesia, you will get more money when you exchange your currency and will have a larger travel budget as a result of it. While this strategy may limit your options, it will also force you to travel to places that you may not ever even thought of before.

Explore Different Options for Your Stays

Booking hotels far ahead of time is a great way to get cheaper rates, but depending on where you are traveling to, that may not even be an option. Instead, try exploring different types of stays such as renting an Airbnb that is a little outside of where you are traveling to or even staying at hostels if you are really trying to cut down on costs. As solely renting a room may not have as many amenities that are offered in a standard hotel, you will get access to different cultural and life experiences while saving money and if your travel budget is on the lower end, it may be worth taking a chance at. Who knows, it might prove to be a more fun experience than what you could have imagined.

Utilize Travel Deals and Reward Programs

As traveling has become more and more popular, many different travel companies offer a variety of travel deals to not only increase their customer base but to help potential travelers go and see the world without breaking the bank. As previously mentioned, travel credit cards offer users a chance to earn points/miles for everyday purchases. Depending on how many points you have accumulated, you can potentially redeem it for huge discounts such as free nights at hotels, free upgrades, and even free flights. While this is entirely dependent on which travel credit card you apply for, by understanding what kind of rewards are offered you can tailor your trip and save money in the process.

Save on Food and Drinks

Arguably one of the biggest travel expenses a person could accumulate during a trip, there are several ways you can cut down on food costs while managing to eat the local cuisine. One of the best and easiest ways to cut down on food costs is by avoiding all of the trendy and over-popularized tourist traps. While they may offer delicious food that looks great on social media, they also have a tendency to overcharge from what a normal meal can cost. Instead, by seeking out local restaurants around the area, you can not only save money but can also further immerse yourself in the local culture and get the most authentic experience.

How Do I Vacation on a Tight Budget?

Traveling on a tight budget is a difficult but completely achievable goal. However, it requires careful planning, flexibility, and a bit of creativity, but by choosing budget-friendly destinations, utilizing cost-saving strategies for transportation, and managing your money wisely, you can explore the world without breaking the bank. Remember, the essence of traveling is the experiences and memories you create, not how much money you spend. So as long as you plan carefully and be practical, you can travel on a budget and still have the time of your life.