June, 2008
Traveling Smart During the Hot, Pricey Summer of ‘08
A recent GfK Roper Reports survey indicated that 55 percent of respondents said they are limiting discretionary expenses such as “eating out and vacations.â€
If that sounds like your agenda, here are some ways to save on travel this summer.
Stay closer to home: Is it that boring around home? Rather than flying across the country, check out the tourism website for your state or the nearest adjoining state to yours and just see what looks interesting. Those websites offer coupons, too. Also, sign up for e-mail from your local transit agencies and check their websites – you might hear about special deals at local museums or parks and free parking sites where you can leave your car before you take the train or bus.
Get smart about your travel plans: If there’s a particular hotel chain you’re going to stay in, see whether they’re part of a larger network where you can earn points or other incentives toward future stays. Also, rather than multiple credit cards, try and narrow your usage to plastic that carries the best reward points plans for the hotels, airlines and car rental agencies you use all the time for fun or business.
Go off-season: Admittedly, it’s tougher with kids since they can only travel when school’s out, but if you don’t have a family, start traveling out-of-season all the time. Vegas and Aruba might be hotter than blazes in July, but as long as you have sun block and access to good air conditioning, then you can take solace counting what you’ll save on hotels, meals and other expenses that dip in price when the crowds are low.
Let travel opportunities find you online: If you have a favorite airline, resort or hotel chain, get on their mailing lists online and be ready to react if they offer a great deal.
Look for value weeks on the calendar: For family-friendly venues, you might want to check prices on the edges of summer when schools are still letting out or going back into session. It’s not a bad time for grownups to travel, either – you’ll beat the crowds.
Check out your motor club: Major organizations like AAA negotiate good prices on popular tourism locations around the country, even for places like Disney World. Again, check your motor club’s offerings on hotel, destination, rental car and even train discounts.
Merge errands into your trip: This is not just vacation advice, but good everyday advice – if you can pack regular errands into your vacation time in the car, do it. For example, when returning from a trip, consider incorporating your regular errands on the drive home (consider stopping to shop in states or counties with cheaper sales taxes that might save money on similarly priced items).
Leave or return on a Monday or Tuesday: Play around with the days of the week on which you can take your trip to see if you can find significant savings on hotel and airfares. Fighting to get home on a Saturday or Sunday can cost you money.
Pinch those gasoline pennies: If you’re driving your own car on trips, focus on keeping it maintained and try to plan when and where you buy your gas to take advantage of the best prices. Keep your tires inflated and make sure your engine is in good shape for maximum fuel economy. Also, don’t carry tons of stuff – heavier cars burn more gas. Consider joining a wholesale club that sells their own gas onsite – you might save a considerable sum not only at home, but in out-of-town locations where you’re staying (hit the Internet and check before you go). Also, buy gasoline mid-week when prices generally stabilize from spikes entering the weekend and starting the workweek.
June 2008 This column is produced by the Financial Planning Association, the membership organization for the financial planning community. It has been modified and is provided by Thomas A. Fisher, a local member of the FPA.
The material presented is believed to be from reliable sources and we make no representations as to its accuracy or completeness. All information and ideas should be discussed in detail with your own adviser prior to implementation in order to determine whether the strategies mentioned are appropriate for your specific situation.