*Summer is a popular travel season and a time when many of us dream of getting away for a little rest and relaxation.
Studies show that vacations can be beneficial for our health, and taking a few stress-free days of vacation can even help workers be more productive on the job. However, overspending or racking up debt and credit card bills to pay for a trip can be counterproductive.
Following are some money-saving tips to help you plan a vacation that won’t break your budget.
Plan in advance
Making airline and hotel reservations in advance may save you money so begin planning your vacation as early as possible. Research and learn about your destination and approximately how much you’ll need to save for your trip. Contact the visitors bureau at your destination or visit sites like Trip Advisor to learn about accommodations, restaurants, points of interest and more.
Shop for deals
Even without plenty of time to plan your vacation, it’s smart to check for discounts and other deals. Start with your employer or organizations such as AAA, AARP or warehouse clubs like Costco, and see what travel discounts they may offer. Visit discount websites to search for travel deals, or consider contacting a travel agent to help. Contrary to popular belief, many agents don’t charge fees, but instead make money by signing you up with partner wholesalers, hotels and resorts.
Try to book airline tickets at least 21 days prior to your departure date to get the lowest prices. After that, airlines usually increase fares incrementally up until the departure date. Most people prefer to fly on weekends, and while this might be convenient, it’s generally more expensive. Consider flying midweek when rates may be lower and keep luggage to a minimum to avoid having to pay extra for checked bags.
Research accommodations
Check online for discount rates on sites like priceline.comSM, Hotels.com®, Expedia.com® or Travelocity®. Smaller, family-run bed and breakfasts or guest houses in outlying cities often offer lower rates than larger hotel chains, and if you don’t mind driving a few extra miles, you may find it worth the savings. If you are on a tight budget, consider staying in a hostel. You’ll give up a little privacy, but you’ll have the opportunity to meet people from all over the world, and you’ll save money in the process.
Save on meals
Take advantage of free breakfasts at your hotel or B&B, if offered. For lunch, consider packing a picnic or a sandwich from a local deli. If your accommodations include a kitchen, plan to make a few meals instead of eating out. It could be fun to shop, for example, at a local farmers market.
Consider a “Staycation”
If a trip to a far-off land is not in the budget, explore options closer to home. A getaway at a nearby beach, or a camping trip at a local state park can still provide you with the opportunity to rest and recharge without spending the extra money. If you plan on driving, consider using the AAA Fuel Cost Calculator to calculate the cost of your road trip, or one of the many smartphone applications that allow users to search for gas stations and compare prices.
Keep in mind that you don’t necessarily need to go out of town to reap the benefits of time off. Disconnect from electronic devices and catch up on sleep. Visit a local pool or plan a picnic at a local park. The point is to make time to do something adventurous, enjoy a leisure activity and enjoy life.
This article reflects the thoughts and opinions of the author and is being provided for educational and informational purposes only. It should not be considered financial or tax advice. Please consult your financial or tax advisor about your situation.
Tina Robinson is a regional manager at Union Bank. MUFG Union Bank, N.A., is a full-service bank with offices across the United States.
We provide a wide spectrum of corporate, commercial, retail banking and wealth management solutions to meet the needs of customers. We also offer an extensive portfolio of value-added solutions for customers, including investment banking, personal and corporate trust, global custody, transaction banking, capital markets, and other services.
With assets of $113.0 billion, as of March 31, 2015, MUFG Union Bank has strong capital reserves, credit ratings and capital ratios relative to peer banks. MUFG Union Bank is a proud member of the Mitsubishi UFJ Financial Group (NYSE: MTU), one of the world’s largest financial organizations with total assets of approximately ¥286.1 trillion, as of March 31, 2015.
The corporate headquarters (principal executive office) for MUFG Americas Holdings Corporation, which is the financial holding company and MUFG Union Bank, is in New York City. The main banking office of MUFG Union Bank is in San Francisco, California.
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Sherice Bellamy
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