Saturday, 9 December 2017

Commonly Overlooked Ways to Save Money and Add to Your Travel Budget

Going on vacation is something everyone would love to do more of. However, the cost of traveling makes it hard for the average person to get away. Whether traveling by plane, boat, or car, the cost of getting out of town can be several hundred or thousands of dollars which most don’t have to give up. If your traveling budget has prevented you from taking the holiday of a lifetime, then this post is for you.

Think Outside of the Box

When planning a vacation, most people start by creating a travel budget. This is the maximum amount of money they’re willing to spend on the entire trip. Depending on how much you’ve saved and where you intend to travel, this budget may not take you very far. In an effort to save, many will do things like stop eating out as much, use coupons, or live on a budget. Though these are all great ideas, there are some methods to saving you may not have thought of that can add up in the end.

Watch the ATM You Use

ATMs are convenient machines that allow us to access fast cash. However, one trip to an out-of-network machine could cost you several additional dollars. ATM fees are often assessed both for processing the transaction and in some cases, even from your bank. If you were charged $2 every time you went to withdraw funds, and you did this three times per week, this is $6 a week or $24 a month. Try using machines within your bank’s network or those that advertise no fees to avoid getting these charges and add the money to your travel budget.

Review Insurance Policy

Here’s one most don’t think of. However, many people spend more money on insurance than they need to. There are plenty of reasons why including not understanding what they’re purchasing, failure to shop around, and poor credit histories. If you’re looking to cut back, however, you may want to review your all your policies including your home and car insurance. For instance, if you have an older car, but you’re paying hundreds of dollars a month in insurance, you might consider switching to liability auto insurance. It still provides financial protection but costs about half the price.

Ditch the Brand Names

Whether it’s prescription medication or food, brand names are always going to be more expensive. What most aren’t aware of is that there are a lot of good quality products on the market, they provide the same benefits, but don’t have the same marketing power as name brands. Switching to generic brands can save you money on your grocery bills or prescription costs which can be added to that travel budget.

If your travel budget is low and your vacation is near, there are still ways you can cut back and have more money to spend while you’re away. Though it might not seem like much money is being saved by avoiding certain ATMs, assessing your insurance policies, or swapping out name brand products for generic ones, if you continue these practices over the course of a few weeks or months, you’ll increase your budget immensely giving you more money to splurge on things that make you smile. 

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