By Wealth Management Solutions
Do you dream of exploring exotic destinations, diving into diverse cultures, and creating unforgettable memories around the globe? The appeal of international travel is undeniable, but the financial aspect can often be a major hurdle to overcome, even for high-net-worth individuals. The good news is that with careful planning, smart decisions, and a commitment to responsible spending, you can embark on your dream adventures without accumulating overwhelming debt.
In this article, we’re excited to share five tips to explore debt-free international travel. Whether you’re a seasoned traveler looking to optimize your expenses or someone considering their first overseas excursion, these strategies can allow you to journey across borders while maintaining your state of financial peace.
1. Save Up
There are two types of travelers: the type who plan their vacation months in advance and the type who spontaneously go off on an adventure. No matter which type you are, the number-one rule for a debt-free vacation is to save over time.
Start by thinking about your overall financial plan and calculate how much you spend on international travel per year. Once you have your average cost, break the amount into monthly milestones and commit to saving that much from every paycheck.
If international travel usually costs your family $6,000 per year, save $500 per month. Building up a slow and steady cash reserve can make your trip more affordable (and more enjoyable!).
2. Use Budget Airlines
There’s an ever-growing number of budget airlines popping up around the globe. Through their no-frills approach to flying, travelers are able to save as much as 80% when booking in advance. If you’re okay with skimping on luxuries in exchange for a little more spending money once you reach your destination, give budget airlines a try.
Want to stick with a legacy airline? Use a price-tracking app such as Going or Skyscanner. These apps track prices for larger airlines and notify you once they’ve found the best deal.
3. Travel Off-Season
The two most expensive times to fly are summer and the holidays. To save on costs and beat the crowds, book your trip during the off-season. This season varies by location, but it’s typically from August to October and February to April.
Double up on savings by being flexible with your travel days too. Airlines and hotels are usually cheaper during the week than they are on the weekends. So if you fly out on a Monday, stay at a hotel during weeknights, and fly back on a Friday, you could save even more between airfare and lodging.
4. Use Credit Card Rewards Points
Log on to your credit card account and see how many rewards points you have. Is it enough to cover all or part of your travels? If your trip is 6+ months away, consider doing some “travel hacking.” Open a travel rewards credit card and use the sign-up bonus to cover your flight or hotel. But we recommend only doing this if you pay your credit card balance in full every month. Rewards points are good, but not if they lead to more debt.
5. Research Ahead of Time
Research the area you’ll be traveling to ahead of time so you’re not blindsided by high costs. You don’t have to plan out every second of every day, but you should have a realistic expectation of how much you’ll spend on vacation.
Jot down the price of popular activities and the average price of meals. If you find that some of these things are out of your budget, look for ways to trim down the costs. This could include planning to cook more meals in your hotel room, looking for free activities, or finding ways to save more money before you leave.
Here to Support Your Dreams
The idea of taking a vacation should not automatically spark thoughts of accumulating debt. At Wealth Management Solutions, our planning is your future. We firmly believe that your financial strategy should not only facilitate saving for the future, but also empower you to embrace your passions in the here and now, including your travel goals. If you’re in search of a dedicated team of professionals to assist you in expanding, safeguarding, and overseeing your wealth, don’t hesitate to schedule a complimentary consultation by contacting us at (949) 475-9700 or email@example.com.
About Wealth Management Solutions
The story of origin: Wealth Management Solutions was created in 2003, following the personal family tragedy felt by the founding partner of the firm. Richard Riva lost his father unexpectedly and before any legacy planning was done that could have extended his family’s legacy beyond the fourth generation. Our partners and team members all share similar experiences due to a lack of planning for their families and are committed to our clients not experiencing the loss of their legacies due to a lack of planning. This is why we say: Our Planning; Your Future.
All investing involves risk, including loss of principal. No strategy assures success or protects against loss.
The opinions voiced in this material are for general information only and are not intended to provide specific investment advice or recommendations for any individual.