Planning a trip? These are 3 budget-breaking mistakes to avoid.
Don't accidentally inflate your travel costs
A free daily email with the biggest news stories of the day – and the best features from TheWeek.com
You are now subscribed
Your newsletter sign-up was successful
Whether you are looking to escape from wintery weather or just get a break from the news, you deserve a vacation as much as the next person. But there is no reason to spend more than is necessary to enjoy your well-deserved rest and relaxation.
Regardless of the destination, there are some time-worn tips that can help you avoid artificially inflating your costs. This way, you can focus on using your hard-saved vacation funds for fun stuff instead.
1. Being inflexible on date and location
Being dead set on a specific location or very particular dates is a fast track to potentially paying more than you otherwise would — so introduce some flexibility into your planning. One smart hack is known as "destination dupes." For example, "if you're a Francophile but can't swing the trans-Atlantic trip to Paris," then you might "try a shorter flight to Montreal or Quebec City" instead, said NPR. For cost comparison, a "June round trip ticket from New York City to Paris averages $1,104, whereas a summer round trip ticket from New York City to Montreal averages just $409."
The Week
Escape your echo chamber. Get the facts behind the news, plus analysis from multiple perspectives.
Sign up for The Week's Free Newsletters
From our morning news briefing to a weekly Good News Newsletter, get the best of The Week delivered directly to your inbox.
From our morning news briefing to a weekly Good News Newsletter, get the best of The Week delivered directly to your inbox.
Being adaptable concerning the season and the days you travel can also open up vacation savings. This might mean going in the off-season or not "flying on Sundays and Mondays, which tend to be the most expensive due to weekend trips and business travelers," said NPR.
2. Booking late
If you wait too long to book an international flight, "you could be looking at significantly higher airfares," said FinanceBuzz, a personal finance blog. Ideally, you will start "keeping an eye on flights to your intended destination up to 10 months out," and then "once you're familiar with travel trends," aim to "book around six months in advance."
The same advice applies to domestic flights. For these flights, "buy your ticket three weeks ahead of a trip," said CNBC, citing Alexis Tiacoh, spokesperson at travel site Expedia.
3. Not shopping around for accommodations
Whether a hotel or a vacation rental, we all have preferences of where we prefer to stay when we travel. But interrogating those tendencies can lead to some cost savings.
A free daily email with the biggest news stories of the day – and the best features from TheWeek.com
For instance, "travelers often assume that a vacation rental like Airbnb or VRBO will be more affordable than a hotel, but that's not always the case," said NPR. "According to reporting from The Points Guy, the average daily Airbnb rate in 2023 was 36% higher than it was just three years prior," whereas "during that same time period, Hilton's average rates increased by 7.8%."
The more economical option can also vary if you are traveling with a group. "While booking a hotel room may work for one or two people, it may make sense to look elsewhere if you have more in your group," said CNBC.
Do not forget to look out for fees when comparison shopping, which both vacation rentals and hotels can tack on. Extra costs "such as cleaning fees, fees for additional guests beyond a certain number, and service fees" can add "hundreds of dollars to your bill" for an Airbnb, said Kiplinger. Meanwhile, in an April 2023 survey by Consumer Reports, "nearly four out of 10 (37%) U.S. adults said they had experienced a hidden or unexpected hotel fee in the previous two years."
Becca Stanek has worked as an editor and writer in the personal finance space since 2017. She previously served as a deputy editor and later a managing editor overseeing investing and savings content at LendingTree and as an editor at the financial startup SmartAsset, where she focused on retirement- and financial-adviser-related content. Before that, Becca was a staff writer at The Week, primarily contributing to Speed Reads.
-
The ‘ravenous’ demand for Cornish mineralsUnder the Radar Growing need for critical minerals to power tech has intensified ‘appetite’ for lithium, which could be a ‘huge boon’ for local economy
-
Why are election experts taking Trump’s midterm threats seriously?IN THE SPOTLIGHT As the president muses about polling place deployments and a centralized electoral system aimed at one-party control, lawmakers are taking this administration at its word
-
‘Restaurateurs have become millionaires’Instant Opinion Opinion, comment and editorials of the day
-
What to expect financially before getting a petthe explainer Be responsible for both your furry friend and your wallet
-
What to know before filing your own taxes for the first timethe explainer Tackle this financial milestone with confidence
-
What’s a good credit card APR?The Explainer They have gotten even steeper in recent years
-
What are the best investments for beginners?The Explainer Stocks and ETFs and bonds, oh my
-
How to juggle saving and paying off debtthe explainer Putting money aside while also considering what you owe to others can be a tricky balancing act
-
Filing statuses: What they are and how to choose one for your taxesThe Explainer Your status will determine how much you pay, plus the tax credits and deductions you can claim
-
The pros and cons of tapping your 401(k) for a down paymentpros and cons Does it make good financial sense to raid your retirement for a home purchase?
-
3 tips to help protect older family members from financial scamsthe explainer Prevent your aging relatives from losing their hard-earned money
