Retirement means you have more time to travel to places that have been on your bucket list for a long time. But now that your peak earning years are in the rearview mirror, it’s important to enjoy your travels while preserving your wealth.
Some people might think that means cutting back on the number of vacations you take. But there are smart moves you can make to travel without spending too much money.
Go during the off-peak season
Travel costs are based on supply and demand, and if you are willing to avoid the busy seasons, you can save significant amounts of money. Many vacation spots generate high demand in the summer, as well as during the holidays, but are more affordable in late spring or early fall. (Although you should also try to avoid traveling on major holidays such as Labor Day and Memorial Day.)
Spring and fall can also bring warm, comfortable weather to many vacation spots.
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Exchange homes and houses
You can also save money by trading traditional accommodation for a home exchange or housesitting gig. Home exchange platforms like HomeExchange connect homeowners with families moving at the same time, while housesitting platforms like TrustedHousesitters can connect them to boarders. If you’re traveling the sedentary route, you can get paid to babysit someone’s belongings (and pets) for a few days in a new place.
However, you are not paid to be a guest. Domestic workers must balance work responsibilities and visual experience. But homestays can also give you a more authentic experience of how the locals live.
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Use your credit card points and loyalty programs
The best credit cards allow you to accumulate points on purchases and redeem them on flights, hotels and other travel expenses. Some cards offer better rewards for certain spending categories, so be sure to compare the rewards programs of multiple travel credit cards before choosing one.
Airlines and hotel companies also offer loyalty programs that can give you additional deals for traveling with them more than once. If you live near an airport that is an airline hub, such as Delta’s hub in Atlanta or United Airlines’ hub in Chicago, it may make sense to book consistently with that airline, as you may have more flight options.
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Choose destinations
The travel destinations you choose also play a role in all costs. You’ll have to spend a lot more money on a one-week vacation in Manhattan, for example, than you might in Portugal, Mexico or Southeast Asia.
You can save even more money by researching hotel rates before putting down money on a luxury resort. Living in a nearby suburb as opposed to a city can save you a lot of money.
In short, you can travel further than you think in retirement if you are intentional about where, when and how you travel.
