According to a recent study, “vacation spending is equal to about 2% of the total budgets of all U.S. households annually.” While this may not seem too significant, the rising costs of living mean that many people are considering skipping their family vacation in the new year.
However, getting budget-savvy does not mean that you have to miss out on the joys of a vacation. After all, when you plan an adventurous and memorable family vacation, you’re giving yourself the chance to spend quality time with those you love, which can do wonders for your mental health. It also gives you something to look forward to.
As a result, now is the time to start planning (and budgeting) for your next vacation, whether you’re heading to one of the best tropical vacation spots in the world or staying a little closer to home.
With this in mind, here are some top tips that you can use to plan a luxury vacation (without breaking the bank).
- Put together a realistic budget. The first step towards saving for your summer vacation is deciding how much of your money you can realistically dedicate to this cause. Remember, if you’re planning for the summer of 2023, you’ve got months to be frugal and save. This element of pre-planning gives you more time to then pull this money together, so you’re able to do everything you want to do on your trip.
- Book the accommodation in advance. Whether you’re wanting to check into a 5-star hotel, or browsing Luxury Villa Rentals online, the earlier you reserve the accommodation, the better. This is because many companies offer discounted prices for advanced booking – and it often means you can pay in instalments as opposed to paying upfront. This means that it’s a little easier to spread the costs of your trip, while still ensuring you can enjoy a touch of luxury on your trip.
- Stay away from tourist traps. No matter where you’re heading, you likely already have a bucket list of places you’d like to visit during your trip. While you should work your way through this list, it’s also important to be able to distinguish places that are worthwhile from tourist traps. The latter are often over-priced and overcrowded, meaning they aren’t quite as fun as people’s Instagram pictures would lead you to believe. By avoiding tourist traps, you can save yourself a lot of money and ensure your time is well-spent.
- Compare flight prices before you book. You may have already used price comparison websites to find ways to cut back your spending on bills and utilities, but they can also save you hundreds of dollars when it comes to booking flights. For example, sites such as SkyScanner compare 100s of airlines and flight options on your chosen date, to ensure you’re getting the best possible deal.
- Travel in the off-season. Another way in which you can save money while still experiencing luxury travel is by avoiding travelling during peak season. While this varies from location to location, travelling in the off-season means that prices are often considerably lower, as there are fewer people seeking accommodation, flights and more. Local restaurants and activities will also be cheaper during this time. It will also be less busy, giving you more chances to explore freely.
- Choose the best time to dine. If you’re looking to indulge in some delicious food while travelling, you may be overwhelmed by the cost of certain high-end restaurants – but that doesn’t mean that your taste buds have to miss out. Instead, you should simply try dining earlier in the evening or at lunchtime at the higher-end restaurants, as prices are often considerably cheaper at this time. However, you should also be sure to check their website or sign up for their mailing list to see if they have any discount codes for diners that you can also use to your advantage.
Cook for yourself. If you’re looking to truly lap up the luxury during your trip, you may need to find ways to pull back on some of your spendings so that you can dedicate more money to others. For example, if you fancied booking a massage you may have to skip the fine-dining restaurant one night. However, this can easily be remedied by cooking for yourself, especially if you’re staying in a villa or hotel with kitchen facilities. Not only is this inexpensive, but you can also stop by local fresh food markets to buy the ingredients you need to cook up a delicious and authentic dish.