Retirement is an excellent time to cross travel destinations off of your bucket list. However, the costs of travel add up.
Once you no longer depend on a paycheck and instead rely on your assets, these costs become more of a concern. It’s vital to use a retirement calculator as soon as possible to ensure you save enough to meet all your goals, including travel.
Furthermore, there are ways to reduce travel expenses here and there to make your plans more affordable.
This article will cover four tips to save money on travel during retirement.
1. Travel at the Right Times
Most travel during certain parts of the year when they have time, such as summer or the holiday season. Travel costs are much higher during these periods, so traveling during the off-season can help you save significantly.
Airline and hotel prices can fluctuate throughout the week as well. Plane tickets tend to cost less during the middle of the week since more people prefer to travel on the weekends. Hotels can see a similar trend.
2. Use Hotel and Airline Loyalty Programs/Credit Cards
Hotels and airlines offer loyalty programs and credit cards to incentivize you to book with them consistently. These help you build up points redeemable for free or discounted travel.
For example, an airline may offer a credit card that rewards you extra points for booking flights with them. It may also pay extra on in-flight purchases and certain travel-related expenses. Most also pay at least one point per dollar spent on nearly any other purchase.
Over time, you could earn loyalty points that qualify you for elite status with an airline or hotel. Elite statuses can provide more benefits, such as free upgrades, bonus miles, and flight or room discounts.
Starting on this early before retirement can help you accumulate plenty of perks that pay off in retirement.
3. Stay Local If Possible
Staying local lets you save on traveling to your destination. You may only have to pay for gas, a bus ticket, or rideshare to get around, which can still cost less than plane tickets. There won’t be a need to exchange currencies, travel to and from airports, or purchase travel insurance.
Furthermore, you know your local area better. You have a better idea of the activities available and how much they cost. You also know when the best time to book your travel is to save money since you’re more familiar with your local area.
You can also stay longer for cheaper since you’ll be closer to home.
4. Attend Free Festivals and Events
Almost every travel destination will have plenty of free events to attend. For example, an area may host an art festival on the streets or offer free tours through the city.
Museums are another good option. Some museums are free. Others may cost money, but you will not pay much compared to many other vacation activities.
The benefits of free events are especially prominent if you stay local. Attending free events and festivals in your local area could help you enjoy a vacation for free or close to it.
The Bottom Line
Money does not have to stand in the way of your retirement travel goals. Taking a few actions can help you stretch your budget further and enjoy your golden years.
Traveling at the right times and maximizing hotel and airline loyalty cards and programs can slash your costs for traditional travel and vacations.
Meanwhile, you can travel more often without spending much by taking some local vacations and attending free events regardless of your destination.
Following these tips can help you enjoy your retirement to the fullest.
