Tag Archives: saving money while traveling

8 Tips for Planning a Budget-Friendly Vacation

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It’s summer and vacations are a wonderful way to create lasting memories with your family, but they often come with a hefty price tag. At First Financial, we understand the importance of balancing fun and finances. Here are some practical tips to help you plan a memorable vacation without breaking the bank.

1. Set a Realistic Budget

Before you start planning your vacation, it’s essential to determine your overall budget. A good rule of thumb is to follow the 50/30/20 rule: allocate 50% of your income to fixed costs, 30% to discretionary spending (which includes your vacation), and 20% to savings. This approach helps you identify how much you can afford to spend on your trip. Next, outline all vacation-related expenses including travel costs, accommodations, food, activities, and souvenirs. This will give you a clear picture of the total trip cost and how it aligns with your budget. Don’t forget to set aside funds for unexpected expenses!

2. Plan and Book in Advance

Booking your travel and accommodations in advance can save you a significant amount of money. Airlines and hotels often offer early-bird discounts. According to Hopper, airfare prices tend to rise as the travel date approaches – so it’s best to book your tickets early to secure lower rates. Additionally, consider traveling during the off-season or mid-week to take advantage of cheaper rates.

3. Use Credit Card Rewards

One of the best ways to save on vacation costs is by utilizing credit card rewards. First Financial’s Visa Cash Plus Credit Card, linked to the uChoose rewards program – allows you to earn points on everyday purchases that can be redeemed for travel expenses like flights, hotels, and rental cars.* Make sure to check your rewards points and use them strategically to offset vacation costs.

4. Choose Affordable Accommodations

Instead of staying at expensive hotels, consider more affordable options like rental houses, Airbnb, or even camping. Traveling with friends or family and sharing the cost of accommodations can also reduce expenses. If you prefer hotels, look for deals on third-party travel sites or book directly with the hotel to take advantage of any special offers.

5. Save on Food and Drinks

Eating out for every meal can quickly add up. Save money by bringing food, groceries, and drinks if possible, especially for breakfast and snacks. If you’re flying, consider stopping at a local grocery store once you arrive. Cooking some of your meals can be a fun way to spend time with those you’re traveling with too. When dining out, be aware of prices before ordering and research restaurants and menus beforehand.

6. Plan Budget-Friendly Activities

Look for free or low-cost activities at your destination. Many cities offer free museums, parks, and public attractions. Hiking, beach days, and exploring local landmarks are great ways to enjoy your vacation without spending much. Research which activities are available in advance and prioritize those that fit your budget. Facebook events and town/city websites are great places to find lists of free and affordable upcoming local events.

7. Manage Souvenir Spending

Souvenirs can be a fun part of your vacation, but can also lead to overspending. Set a strict budget for souvenirs and consider using cash to avoid charging them to your credit card. Limit everyone to one souvenir each (and think about – do you really need to buy any souvenirs at all?) and before purchasing – make it a point to think about whether it is something the recipient will use and cherish, or if it will end up gathering dust on a shelf.

8. Consider Travel Agents

If planning a vacation feels overwhelming, consider using a travel agent. They often have access to exclusive deals and can help you stay within your budget. Provide them with a clear budget, and they can plan a trip that meets your needs without the stress of overspending. Often, travel agents do not charge you anything for their services as they are compensated by the companies they book with.

A budget-friendly vacation is achievable with careful planning and smart spending. By following these simple tips, you can enjoy a memorable vacation without financial strain. Start planning your next getaway with this advice in mind and make the most of your time away without breaking the bank.

For more personalized assistance and tailored solutions call 732.312.1500, visit a branch, or explore our services online.

*APR is 18%, when you open your account based on your credit worthiness. This APR is for purchases and will vary with the market based on the Prime Rate. Subject to credit approval. Rates quoted assume excellent borrower credit history. Your actual APR may vary based on your state of residence, approved loan amount, applicable discounts and your credit history. No Annual Fees. Other fees that apply: Balance Transfer and Cash Advance Fees of 3% or $10, whichever is greater; Late Payment Fee of $29, $10 Card Replacement Fee, and Returned Payment Fee of $29. A First Financial membership is required to obtain a Visa® Credit Card and is available to anyone who lives, works, worships, volunteers, or attends school in Monmouth or Ocean Counties. uChoose Rewards is a registered trademark of Fiserv Inc. Login to uChoose Rewards through Online Banking, by clicking on your Cash Plus Credit Card account to view current offers.

