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Image: Andriy Onufriyenko for Getty
The state of the economy and the world in general can make traveling – particularly financially – worrying. But don’t be afraid! (or a light wallet…). Even if your budget is limited, there are many ways to learn about cultures around the world.
we chatted with Diana Yáñeza certified financial planner and a registered life planner to get their best kept secret.
Always know yourself! Why are you traveling?
- Seeing a place you’ve dreamed of seeing for a long time?
- To learn more about a particular culture?
- To attend a specific event, such as a concert, family reunion, or cultural event?
- Do you want to spend time with your friends or have a romantic getaway with your partner?
- Relax and rejuvenate?
- Want to make others jealous through social media or adventure stories?
“Once you know one or two of the main reasons you travel, focus on spending time and money on those things. It will make decision-making easier and also help you plan how much you need to spend while traveling.”
Do your research.
“Before booking any travel, do some light research on where you are going and what you want to do. If things are more expensive than you expected, focus on the things you can control. Can you delay your vacation while saving? Can you find more affordable alternatives in terms of activities or location? Can you prioritize one or two of the more expensive activities and leave the rest? Can you go at what is considered low season, when everything could be more affordable? You always have options.”
Image: Kathrin Ziegler for Getty
Include rest time.
“Remember to include plenty of rest in your travel plans! Many times people share that they want a vacation after their vacation because they have packed a lot into their spare time. As someone who has been traveling constantly for 18 months, I have bad news: you won’t be able to see everything. Make peace with that and enjoy relaxing (and free) activities like lounging in a park after dinner and going for a jog. We often spend more money than we think when we are stressed and want to relax, so avoid falling into this trap by reducing your stressful ‘must see, do, eat and visit all’ energy. By resisting the urge to pack everything, you’ll end your vacation better rested and spending less.”
Plan to cook.
“If you’re not going on vacation because you don’t want to cook, try renting a place that has access to a kitchen or mini-fridge. Your health and your wallet will thank you if you cook once in a while, or at least pack some simple groceries at your accommodation at least once a day. If you’re traveling abroad, going to a local market can be really culturally rich, just make sure you’re flexible – they probably won’t carry your favorite brand of peanut butter. This is an invitation to try something new, so stay away from imports from your home country that are usually more expensive. You can always have these when you get home.”
Avoid going into debt for travel.
“Spending credits while on vacation can make the experience less enjoyable because it adds a bit of financial fear. On the other hand, sometimes, for example, after a stressful divorce or other difficult experience, you just need a break. If you decide to go into debt while traveling, be sure to create a plan to pay it back quickly. There’s nothing fun, relaxing, or rejuvenating about spending more than you planned on vacation, with 20%+ credit card interest rates.”
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