Who does not love to go on a foreign vacation? From children to retirees, nobody can resist the allures of exploring exotic locales in far-off locations. The only restricting factor is money that stops us from visiting our dream destinations.
But that is nothing to worry about as there are many ways of curtailing costs so that you are able to globetrot as per your desire. All that is required is a certain level of planning and dedication that will enable you to see the world without making your wallet considerably lighter.
This article helps you with 5 ways to save money when you are going on a vacation with your family.
1. Use Travel Credit Cards
Using travel credit cards is one of the best strategies to save money especially when you go on a foreign trip. This is because of the fact that they give many rewards points that get accumulated every time you purchase something while travelling.
The best part is that every purchase you make is included under its umbrella including airline tickets, hotel reservations, food, drinks, gasoline, car rentals and the like. These cards generally don’t have any expiry period making them very convenient to use.
They also don’t have any foreign transaction fee that saves you around 2 to 3 percent every time you make a purchase. The amount saved is thus compounded leaving you with more cash in hand making these cards extremely useful.
The best credit cards with no foreign transaction fee are Wells Fargo Propel American Express Card, Capital One Venture Rewards Credit Card and Chase Sapphire Preferred Card. In addition to having no foreign transaction fee, they also offer foreign travelers a host of privileges that enables them to earn rewards points over various types of purchases. These points can then be redeemed once they go back to their home country preserving quite a number of dollars in their wallet that would otherwise be squandered on miscellaneous expenses.
Hence, it makes sense to choose a particular travel credit card that will give you the highest returns on your purchases. There are a host of them and we have mentioned only three. The bottom line is that you need to spend a lot of time deciding which card to choose so start your research way in advance of your planned trip. This will provide for an enjoyable holiday experience.
2. Create A Holiday Fund
The planning for your dream tour must start way in advance of your actual departure. You need to manage your finances by dividing them into three groups: Utility, Medical and Savings. After having saved for basic monthly utilities like food and clothing you need to preserve funds for medicines and medical insurance.
Your travel budget will stem from your savings; hence, you need to save for a 10 days trip at least 3 years in advance. This will enable you to protect your finances and get the best returns for the amount of money that you have demarcated for travelling abroad.
Hence, once your holiday fund is intact you can proceed for the next step of this resource optimization process.
3. Travel on Weekdays
Most airline carriers have higher ticket rates on weekends so unless absolutely necessary, avoid your departures and arrivals on weekends. Travel rates in the middle of the week are way lower than Saturday and Sunday. So unless you are falling short of leave, it always makes sense to take a flight on Wednesday or Thursday that saves a lot of money. It also makes more sense to spend less on airlines as the money saved can be used on other things like souvenirs or gifts that can ensure more economy and less extravagance.
Another thing that must be kept in mind is that avoid travelling on local festivals as travel and hotel rates are very high during this period. For example, travelling to Thailand or Singapore during Songkran (Thai New Year) or Chinese Lunar New Year will leave a huge hole in your pocket not to mention manoeuvring massive crowds during the holiday season. Such time periods are best avoided for economical tourism.
4. Travel during Low or Shoulder Seasons
All travel destinations have peak and shoulder or low seasons that reflect the changing weather and environment of the locale. If you truly want to have the dual advantages of traveling with spending as little money as possible as well as avoiding bursting crowds during the peak season, the smart choice would be going in the shoulder season when rates plummet across travel domains.
In this way, you can enjoy more for less and have a hassle free travel experience that will bear fruition to your hard work. All you have to do is find out the shoulder season for a particular location. This can be found in most travel books. For example, it’s best to travel in India during the monsoons (rainy season) as all hotels and airlines offer cheap rates during the shoulder season making for better value for money with the bonus of having lesser crowds.
5. Use Optimal Travel Insurance
While it’s mandatory to have travel insurance while you go on a foreign trip, you must also check out the premium that you need to pay for the benefits offered by the travel insurance company. This will help you get optimal returns on your investment for foreign travel.
It’s always better to get travel insurance directly from the company as it reduces the costs. In this case, Allianz offers a good deal as it gives you a better package. If you decide to go through your travel agent to provide you travel insurance, just ensure that it isn’t much higher than 5 to 6 percent of your overall tour cost as going beyond that will reduce savings by a considerable margin.
Whatever, you do, always weigh out the premium with the returns and tally it with your total tour cost so as to make a wise decision.
Thus, we see that it’s quite easy to chart up a plan that will help you to visit your dream tourist spot within the confines of your budget. Just follow the tips given above to have a wonderful journey. Bon Voyage!