How to travel on a budget
Travelling is a lot of fun. It lets you take a break from your day-to-day life and gives you an all-new perspective on life. While it would be nice to take a cruise across the world tomorrow, sometimes it’s just not in the budget. But don’t despair, there are still plenty of fun things you can see and do when you travel on a budget. It all starts with saving money on the biggest travel expenses: your flight, hotel and food.
Save on your flight and hotel
When travelling, your two biggest expenses are your flight and hotel. Similar to your mortgage, it pays to shop around when you travel on a budget. Websites like Expedia and Travelocity make it easier than ever to find the lowest cost on hotels and flights. But don't just compare hotels from a single destination. See which destinations are offering the best prices.
Travel rewards cards also help. By redeeming your points, you can get a discount on all manner of expenses, including travel and accommodation.
And, of course, be thrifty. Instead of staying at the nicest hotel in town, why not join the sharing economy and use Airbnb or similar online rental services instead? If you’re travelling to a place like Europe, consider staying at hostels or try backpacking. If you’re travelling across the country, try camping instead of staying at a hotel. You’ll get to sleep under the stars and save a bundle.
Eating for less
After flight and hotel, food is the most costly expense for most travellers. When you are travelling on a budget, consider sharing plates. Food markets can also be a good place to pick up a tasty meal at a lower price, and they'll help you avoid packing on weight even as you save money. Instead of paying a bundle for breakfast each day, consider eating cold cereal in your hotel room or staying somewhere that a continental breakfast is already included in the hotel price.
Take a staycation
Perhaps the easiest ways to travel on a budget is to go on a staycation. If you’re not familiar with the term “staycation,” it means spending time in your home country instead of travelling abroad. A staycation can trim your travel budget considerably, helping you achieve long-term financial goals like paying off your mortgage and an early retirement possible. A staycation may sound boring, but it doesn’t have to be. If you live in a city like Toronto, there are plenty of daytrips you can take. You can head to the cottage, go to Niagara Falls or go see the Canadian Baseball Hall of Fame in St. Mary’s, Ontario. The possibilities are endless! You don’t even have to leave town to have fun. There are plenty of festivals going on in the Big Smoke and cities and towns all year round.
Save on currency exchange
If you’re travelling abroad, it’s important to consider currency exchange. For those with the travel bug who travel outside the country often, it’s probably worth signing up for a credit card with low or no foreign exchange fees. Not only will you get the added purchase protection that credit cards offer, you won’t have to pay an arm and a leg on the currency exchange.
Although a credit card comes in handy, you’ll also want to bring some pocket change. Try to avoid currency exchange booths at the airport. Those tend to offer the worst exchange rates. Instead get your currency exchanged before you leave home at your local bank branch.