When it comes to traveling, having money is important, but knowing how to manage your money? That may just be the most important skill to know, especially if you have to work a little harder for those money signs.
The ability to effectively create and apply a spending plan based on your own personal income and expenses (for more details read, The Prerequisites to Affording More Travel), means you have the power to save money and stretch your travel budget.
So, whether your a new traveler, experienced or somewhere in-between these easy budgeting hacks and cost-saver tips will help get you to where you’re trying to go.
The Budgeting Hacks for Travelers
1. Use budget airlines
Instead of flying with expensive airlines, like Lufthansa or American, consider using budget airlines that offer lower fares.
Just be sure to check their baggage allowance policy as they may charge additional fees for checked baggage or decide to weigh your carry-on to make sure it is in accordance with the sizing and weight limits they have in place.
2. Book everything in advance
Booking your flight, rental cars, and accommodations in advance is one of the biggest budgeting hacks for travelers that can help you save money on your next trip.
Not only that, but it will help ensure that you have plenty of options to choose from, so you can really be happy with the choices you get to make on what’s out there. [For more information on where to look, read Searching For Accommodation: Where To Look. For finding your perfect accommodation, read The Perfect Accommodation: How To Find It (+Money Saving Hacks)].
Plus, when you book in advance, it helps to avoid the long airport queues of your favorite car rental company and saves you the hassle of finding accommodation upon arrival. Which, ultimately, is cutting into your trip time.
Not to mention, some airlines and hotels offer early bird discounts for those who book ahead of time.
3. Stay in hostels or Homestays
Instead of staying in hotels, consider staying in hostels or Homestays, which can be more budget-friendly.
Hostels offer shared dorms or private rooms at a lower price, while Homestays offer a unique cultural experience and a chance to interact with locals.
If you prefer a more private experience, AirBnb offers entire spaces to rent, which can still sometimes be cheaper than staying in a hotel.
4. Eat like a local
My favorite budgeting hack when traveling: Instead of dining at expensive restaurants, eat like a local by trying street food or visiting local markets.
Not only is it more budget-friendly, but it’s also a great way to experience the local culture and cuisine. You might even make a few new friends along the way! Locals love interacting with someone new!
And if the local cuisine isn’t your thing, get accommodation where you can cook at home! (Here is a list of my favorite unconventional meals you can make while traveling.)
5. Use public transportation
Instead of taking taxis or renting a car, use public transportation to get around.
It’s usually much cheaper and can be an adventure in itself. (Think of all the great people watching you’ll have.)
6. Use travel rewards programs:
Consider signing up for travel rewards programs offered by airlines, hotels, and credit cards.
With rewards programs, you can earn points and redeem them for flights, hotel stays, and other travel expenses.
Some of my favorite rewards programs are:
- Bank of America travel card (no annual fee or foreign transaction fee)
- United MileagePlus
- CheapOAir
- EasyJet (Europe)
- IHG (hotels)
- Best Western
- Hilton
- Budget Car Rental
7. Shop at local markets
Shop at local markets to get souvenirs and gifts for a lower price.
You can also always try bargaining with the vendors at market stalls to get a better deal. 😉
Just be aware of the tourist traps. There you’ll be paying much more than you should.
8. Use free walking tours
Many cities offer free walking tours, which are a great way to explore the city and learn about its history and culture without actually spending money on a tour.
I like to use free walking tours at the beginning of a trip to help get the lay of the land and figure out what spots I want to return to in the coming days.
You can leave the tours whenever you want to, and while they’re technically “free,” the guides do work based off of tips, so if you enjoyed the experience, it’s always nice to leave your guide a little somethin’.
The Jist
By using these budgeting hacks, you can save money and make your travel budget go further. Remember, traveling doesn’t have to be expensive, and with a little planning and creativity, you can enjoy new experiences and create lasting memories without breaking the bank.
