With summer approaching and the rising cost of living putting pressure on household budgets, some people may be looking to travel cheaply.
With summer approaching and the rising cost of living putting pressure on household budgets, some people may be looking to save money.
“If you can't afford a five-star luxury experience, you have two options: wait until you can, or find a three- or four-star alternative that's right for you,” says the CPA. said worker Stephanie Riccio. He is an avid traveler.
“But your mindset has to be open to that and different experience levels.”
Travel to your destination and accommodation costs often take up the largest portion of a small budget, and being flexible with your destinations and travel dates can help you have a more budget-friendly vacation, Riccio says.
She planned her trip to New York City in May just a week in advance. Instead of taking her plane there, she decided to take the train, even though it took longer.
“It made more sense to me to spend the money that way than to get on a plane and double the cost of transportation,” she says. The train ticket cost only $300, but added her travel time by three hours.
“I’m going to look at it as an opportunity to work and make money,” she said.
Next is accommodation. Hotel reservations can be more expensive in metropolitan centers, Riccio said. Riccio said she successfully used her travel rewards card for a seven-day stay in New York City, and her bill came down to $800.
Loyalty reward points that accumulate over time are a budget-friendly way to pay for your travels.
Richard Vanderlubbe, president of travel agency Tripcentral.ca, says there are a number of loyalty points that are perfect for lodging and frequent flights. However, he cautions against losing value when using loyalty rewards.
Vanderlubbe said it's important to consider the amount spent to earn loyalty points.
He says people should ask themselves, “How much would I normally pay for this, and could I redeem these points for something else of more value?”
It's important to have a budget when going on a trip, whether it's for a short or long term.
“We need to look at a realistic budget,” Vanderlubbe said. “There is a certain fixed cost to go there, and there is also a certain (expense) for accommodation.''
While prices can be high in big cities, they can be cheaper in smaller towns and less touristy places, he sad.
“If you just want to get away and want to go to Cuba, the demand for accommodation is much lower because Americans can't go to Cuba,” Vanderlubbe said.
Jackie Porter, a certified financial planner with Cult Wealth Management, said vacation planning starts with knowing what makes travelers happy and aligning the trip with their values.
When deciding where to go, instead of focusing on other people's travel experiences or following social media trends, “use that as a guide,” she said.
“Advance planning is very important,” Porter said. “It gives you fun.”
He said it was important to avoid putting further pressure on already strained household budgets. That means booking in advance and searching the internet for the best deals.
Searching for great vacation packages on travel sites can also help you save money. Vanderlubbe said airlines like Air Canada, WestJet and Sunwing offer all-inclusive packages that can provide value without breaking the bank.
But if your budget doesn't allow for a long-term trip, Porter suggests taking micro-vacations of 24 or 48 hours with your family.
If spending time by the water with your family is your goal, she said there are many small towns with lakes across Canada that you can visit during the summer for excursions and explore free activities.
By making a list of free festivals and activities in small towns near you and attending them every few weeks, you can feel like you're on vacation without dropping a ton of money, she says.
This report by The Canadian Press was first published May 21, 2024.
Ritika Dubey, Canadian Press
