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February 15, 2024

Tips for Budgeting Your Travel

Financial Planning Committee

Do you enjoy traveling to new places and experiencing different cultures? From adventurous destinations to relaxing hideaways, vacations can be a priority for many. Yet, the expenses – flights, hotels, transportation, activities, and dining – can add up quickly. This is especially true if you are looking to upgrade your travel experience. To help plan for your next vacation, here are some considerations:

How expensive is your destination, including travel costs, accommodations, and food? And, if you are traveling abroad, how strong is the dollar? Since some destinations are more expensive than others, opting for a cheaper destination might be a wise choice if you are working with a tighter budget this year.

Are you traveling during peak season? Peak season often comes with peak prices. If you are hoping to fly first class or stay at a highly desirable hotel, consider looking at off-peak times to splurge for less. 

What services are offered by your hotel? When you select your place of rest, there might be other amenities that influence your decision. For example, if your hotel offers complimentary breakfast or is all-inclusive, you may be able to save on meal expenses. Or, perhaps you choose to rent an Airbnb or VRBO to have more space but do not like the idea of cooking your own meals? There may be services or options near your destination to have a chef come to your home to cook and stock the fridge on your behalf instead of going out to eat every night.

Will you pay out-of-pocket, or should you save toward your trip? Are there things you can pre-pay to spread the expenses out over time instead of having one large bill at the end of the trip? Being tactical about how and when you handle these travel expenses can significantly help your budgeting approach. It may also make sense to open a separate savings account at your bank to save money each month towards your travel budget and plans. 

Can you utilize a travel rewards card to maximize your dollars? If you are a frequent traveler with preferred hotels or airlines, consider signing up for a travel rewards credit card to maximize the dollars you are already spending. By redeeming these perks, you may be able to upgrade your travel experiences without having to stomach higher costs.

Have you purchased travel insurance? While this is an additional expense, it can potentially help you recoup some costs if your plans go south.

Is spending time with your family a priority yet your schedule doesn’t allow time to plan for travels given all the other commitments and responsibilities on your plate at work and home? You may benefit from working with a travel agency or vacation support through an airline. While it may be an added expense to utilize this service, it may save you another resource – time.

By considering some of these factors, you can maximize your travel budget, hopefully allowing you to enjoy your vacation and embrace the experiences. If you have questions or would like to discuss how travel can fit into your financial life plan, talk to your JNBA Advisory Team.

JNBA is not an insurance agent and no portion of the above should be construed as insurance advice. All insurance issues should be addressed with the insurance professional of your choosing. JNBA nor its employees sell insurance products.

Due to various factors, including changing market conditions and/or applicable laws, the content may no longer be reflective of current opinions or positions. Moreover, you should not assume that any discussion or information contained in this blog serves as the receipt of, or as a substitute for, personalized investment advice from JNBA Financial Advisors, LLC.

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