Many retirees plan to travel during retirement. Unfortunately, your cash flow as a retiree isn’t limitless. Travel often has to be done on a budget - but that doesn’t mean you can’t explore the world and embrace this exciting new phase of your life!
It’s important that you don’t forget to check the miles you have accumulated on your credit card. Those miles can be instrumental in helping you get to your desired destination! Many retirees have built up miles over a career of travel and will continue to do so as they jet-set around the world with their spouse or partner during retirement.
Plane tickets have the highest upfront cost of booking any trip, so deals that can help you save will be well worth it. It is also important to know that the prices of tickets change daily, so if you see an excellent rate, it is a good idea to buy it because it won’t be around forever.
Remember, you have been saving these miles for a reason, so go ahead and book that flight to Belize!
Traveling during the off-season often will provide you with the best across-the-board savings. Prices for accommodation and entertainment will also be cheaper during the off-season. During peak season, prime tourist attractions will have hefty price tags but if you wait you will be more likely to find better deals that fit your budget. It also offers a unique perspective when traveling. You often get to see the more “local” or authentic side of a new destination when you’re not surrounded by tourists.
For example, most people go to Australia in our winter, and their summer, November through February. But if you decide to travel to Australia's fall or winter March through August, you will find much more affordable prices while still having an awesome experience! Temperatures in the north will still hit the mid-80s and you will be able to find flight deals for half of the price or more.
Another great travel tip is lumping your accommodations with your travel. How can you do that? Take an overnight train to another city so you bundle your bed for the night and your passage to your next destination.
When talking about budget travel, free is the name of the game. By doing research on the area before you go, you will be able to find many free events such as yoga classes on the waterfront, farmers markets, museums to visit, botanical gardens, walking tours, festivals, etc.
Along with your flight, meals can really add up when you travel. But there are ways to keep the cost of your food down! For example, be sure to stay in a hotel or rental property that serves breakfast. This will eliminate one additional meal you will have to eat out. For other times, try food from local street vendors as that will be much more affordable than a sit-down restaurant. Using accommodations that offer kitchens and laundry facilities are also great.
When you are flexible with dates, you are able to get the best deals on flights, accommodations, meals, and entertainment. Be willing to try new things and break out of your shell, isn’t that what traveling is all about?
Traveling on a budget may seem like an impossible task, but it isn’t! There are so many tips and tricks for keeping your costs low but your spirits high.
Want help planning your retirement travel strategy? Contact us today. We’d love to help you financially plan for the life you’ve always dreamed about.
Wood Smith Advisors, a woman-owned Registered Investment Advisor (RIA), is a fee-only financial services firm that partners with its clients to simplify their financial lives. We focus on women, entrepreneurs, and individuals with complex financial situations, providing objective and competent advice, education and services to help them develop and build their businesses and reach their financial goals. We can be reached by clicking here.
"Finance Made Simple" blog posts are intended for educational purposes and not for specific advice. Each person’s situation is different. Consult your financial advisor for advice relating to topics discussed.