Traveling for the Holidays? Here’s How to Travel Well on a Fixed Income
Remember that summer when you took that spur-of-the-moment trip down to the beach and splurged on the nicest hotel in the area? You charged the trip to your trusted American Express and promised to pay off the balance with your annual bonus from the office. Of course, that’s exactly what you did, and your finances never got off track.
Unfortunately, retirement income doesn’t work like that; annual bonuses don’t exist once you step over into your golden years. Instead, your income becomes a lot more limited and you have to rely on a fixed income each month. This fixed income doesn’t necessarily leave room for spontaneous trips to the beach.
However, that doesn’t mean you can’t travel during retirement. Lots of folks take numerous trips during retirement. The difference is, retirement travel requires prior saving and planning. We want you to have the retirement you’ve always dreamed of, so we’ve come up with a list of tips that will help you travel well on your new fixed income.
Tip #1: Plan Early
The best way to save money on a plane ticket is to make sure you purchase the ticket when the prices are the lowest. Airline and hotel prices change like the weather, so it can be tricky to keep up. Fortunately, there’s trusted data to help you plan. According to the 2019 Travel Pricing Outlook, the best time to book a flight is three weeks before your trip.
You also want to make sure you choose the route that offers the best price. Sometimes, a flight that has one stop, or a Saturday layover, can be cheaper than a non-stop flight. These are the kinds of deals you want to look for.
Here’s more details on how to save money on your flight and hotel reservation.
Tip #2: Opt for the Off Season
The off season means fewer people, less crowds, and most importantly, cheaper prices. Summer is the opposite of the off season. Traveling during the summer promises good weather, but summer months also mean lots of travelers and tourists, especially in overseas. Prices are inflated during these times to take advantage of the multitude of travelers. Unlike summer months, if you travel during the off season, you will automatically save because flights and hotel prices are not at their peak. Experts consider September the end of peak travel season, and therefore recommend September as a great time to book your trip if you want to save money on vacations.
Tip #3: Location
Not only does it matter when you go, it matters where you go, too. If you’re traveling overseas, choose a destination that has a good currency conversion value. If you’re booking a multiple-city trip, don’t visit all the fancy (a.k.a. expensive) cities at the same time. Instead of pairing London and Paris together, opt for a cheaper city to include with your trip to London.
You also want to carefully consider where you are staying, whether that’s a hotel or an Airbnb. Often times, Airbnb’s are the cheaper option at first look, but once you consider all the travel time it will take to get to the sites you want to see, you may not be saving money at all. Instead, choose a more central location that allows you to save money by walking most places.
We hope you’re now confident to take that trip you’ve always wanted to take! We don’t want your finances to hold you back from experiencing the retirement of your dreams. Contact RDW Financial Group today to learn more about how we can build a wealth plan for you!