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5 Great Tips To Plan a Budget Vacation in Thailand

5 Great Tips To Plan a Budget Vacation in Thailand

One of the most visited places in South East Asia, it is easy to see why millions of tourists flock to Thailand every year. It is culturally rich, has neon streets and skyscrapers, and pristine white-sand beaches with little fishing communities, all of which cater to different kinds of travellers from all over the globe.

Do you want a relaxing vacation by the beach? Or would you rather spend the vacation getting pampered by spas and massages? Or do you prefer street trotting and experiencing a new culture? Thailand has it all! But wouldn’t all that be expensive? Among the South East Asian countries, Thailand is undoubtedly one of the more expensive places to travel. This is because of the large influx of tourists it sees each year.

But I meant it when I said that Thailand caters to all kinds of travellers, including budget travellers. If you want an inexpensive Thailand trip plan, do extensive research and keep a track of how you spend your money, you can then certainly enjoy a vacation in Thailand on a shoestring budget. So here are some tricks and tips to travel to and within Thailand without spending too much.

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1. When should you travel?

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    Airport Express bus counter, Thailand by shankar s

    Start working on your Thailand travel planner early, and book your flight tickets several months in advance, when they are much cheaper. You should also avoid travelling on weekends and holidays (like Christmas) because prices surge during these times as well. Travel during peak tourist season (December to March) is not the best time to visit, either, due to the high prices and the crowds. Instead, travelling off-season can be cheaper as well as more peaceful.

    2. Accommodation

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      Backpacking Thailand by Keith Parker

      Finding a place to stay always takes a chunk of cash from your wallet when you’re travelling. You may be very easily tempted by swanky air-conditioned hotel rooms, but if you research a little more, you will see that there are many more affordable options. Try looking for backpackers’ hostels as they are always much cheaper than hotel rooms. If you’re travelling solo or with friends, this is a great option since you can meet a lot of other travellers as well. If you’re travelling with family, look for inexpensive guesthouses away from regular tourist areas.

      Tip: Double or triple sharing rooms in hostels (with friends) can sometimes be cheaper than a single bed in a communal dorm. Compare the prices before you choose.

      3. Food

      Picture4
        Thai food, Thailand by eak_kkk

        Anyone travelling to Thailand will want to experience the local cuisine. After all, it is food that is the real essence of a place! Where most people tend to go wrong is to have Thai food at international and fine-dining restaurants, and at places with are concentrated with tourists. Instead, a better option is to take to the streets. If you explore a little, you will find varied delicacies in the streets and night markets. Bangkok, especially, is famous for different localities that are bustling with street food vendors. You can also look out for cafeteria-style dining places, which are frequented by locals.

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        Tip: Try to look for food on side streets as opposed to main streets. Tourists and vendors frequent main streets where they often sell food for higher prices.

        4. Transportation

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            Transportation, Thailand by Sven Scheuermeier

          The two cheapest ways to travel within Thailand are local trains and buses. Trains can be used when you’re travelling a long distance, and buses for the shorter distances. One thing you should not do is to book tickets at a travel agency. They have an added commission to the price of the tickets. Instead, go directly to the transportation central office and buy your tickets there. Tuk-tuks and taxis are another option to travel within cities, but will be more expensive than buses, because they quote high prices for tourists. When taking taxis, try finding ones that run their meters; that way, you’ll be paying a fair price.

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          5. Explore Southern Thailand

          Thailand has a lot of scopes for things to do as a traveller. What you know as the main tourist attractions is only a fraction of the places to visit in Thailand. There are many beautiful undiscovered and untouched spots in Thailand where you can travel to without spending as much. One more thing to remember is that the North of Thailand is significantly cheaper than the Southern part. You can use an online itinerary planner to map out your travels to Thailand beforehand and enjoy the best vacation you can on a comfortable budget!

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          Last Updated on July 10, 2020

          The Definitive Guide to Get out of Debt Fast (and Forever)

          The Definitive Guide to Get out of Debt Fast (and Forever)

          Debt can feel crushing, like a weight that is always weighing you down. Looking at those numbers, it can feel as if you’ll never get out from under it. However, if you really want to learn how to get out of debt, it is possible with a great deal of focus and self-control.

