DOs and DON'Ts for Saving Money When Planning a Trip

by Expert Contributor Mike Brady, MBA, of LPL Financial

As we move past the beautiful fall weather and into the winter, many people plan a trip or vacation to someplace warm. When you combine the cost of a trip with holiday season spending, it’s very easy to get financially overwhelmed. Imagine coming home refreshed from a wonderful vacation, made even more satisfying because you saved 20-30% on its cost. That CAN happen, with a little planning and by following these tips.

WHEN you travel can make a difference.

Book a trip during the off-season or the “shoulder seasons” adjoining an off-season. Hotels and air carriers hike their prices in peak season, so avoid that time. Dates immediately before and after winter holidays are ones to avoid!

The same goes for HOW you travel.

You can often realize some savings by booking your lodging and airfare separately. All-inclusive trips and package deals are not necessarily cheaper. Consider sharing a condo or home with friends or relatives. That can often greatly reduce your lodging costs. You can usually also reduce your airfare cost by limiting yourself to just a carry-on (when possible, of course) because many airlines now charge a fee for each checked bag.

Consider nearby alternative airports.

Understand that the next-best way to get to your destination may be hundreds of dollars cheaper than the best way, at very little inconvenience to you. Review options from surrounding airports that may be more reasonable than flying out of Philadelphia: Trenton, Atlantic City and possibly even Baltimore could provide some savings.

Pre-trip preparations may also reduce the cost

If you’ll be traveling to a foreign country, consult with a foreign exchange specialist, to learn about possible ways to convert currency that cost less than by using a bank. Before departing on your trip, stock up on clothes, sunscreen, toiletries, and other essentials that may be more expensive at your destination. Several months before your trip, get and/or consistently use your rewards credit card, to amass points that will cover airfare or hotel costs.

Following some of or all these tips can help you have happy memories before, during and after your trip or vacation, even when your credit card statement arrives in the mail!

Trust matters, especially when it's YOUR money.

Have you ever wondered who your financial advisor really works for? Invest with a knowledgeable financial advisor who’s on your side; someone who truly cares whether your investments are right for you. Call today for more information or to schedule a consultation.

Michael Brady, MBA

LPL Financial

(484) 472-7704

Michael.Brady@LPL.com

780 Parkway Blvd, Broomall