Travel, food and entertainment all add up when you’re on vacation. After months of saving, don’t let these expenses get in the way of your vacation getaway.
Fortunately, there are many ways to save without breaking the bank. Keep reading to learn how to save money on vacation.
You can make smart financial decisions before your vacation even starts. By doing some research on the front end and avoiding tourist season, you can lower costs before you even leave for your trip.
Here are some additional tips to help you save money on a vacation:
Before planning your vacation, you need to make sure you have enough money to get away. Setting a budget will put your mind at ease and help you visualize your priorities for the vacation.
This handy budget worksheet provides a description of travel expenses and allows you to track your spending as you go.
There are many apps designed to help you beat the prices of travel and lodging, and they can point you toward great local deals. Check out Groupon for discounts on entertainment and travel or Stealz to get special prices on food.
By avoiding the busy traveling season, which is typically the summer, you’ll not only save more money but you’ll miss the rush of big crowds.
If you’re planning an all-inclusive trip to a tropical destination, learn the most popular times people book the resort or travel to the area, and avoid those months. Many resorts will offer deals during the off-season.
Many hotels—and even some online vacation rentals—provide free toiletries. Unless you have special preferences, don’t pack essentials such as toothpaste, shampoo, conditioner or soap.
Not only will you be saving what you have at home, but you’ll have a little extra room in your luggage.
Once you arrive at your vacation spot, you can still reduce your spending without sacrificing your enjoyment. In many instances, vacationing on a budget can give you a more authentic experience.5
Here are some savings tips for when you’re out exploring:
Most major and medium-sized cities have robust local transit systems that are cheaper than cabs. Additionally, many tourist-laden cities will combine public transit and ridesharing into affordable packages for visitors.
A vacation filled with multiple restaurant bills can quickly drain your funds. Instead of frequently eating out, hit the grocery store to pick up food for the week. Grocery shopping allows you to choose what you want to eat while still preserving your budget.
Volunteering is an effective way to save money on a vacation. If you don’t mind working a little and enjoy helping others, many travel organizations will pay for food, lodging and even some cultural activities.
Before you start planning for your vacation, consider building a vacation fund. Synchrony Bank’s award-winning savings products can help you turn your savings into a vacation budget. Our high yield savings accounts are FDIC-insured up to $250,000, per depositor for each ownership category.
Call Synchrony Bank at 844-345-5789 today or open a savings account online to start saving up for your much-deserved vacation.
Budget Worksheets: https://www.budgetworksheets.org/worksheet/vacation-travel
USA Today: www.usatoday.com/story/travel/advice/2017/01/22/uber-lyft-ridesharing-public-transportation/96830100/
*ANNUAL PERCENTAGE YIELD (APY): All APYs are accurate as of 05/24/2018.
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