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20 Tips for the Best and Cheapest Vacations

20 Tips for the Best and Cheapest Vacations

Going on vacation isn’t cheap. Between the road trip or the plane tickets, the food, the fun, the activities, the hotels it can end up costing you a pretty penny. Don’t despair. Everyone deserves a vacation and even if you need to conserve your cash to do it, you can still have a fun time! Here are 20 of our cheapest vacation ideas:

1. Go short

Sometimes, the best idea for a vacation is to go ahead and take one, but don’t go for as long as you normally would. Instead of going for a week or two, go for a long weekend.

2. Road trip

Don’t fly — drive. Even with the cost of gas, often the best option to save money is to drive to your destination. Make it fun. Stop and see attractions along the way to your destination, like Mount Rushmore or the world’s largest ball of string. Do a web search ahead of time and find small, inexpensive attractions in towns along the way — you’ll be amazed at how much you’ll see and learn.

3. Travel with friends

You can often save a lot of money when you buddy up and travel with a group or with friends. Group rates are available for hotels, rental cars (you could rent a large van), even tours of museums and other attractions.

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4. Day trip it

You don’t need to travel far to have fun. Instead of going far during your vacation and staying somewhere else, stay home and take a different trip each day. Look at destinations about two or three hours away from where you live and look for different things you can do there. Enjoy the drive, bring a lunch and spend the day doing something completely different than you normally would.

5. Cook in

Wherever you stay, eat at home, just as you would normally. Go to a local grocery store and purchase a week’s worth of groceries and make most of your meals in. Save a little money for a special dinner while you’re on vacation or for that fun day on the boardwalk. Otherwise, make the meals you like. You’ll probably eat healthier too.

6. Mind your perks

Do you get perks from your store cards? Your credit cards? For staying in hotels for work? Go look over all of your perk plans before your vacation. You might have a free night or two in a hotel, some miles for a flight or even a free meal or two while you’re out.

7. Rent it

You’d be amazed at the money you can save when you rent items instead of buying them. You can rent an RV and save yourself money on hotels and flights. You can rent a luggage carrier for the top of your truck instead of buying a fancy new one. You can rent bikes when you get there instead of paying to put them on the plane.

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8. Volunteer

Instead of doing the regular vacation thing, try volunteering instead. You’ll be surprised at the number of deals and perks available for those who choose to volunteer at a location instead of just be a tourist. Going to Alaska? Try volunteering for the Iditarod. You’ll get to see some of the most amazing scenery, get free bush flights out to a checkpoint and even meet and talk with famous dog mushers. Heading to South America or another country, look up JustGive.org and find other locations that need people to help build homes, teach classes or do other things in exchange for your time.

9. Room ideas

Decide on just what you need when you select a hotel or motel. Do you intend to do a lot of sightseeing or outdoor activities? Maybe you don’t need a huge, all-inclusive resort and can save yourself some money by getting a small, plain motel with basic amenities. On the other hand, if you want a big resort style vacation with a spa and water park, maybe you can save yourself the money by not flying to somewhere far away, but instead choosing a large, all-inclusive resort to which you can drive.

10. Geocache

This is a great way to explore local areas without the expense of leaving home or staying somewhere else. According to Geocaching.com: “Geocaching is a real-world, outdoor treasure hunting game using GPS-enabled devices. Participants navigate to a specific set of GPS coordinates and then attempt to find the geocache (container) hidden at that location.”

11. Check out a National Park

You’ll be amazed at how many National Parks are close to where you’re staying — or where you live. National Parks are a great resource and you can visit the Ranger Station and learn about different features of the park, take a hike or a picnic and explore. Most parks have nominal day use fees, some allow camping and there are a number of free days throughout the year.

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12. See a game

Most of cities and towns have minor or major league teams for soccer, baseball, football or basketball. Take a day and head to a game. Even if that sport isn’t your “thing,” most major league or professional sporting events are a big deal and the experience itself is a lot of fun.

13. Camp

Camping is a fun and exciting way to see parts of the country you’ve never been to before. You can either rent a small cabin or bring a tent or an RV. However you choose to camp, make sure you select a location that allows you to explore and gives you plenty of opportunities to do the types of activities you like.

14. Book a last-minute cruise

Search online at sites like Expedia for last-minute cruise deals. Cruises are usually expensive, but if you can wait until the last minute to pack and make your plans — and you aren’t picky about where the cruise is going — you could pick up a sweet deal.

15. Visit local tourist spots

Stay home and visit all of the local touristy stuff you never do because you live there. Take a tour of the local microbrewery, go to a vineyard or even a local amusement park. You could make your staycation really awesome and hire a house cleaner for the week as well.