          Getting out of debt isn’t impossible. Like any big goal, all that it takes is an action plan to identify where you are and creating a plan to zero out your debt.

          Identifying All of Your Debts

          The first part of paying off your debt is getting a complete picture of what you owe. When you have everything written out in front of you, it makes it much easier to create an action plan. Depending on how much you owe, it might also help you realize it’s not as bad you might have originally thought.

          Here’s how you can get started identifying your debts:

          1. Own Your Debt

          Before you start identifying all of your debts, take a moment to process that you have debt but want to get out of it.

          Forgive yourself for any past mistakes, missed payments, or overspending. It might be painful to accept how much debt you have at first, but you must own it.

          2. Make a Debt Tracker

          It’s astonishing how few people ever created a tracker to understand their total debts. Most likely, it comes from not wanting to accept the guilt of having debt, but, if avoided, it can make it nearly impossible to get out of debt.

          Open up a new Google or Microsoft Excel sheet and list out all of your debts. Start with the name of the creditor, interest rates, total balance, loan term length (if any), and the minimum amount due each payment. This will include student loans, credit cards, and any other type of debt owed.

          3. Get Your Debt Number

          Once you’ve made your debt tracker and taken the other steps, identify your total payoff number. This is crucial, as you will have a starting point and a clear goal that you are trying to achieve.

          Prioritizing Your Debts

          All debt is not created equal. It’s imperative to understand that there are different types of debt.

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          1. Understand Bad and Good Debts

          Bad debts are usually paying for things you want instead of always need. While there might be some emergencies that max out your credit cards, often times it’s excessive spending[1].

          There are three main types of bad debt:

          • Credit Card Debt: The average American household owes over $16,000 in credit card debt!
          • Auto Loan Debt: According to CNBC , the average auto loan in the US is $30,032!
          • Consumer Loan Debt: Consumer loan debt isn’t as common as credit card and auto loan debt, but it’s still considered bad as interest rates are usually between 10-28%.

          Good debt is identified as investments in your future. Here are three common types of good debt:

          • Student Loan Debt
          • Mortgage Loan
          • Business Loans

          2. Decide Which Debt to Pay off First

          Once you know each type of debt and their interest rates, you can begin to pay off debt quickly.

          Focus on paying off bad debt first, regardless of if it is a credit card or auto loan. Start by paying off the loan with the highest interest rate first.

          If you have several credit cards with different interest rates, you want to focus on the one with a higher APR. You will actually save more money by eliminating the card with the highest interest rate.

          3. Don’t Pay the Minimum Amount

          Paying the minimum amount digs you into a hole as interest rates will offset your payment. Even a small amount more than the minimum can help you pay off debt much faster.

          Removing Obstacles to Pay off Debt Quickly

          Creating a debt tracker and prioritizing a plan is simple, but avoiding temptation can be difficult.

          1. Set a Reminder to Track Your Debt

          “If you can’t measure it you can’t manage it.” -Peter Drucker

          It’s so important to track your debt to ensure that you get it paid off quickly. Similar to working out and measuring your results, you need to track your debt constantly. Start with a weekly reminder, where you sign on and log your updated number. Did you increase, decrease, or stay the same?

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          Regularly tracking your student loan balance can be incredibly motivating, as well. You will get a huge confidence boost each time you see your total debt amount decreases.

          Set weekly and monthly goals so you can have short term wins and keep the momentum going.

          2. Hide Your Credit Cards

          If your biggest debt is credit cards, you need to eliminate temptation and remove them from your wallet.

          Some people have gone to extreme measures by freezing their credit cards. Why? This would create an ice block around your card, which would require you to chip away at it slowly. This will give you time to think if it’s the best idea to buy that thing you’re about to buy.

          3. Automate Everything

          Willpower can be a huge downfall to paying off your debt. By automating your bills each month, you will ensure that willpower isn’t involved.

          4. Plan Ahead

          Getting out of debt will require some sacrifices, but with enough planning, you can make it work.

          For example, if you know that you have a friend’s birthday or family dinner coming up, plan ahead for the costs. Whether you need to cut back on spending the week before, pick up a side job, or meet them after dinner, do what is needed.

