Traveling is one of the main reasons why someone decides to save money, as it is a very common dream among most people. Discover new places, buy new things. Isn’t it everyone’s dream?
But unfortunately, most don’t even know where to start when it comes to planning trips and/or saving efficiently and healthily.
If you’re looking for tips to save money and/or travel or don’t even have the basics of travel planning, read on for essential tips to start planning your vacation.
1. It’s never too late to start
You can’t travel without having money saved, besides the fact that it’s not uncommon for people not to be able to travel. So, it is at least prudent to have a financial plan well before traveling.
But how to make a financial plan?
You can start by writing down all of your and your family’s monthly income, and also writing down the most common expenses.
No matter how small the expense (yes, even the Netflix bill), write them down, because, at the end of the month, they can make a difference.
The best way to get good financial planning for travel is with accurate data collection.
Once you’ve written down your expenses, you should analyze what you can cut back to save money. We recommend that the total savings be 10% of the total household income, but if 10% is not possible, you can start with less.
Another alternative would be to earn extra income, so you don’t have to cut current expenses, and you could dedicate all the profit from this new source to planning your trip.
And finally, let the money pay off somehow. Don’t just keep it in an account or at home.
While saving money is a great option, there are other safer and more efficient alternatives, such as:
Credit cards with such advantages (Cash Back, Points, and Miles Program);
Investments that have daily liquidity; real estate funds, etc.
That way, when the scheduled date of your trip doesn’t arrive, you’ll make good use of that time, since the more time passes, the more money saved will pay off.
2. Analyze the costs of the desired trip
It is not enough just to save and invest, you also need to have a minimum amount that you will spend when you travel so that when the time comes, you will not be surprised by expenses that are much higher than possible.
It is prudent to start by writing down the most basic costs:
such as airfare, accommodation, and food. Once these expenses are defined, you will have a good idea of the price of your trip. Have no problem with not having 100% accuracy in the calculations, what matters is being prepared beforehand.
In addition, you will need to prepare yourself for the type of trip you want. This being more expensive or simpler, more luxurious or more economical if you intend to pay more attention to shopping or entertainment if you prefer to just relax on the beach, and so on. Take the type of trip is the main factor when creating your budget.
3. Make use of mileage promotions
For those who have the habit of using credit cards, it is very worthwhile to make use of the benefits they offer in your financial planning. You can exchange accumulator points for airline miles or other awards. Helping a lot to save an extra value.
4. Use the artifices of the internet
To prepare for your trip, a great tool for you can be airline ticket price simulators or/and research the hotels you would like to stay at.
Some other apps that can be great options are also, for example, financial control apps, blogs of people who have already traveled to the same place you intend to travel, etc.
5. Have cash reserves for emergencies
Even with all the luck in the world on your side, unforeseen events always happen, so it’s best to prepare for them too. Therefore, it is always good to have extra money for exceptional cases.
6. Maintain spending limits
Be careful not to get carried away and end up spending more than you can, and in some cases, even using up your emergency reserves, and you could end up in a jam later. So, set aside the exact amount you can spend and keep that amount as a limit.
7. Be careful when using credit cards
It is common for people to travel and when using their credit cards they end up forgetting that they will have to pay the amount spent. Making you, when you return from the trip, end up with your financial life ruined, having to bear debts and high-interest rates. Something that can be avoided if you are careful.
8. Review everything as soon as you arrive on your trip
After enjoying your trip, you should review your financial planning, see if you spent too much, and where you can improve, in case you are interested in doing it all over again.
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