Beating Broke

Personal Finance from the Broke Perspective

4 Budget-Friendly Travel Tips

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Traveling on a shoestring budget is a lot cheaper than you think. You don’t have to spend a ton of money to see the world and do new and exciting things. To save money on travel and travel comfortably on a budget, check out these four budget-friendly tips.

Flexibility is Key

If you want to travel on a budget, you have to be flexible. Being flexible with your dates and times can make travel a lot more affordable. You can find incredibly amazing experiences in the spur of the moment. Sometimes, same-day planning can really pay off when you’re traveling. For example, tropical activities like swimming with dolphins or sharks might be cheaper if you book the day of and take advantage of last-minute cancelations. Activities like swimming with sharks can be found in places like Hawaii and other islands. A lot of people chicken out at the last minute and leave their slot open. The shark tourism industry generates about $314 million every year. This incredibly popular activity can make for some wonderful memories. Stay flexible with your travel plans.

Save on Lodging

You can save money on travel by moving out of the epicenter of the tourist areas. You may have to travel a little bit to get to the sights but the savings can be significant. Another way to save on lodging is to look into renting a timeshare. About 84% of resorts that have timeshare programs also have rental programs. These resorts offer all the bells and whistles. You can save on lodging costs because you’re using a timeshare that someone else cannot use. It is a win-win situation for everyone.

Another way to save on lodging is to find someone that is traveling to the same place and at the same time that you are and offer to split costs. It’s a great way to meet new people and to keep travel budget-friendly. There are groups online of singles that want to travel with other people to save money. Consider joining a travel forum. You can also stay in a venue that offers free breakfast or discounted rates on meals. Eating out constantly while traveling gets really expensive. Plan on eating only two or three meals out and making your own food if you can.

Travel During the Off Season

Every destination has an in-season and off-season. If you travel during the off-season, you can expect to find a lot of budget-friendly options for lodging, activities, and more. Of course, you will miss out on the crowds as well. However, there is one drawback — a lot of off-season areas have limited activities during the off-season.

Use Available Discounts

If you are a student, there are discounts out there for student travel. If you are a current or former member of the military, there are discounts for you as well. Take advantage of any and all discounts you can find. If you are lucky enough, you will be able to stack up the discounts and get some amazing savings. There are a lot of people that travel frequently enough that know where to find discounts. Consider joining a social media group that is focused on budget travel to get some tips on where and how to find discounts.

About 37% of U.S. citizens have never left their hometowns, while about 63% have moved to other communities. It’s possible that many of the people that never left their hometown have never traveled outside their own state. Don’t let a small budget keep you planted where you are. Travel for less by following these tips.

Budgeting Your Way To A Major Expense

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Although the price of gas is finally beginning to fall, many Americans have been forced to make difficult monetary decisions over the past few months… scratch that, the past few years. Now that the world is starting to return to normalcy, larger ticket items are again becoming a reality. Whether you’re budgeting for new roofing in Pearland, Texas or for a luxury cruise through the Caribbean, budgeting is an important first step to any major expense.

 

Set Goals

It should be obvious, but the first step is establishing a goal, or establishing that major expense you want to make. It can be something fun or something necessary, but find an approximate price and set a realistic timeline. Some goals might already have set timelines, like credit card debt or student loans, while others, like dream vacations, might depend on the seasons. Make these considerations when setting your budgetary goals.

 

Set Priorities

When budgeting for any large potential purchases, keep in mind your necessary expenses. Obviously consider your day-to-day needs but also think about the bigger picture moving forward. If you know you need to replace your refrigerator or it’s time to renew your license plates, set aside the necessary amount so you don’t have any unwanted surprises. It can also be extremely helpful to have a small percentage of your paycheck automatically deposited into a savings account, especially for a rainy day or large purchase.

 

Emergencies

It should go without saying, an emergency fund is essential in life. You never know when an unexpected emergency might occur. Medical emergencies, unexpected vehicle expenses, vet bills, once in a lifetime weather disasters, the list is endless. The average American family could not afford a $4,000 emergency expense and it’s a scary reality to face.

 

Need for additional income
One often forgotten consideration is whether or not there is a need for an additional income source. Does your expense need a side hustle to make sure it can happen? If there is a need for a second job, make sure the product is worth it and the time allocated doesn’t interfere with your main source of income. Oftentimes, if it requires an additional career, it may not be the wisest decision.

 

Shop Around For the Best Deal

Finally, the best way to make your budget stretch its limits is by making sure you have the best deal possible. Is there a holiday weekend sale coming up? Do you have any special codes or coupons to add? Does it come highly recommended or with accompanying reviews? Going the extra mile to make sure you have a quality product is worth it.

 

No matter the upcoming expense, take a few minutes to make a budgetary plan.  You won’t regret the decision to do the legwork first.

 

 

How to Teach Your Children to Budget

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Image Source: OleksandrPidvalnyi from Pixabay

Habits a person develops in childhood stay with them throughout their lives. Parents have a massive role in encouraging and discouraging a child’s practices. It is your responsibility as a guardian to motivate the patterns that will benefit the child later in life and demotivate the actions that may put them in harm’s way.

Budgeting is a necessary skill that your child must learn from an early age. Parents who buy their kids everything they ask for without hesitation may instill a habit of overspending in their children.

For multiple reasons, a child must learn to make compromises and choose between their options. Money habits are crucial, and here are a few steps to teach your kid budgeting.

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