          5. Live Cheaply

          The only way to get out of debt is to make some sacrifices on your spending habits. Find ways to save money each month so you can apply that amount to your outstanding debts. Here are some ways to save money each month:

          • Live with roommates
          • Cook dinners and prepare lunches for work instead of eating out
          • Cut cable and choose Netflix or Amazon Prime
          • Take public transit or bike to work

          Finding the Lowest Interest Rates

          The higher your interest rates, the harder (and longer) it will take you to pay off any debt.

          If possible, you want to find ways to lower your interest rates to help get out of debt quickly. Here’s how you can get started:

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          1. Maintain a High Credit Score

          Your credit score will have a large impact on your ability to refinance your loans and receive a lower interest rate. If you have a low credit score, it’s unlikely you will be able to refinance your loans. Use these credit tips to increase and maintain an excellent score:

          • Never miss a payment
          • Don’t exceed 30% of your credit limit
          • Don’t sign up for more than one card at once
          • Limit hard inquires, like auto-loans and new credit cards
          • Monitor frequently with free credit-tracking software

          2. Find Balance Transfer Offers

          Start by opening a free account on credit.com. Credit.com offers you the chance to open a free account and see what type of balance transfer offers you can receive. Some of your existing credit cards might already have 0% or lower APR balance transfer offers available.

          Contact each of your credit card providers to ask about lowering your rate for a one-time balance transfer offer[2].

          If you do take advantage of this option, make sure that you use a balance transfer and not a cash advance. Cash advances have a ton of high interest fees (15-25%, depending on your credit card) and will only compound your debt problem.

          How to Get Rid of Debt Forever

          Setting up a plan, removing temptations, and getting the lowest interest rates is the first step to get out of debt.

          1. Keep Monitoring and Adjusting

          Once you have a plan, don’t get comfortable. Track your debt payoff plan and make the necessary adjustments when needed.

          Monitor your credit scores with a free site like CreditKarma. The higher your credit score climbs, the more likely you will be to secure a new, lower-interest loan.

          2. Earn More Money

          There are only so many ways to save money. Instead of clipping another coupon or making sacrifices for your morning coffee, find ways to earn more money!

          Think about it…it is much easier to find ways to earn an extra $1,000 per month than find $1,000 to cut from your budget.

          Here are some examples of ways to earn more money:

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          Talk to Your Boss

          Have a conversation with your boss about current salary and/or commission rates. If you’re not satisfied or want a change, don’t be afraid to look around at other positions. Some of them might even have a student loan debt reimbursement plan!

          Start a Side Hustle

          This could be coaching students on the weekends, driving for Uber, or taking paid online surveys. There are tons of ways to make money outside your 9-5. Now that you have a clear plan to pay off your debts, you’ll be more motivated than ever to figure out creative new ways to earn money.

          Build an Online Business

          There are so many websites and blogs that earn money from ads, affiliates, and other online products. Find your niche and get started.

          3. Celebrate Your Wins

          As you progress in your debt payoff journey, don’t forget to celebrate your wins. You need to always reward yourself for the hard work and discipline that is required to get out of debt.

          While you shouldn’t celebrate so big that it increases debt, make sure to factor in little rewards to keep you motivated.

          4. Set New Financial Goals

          Eventually, with a plan and these steps, you can rid yourself of your debt. Once you do, make sure to celebrate your monumental achievement, but don’t stop there.

          Now, you can focus on acquiring wealth and increasing your net worth. Set new financial goals so you have a new target to aim toward. Here’s how to set financial goals and actually meet them.

          These could be anything now that you are debt free! Think about where you want to travel, buying your first home, or saving for your future retirement. Just like before, make sure that your goals are specific, measurable, and achievable.

          Conclusion

          Congrats, you can now set a plan in motion to finally pay off your debt quickly (and hopefully forever)!

          Remember, if you want to get out of debt quickly, it’s not always easy. Just like any big goal, there will be sacrifices, challenges, and problems to overcome.

          More Tips on Getting out of Debt

          Featured photo credit: Pepi Stojanovski via unsplash.com

          Reference

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