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Ask the Entrepreneurs: 8 Ways to Save Money During Business Travel

Ask the Entrepreneurs: 8 Ways to Save Money During Business Travel

Ask The Entrepreneurs is a regular series where members of the Young Entrepreneur Council are asked a single question that aims to help Lifehack readers level up their own lives, whether in a area of management, communication, business or life in general.

Here’s the question posed in this edition of Ask The Entrepreneurs:

What’s your best money-saving tip for business travel?

1. Use Startup Stay

Christopher Pruijsen

    Use a platform like Startup Stay to connect to the local startup ecosystem and save some cash — it’s like couchsurfing for entrepreneurs. Who knows? The connections you make might result in some unexpected opportunities.

    Christopher Pruijsen, FounderBus

     

     

    2. Stay an Extra Day

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    Kelly Azevedo

      Instead of rushing in and out of an event, consider staying for an extra night or two. This lets you take advantage of peak flight rates and better hotel rates when you’re staying for several nights. It also enables you to have time to catch up with new contacts, local leads or colleagues.

      Kelly Azevedo, She’s Got Systems

       

       

      3. Don’t Do It

      Jim Belosic

        There are other ways to connect with people, like Skype and Google+ Hangouts. Travel is expensive and can be tiring. Also, meetings and events don’t always turn out to be as productive as you think they will be.

        Jim Belosic, ShortStack/Pancake Labs

         

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        4. Decide Early

        Aaron Schwartz

          In our early days, I used to wait until the last possible minute to book a trip — I was never sure if the business would “need” me to be onsite, so I deferred the decision. Plan your trips for the year and decide early on which events you can extract the most value from. Then, commit by booking your airfare and hotel at lower rates.

          Aaron Schwartz, Modify Watches

           

          5. Stack Trips Together

          Thursday-Bram 2

            If you know that you’re going to need to take multiple trips in the next couple months, see how many of them you can block together. Last month, I was away from home for two weeks straight — but I don’t need to take another trip until May. It’s exhausting, but it saves money in the long run.

            Thursday Bram, Hyper Modern Consulting

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            6. Don’t Pay Cash to Travel

            Anthony Saladino

              Leverage the purchasing power of your business by charging all your company’s expenses on credit cards with aggressive reward points programs. Purchase everything from materials to office supplies to vendor payments and marketing services on your credit card to rack up points. When it’s time to travel, simply trade points for airfare and hotel rooms.

              Anthony Saladino, Kitchen Cabinet Kings

               

              7. Find a Flat-Rate Airport Car Service

              Benji Rabhan

                Find a flat-rate airport car service that will get you where you need. Almost every city has one. Not only will you save money, but you will most likely be in a more luxurious car with a more professional experience.

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                Benji Rabhan, MorrisCore

                 

                 

                8. Find a Credit Card Without Foreign Transaction Fees

                Matt Wilson

                  If you travel a lot, cards like American Express Platinum are well worth the $500/year fee. If your foreign transaction fees add up to more than 3 percent, this type of card is well worth it. Add in all the mileage rewards, bonuses for signing up and other assorted travel insurances and perks, and you end up saving big in the long run.

                  Matt Wilson, Under30Media

                   

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                  Last Updated on March 29, 2021

                  Life Insurance: A Secure Way To Protect Your Future.

                  Life Insurance: A Secure Way To Protect Your Future.

                  Life is a journey full of ups and downs. No one can actually predict what might happen the next moment; there are times where the happiest moments do not even take a second to turn into the gravest. Planning for your future can help you face such unwelcomed but irrepressible situations with much ease. We all want to make every memorable event of our life more special and to cherish all those moments happily and worry less, you must financially plan your future. But no one has control over life and death. Who would wish to see his family suffer in his absence? Insurance hands over the financial jeopardy of life’s happenings to an insurance company.

                  Importance of getting a life insurance

                  No one has control over life and death. Nobody would like to see their family suffering in an absence, and that’s why many people recommend life insurance. A life insurance plan is one of the best ways to secure the future of your family, even against those financial troubles after an untimely demise. These plans are safe and credible, and you could trust them for your family’s better future.

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                  On the other hand, a life insurance policy is a contract between a company (insurance provider) and policyholder in which the insurance provider ensures to pay a certain amount of money to the nominated beneficiary in case of the policyholder’s death during the term of the agreement. There are different types of insurance plans, and it is important for you to know the benefits of those plans such as a funeral, medical or some life expenses provided they are mentioned in the agreement.

                  Choosing the right insurance plan

                  If you’re about to select an insurance plan, you should consider some important factors:

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                  • The time at which you start investing in a program and the number of family members you want to get insured. Obviously, a married man with two children has different needs compared to a single one. The number of persons who are dependent on an individual also varies from person to person.
                  • The next thing you need to consider is you and your family needs. What are your child’s dream, your retirement plans, for how long would your dependents need financial support, any personal injury, etc. And do not forget those events or situations that will surely demand a huge sum of money.
                  • The next thing one must consider is your current income. You should preferably choose a plan which you can afford.

                  Now you must be having a pretty clear idea of how to choose the best plan for you. Further, you should also compare various plans offered by different companies and numerous sites available online that help will you to compare them.

                  Differences between life insurance plans

                  Here’s a short brief of some plan categories you can choose according to your needs:

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                  • Term Insurance Plan – You have to pay once, and your nominee gets the paid money under your misfortune demise. It ensures a person for a fixed time. If you survive the policy period, you do not get your premiums back.
                  • Whole Life Policy – This plan continues for your lifetime. Under this, the policyholder has to pay regular premiums, until their death.
                  • Endowment Policy –  In case the individual dies during the tenure, the beneficiary gets the amount assured. If the person survives the policy tenure, they gets back the premiums paid with other investment returns along with several other benefits.
                  • Money Back Policy – In this a portion of the money invested is returned to the investor at regular intervals. If you survive the insurance term you get the entire amount back; else the beneficiary receives the entire sum assured.
                  • ULIPs – These are the life insurance plans that offer you future security plus wealth creation options.

                  Many people do not opt for whole life policy and endowment policy because of the high amount of money you need to pay, while others may prefer to opt for these if they have a high life expectancy. Surely you will find the best one for you.

                  So what are you waiting for? Plan for your future and live a happier and carefree life today.

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                  Featured photo credit: aryehsampson.com via aryehsampson.com

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