David Bakke is a contributor for the financial resource, Money Crashers, where he shares tips for saving money and finding ways to get the most value.
If you worked hard all winter and saved those precious vacation days for this summer, congratulations, you made it. Unfortunately, however, days are not the only things you needed to save. As excitement tends to rise in the warmer months, so do expenses like gas, hotel rooms, and tourist activities. If you want to have a memorable time on your vacation, you're going to need to look for ways to save some cash.
There are the tried and true techniques, such as preparing meals in a hotel room with a kitchenette, or flying midweek instead of on weekends, but beyond these basic measures, you can also explore plenty of lessen-known ways to save. To get the most out of your time off, dig deep for those discounts, and make this a stress-free summer vacation to remember.
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1. Set a Budget
Budgeting monthly finances in general is essential, but it's also an effective technique when planning a vacation. For example, if your vacation is at an all-inclusive resort, the majority of your budget is going to go toward lodging - you generally won't need to allocate much money for food or entertainment. If you choose a more traditional vacation, you may want a breakdown which accounts for more food and activities in addition to your hotel room. Make these distinctions beforehand and allot certain funds so you know how much you can spend in each area.
2. Track Your Flight
Although the strategy of buying your airfare earlier in the week is generally well-accepted, a recent study done by Texas A&M University showed that purchasing on those days does not necessarily translate into cost savings. In fact, the study found that buying a ticket on the weekend can cost 5% less. One remedy for the uncertainty is to enter your vacation details into a website like TripAdvisor. Check the fare each day to get an idea of where it's going. Exactly when to book your travel is a challenge, but the more you can inform yourself about certain patterns the better off you're going to be.
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3. Pack Wisely
Plan your vacation wardrobe wisely. Pack only what you need, and account for the outfits you're going to wear on travel days as well. Don't take less than you need, though – hotel laundry services and emergency purchases can balloon that budget up pretty quickly. When you pack, consider combining luggage, especially if you're traveling with children. And make sure there's not one inch of wasted space in any of the luggage you're checking. American Airlines is currently charging $150 for any third checked bag.
4. Swap Your House
Check out the house swapping website HomeExchange and you might be able to find a family willing to temporarily switch their house for yours, reducing your lodging costs virtually to zero. Just be sure to start the process as soon as possible, as you're usually going to need at least a month to find a suitable partner and make all necessary arrangements.
5. Use a Deal of the Day Website
Deal of the day websites like Groupon and LivingSocial are great for saving on personal purchases in general, but they can also be used to your advantage on a vacation. Sign up and enter in your destination zip code to peruse offerings on dining, spa, entertainment, and tourist services. You may be able to find deals up to half-off on certain businesses, so don't let those opportunities slip by.
6. Take the Family Along on a Business Trip
If you have an upcoming business trip, why not bring your family along and turn it into a summer vacation? Get your "work" done during the day, spend time with your family in the evening, and if you travel a few days before your commitments and stay a few days after, you're killing two birds with one stone. Just make sure to compute your tax deduction correctly, as there are certain rules that apply when combining business with personal travel. See the IRS website for a complete list of details.
Final Thoughts
Once you reach your destination, be outgoing and sociable to score even more deals. A family located across the hall in your hotel room may have discovered a hole-in-the-wall eatery with great prices and stellar food. The guy behind the convenience store counter may have a tip about cheap entertainment activities. The server at a local restaurant may have some insight on the best place to buy souvenirs. Even if you're an introvert, it pays to be more sociable while on your getaway.
What ways can you think of to save on your summer vacation?