4 Tips for a Budget-Friendly Plan B Getaway

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Maybe you’d like to plan a vacation this summer, but you don’t exactly have several hundred or thousand dollars just laying around right now, not to mention other expenses like meals, souvenirs, and the like. Or perhaps you don’t want to spend your savings on a “non-essential” trip at the moment. Whatever the reason, a “Plan B” getaway can help keep your financial goals on track, and can still be just as fun as an extravagant vacation.

1. Don’t view the decision (or need) to opt for Plan B as a sign of financial failure; see it as setting yourself up for greater financial freedom in the future.

It can be disappointing to pass up your first idea for the perfect getaway, but try to see the positive side: by using wisdom and self-control in the present, you’re positioning your finances to be in the place where you can spend money on the things you enjoy without guilt or debt.

2. Look for frugal travel advice to maximize Plan B and to keep it under budget.

Sure, you’ll save money by not splurging on your first plan, but don’t fall into the mental money trap of anchor price comparison. Even if Plan B looks much cheaper than Plan A, you might end up going over-budget because you think you’re saving money. When you decide where your Plan B destination will take you, browse through Pinterest articles written by people who have visited the destination. Travel websites and blogs are another great resource, and can help you maximize your time and eliminate overly-touristy destinations too.

3. Take a road trip and skip the hotel.

Hotels can be a waste of money unless it’s absolutely necessary to stay overnight. Since you hardly spend any time in the room if you’re sightseeing, you probably won’t be taking advantage of all the amenities you paid for if you book at a nicer hotel. One possible exception is when the hotel is your destination. If that’s your main expenditure, then by all means, enjoy your luxury!

Day trips are another idea. It might mean getting up a little earlier, driving home a little later, and drinking a few extra espressos, but you’ll save money and be more motivated to fit in the most meaningful experiences you can.

Don’t think there’s anything interesting enough within a day’s journey of where you live? Check out your state’s tourism website and see if there’s something you might have missed.

4. Take to nature — it’s free.

Minus the fees you might need to pay for admission to a state or national park, nature is free and much more personal than a cookie-cutter tourist experience.

Planning a budget-friendly getaway means getting a little creative and doing a little research, but these very things could ultimately lead to an experience of a lifetime. In the end, it’s not how much you spend on a vacation that makes it’s great – it’s the memories you make.

Article Source: Jessica Sommerfield for moneyning.com

3 Tips for Saving Money While Traveling Abroad

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The Doge's Palace and Cathedral of San Marco, Venice, Italy

Here are three tips on how to manage your money when traveling overseas, while still having an unforgettable journey.

Set a daily budget while planning your itinerary.

When traveling abroad it’s important to make the most out of your trip, especially if you are not there for much time. Everyone knows the value of having a game plan for things you want to do and see, but alongside that, it’s a good idea to set a daily budget. Consider how much you will spend on each meal, activity and attraction. If you do your research, you can find out ahead of time how much certain sites will cost you. This way, you’ll see what you can afford to do in advance.

Shop wisely for food and gifts.

Make a list before traveling of the items you want to purchase when on your trip. If you want to buy gifts for others, set an amount you are willing to spend on each person. Additionally, if you plan to buy drinks or snacks to keep with you or in your room, avoid purchasing them at busier sites such as train stations or near tourist attractions. Look for local markets or shopping marts, so you can buy things at a lower price and shop at stores where locals typically get their essentials.

Explore different means of transportation.

Sure, it may be quicker to hail a cab and be on your way, but first consider the cost. If you are in a city, check out their different forms of public transportation and compare the cost of each. Additionally, when going from city to city, you may find that if you take trains that make frequent stops, rather than a direct trip, it brings the cost down significantly. Therefore, although the cheaper way to travel may not always be the fastest, if you plan for the extra time, you’ll have more money in your pocket, and every little bit helps, especially when traveling abroad.

Planning to travel outside of the United States? First Financial offers Foreign Currency Exchange! Foreign currency exchange allows you to exchange our currency for another country’s currency when planning to travel abroad.* Give us a call at 732.312.1500, email info@firstffcu.com , or stop into any branch to learn more about foreign currency exchange today.

*You may purchase Currency Price Protection (CPP) for an additional $10.00 in order to protect the purchase rate of transaction. The protected dollar amount may vary based on selection of currency. There is also a purchase/shipping cost for $14.50 per transaction.

Article Source: Wendy Bignon for CUInsight.com