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16. Go somewhere completely different

Thinking of Paris? How about Budapest instead? Want to go to Brazil? Try Belize. Just by picking somewhere a little less popular, you could save big bucks. And in Europe, you can travel easily to the places you want to see without having to stay there.

17. Do something new

Staying home over vacation? Take the opportunity to try out something you’ve never done before. Take sailing lessons, learn how to throw pots (clay, on a wheel, not the pasta pot through the window). Sing Karaoke at the local bar.

18. Go to local festivals

Head to the state fair, the local Bluegrass festival or the Garlic Festival (or whatever plant or item your state is known for). Do it big — try everything and have a great time.

19. Be quiet

You could lay low, too. You could really do nothing for a whole week. Sleep. Eat junk food. Watch TV. If you’re a go, go, go type of person, a few days to be quiet and do nothing might be all you need to feel refreshed. And you’ll save a ton of money not entertaining yourself.

20. Housesit

Want to go somewhere new and not pay for it? Find a housesitting gig. Whether for a week or three months, you can find some great places to go and not pay a dime for staying there.

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Michelle Kennedy Hogan

Michelle is an explorer, editor, author of 15 books, and mom of eight.

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Last Updated on August 20, 2019

How to Set Financial Goals and Actually Meet Them

How to Set Financial Goals and Actually Meet Them

Finances can push anyone to the point of extreme anxiety and worry. Easier said than done, planning finances is not an egg meant for everyone’s basket. And that’s why most of us are often living pay check to pay check. But did anyone tell you that it is actually not a tough task to meet your financial goals?

In this article, we will explore ways on how to set financial goals and then actually meet them with ease.

5 Steps to Set Financial Goals

Though setting financial goals might seem to be a daunting task but if one has the will and clarity of thought, it is rather easy. Try using these steps:

1. Be Clear About the Objectives

Any goal (let alone financial) without a clear objective is nothing more than a pipe dream. And this couldn’t be more true for financial matters.

It is often said that savings is nothing but deferred consumption. Therefore if you are saving today, then you should be crystal clear about what it is for. It could be anything like kid’s education, retirement, marriage, that dream vacation, fancy car etc.

Once the objective is clear, put a monetary value to that objective and the time frame. The important point at this step of goal setting is to list all the objectives, however small they may be, that you foresee in the future and put a value to it.

2. Keep Them Realistic

It’s good to be an optimistic person but being a pollyanna is not desirable. Similarly, while it might be a good thing to keep your financial goals a bit aggressive, going out of the line will definitely hurt your chances of achieving them.

It’s important that you keep your goals realistic in nature for it will help you stay the course and keep you motivated throughout the journey.

3. Account for Inflation

Ronald Reagan once said – “Inflation is as violent as a mugger, as frightening as an armed robber and as deadly as a hitman”. And this quote sums up the best what inflation could do your financial goals.

Therefore account for inflation whenever you are putting a monetary value to a financial objective that is far away in the future.

For example, if one of your financial goal is your son’s college education, which is 15 years hence, then inflation would increase the monetary burden by more than 50% if inflation is mere 3%. So always account for inflation.

4. Short Term vs Long Term

Just like every calorie is not the same, the approach towards achieving every financial goal will not be the same. It is important to bifurcate goals in short term and long term.

As a rule of thumb, any financial goal, which is due in next 3 years should be termed as short term goal. Any longer duration goals are to be classified as long term goals. This bifurcation of goals into short term vs long term will help in choosing the right investment instrument to achieve them.

More on this later when we talk about how to achieve financial goals.

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5. To Each to His Own

The journey of setting financial goals is an individualistic affair i.e. your goals are your own goals and are determined by your want to achieve them. A lot of times we get on the bandwagon of goal setting only to realize later on that it was not meant for us.

It is important that your goals are actually your goals and not inspired by someone else. Take a hard look at this step at all the goals you’ve set for after this step, you will be on the way to achieve them.

By now, you would be ready with your financial goals, now it’s time to go all out and achieve them.

11 Ways to Achieve Your Financial Goals

Whenever we talk about chasing any financial goal, it is usually a 2 step process –

  • Ensuring healthy savings
  • Making smart investments

You will need to save enough; and invest those savings wisely so that they grow over a period of time to help you achieve goals. So let’s get down to ensuring healthy savings.

Ensuring Healthy Savings

Self realization is the best form of realisation and unless you decide what your current financial position is, you aren’t heading anywhere.

This is the focal point from where you start your journey of achieving financial goals.

1. Track Expenses

The first and the foremost thing to be done is to track your monthly expenses. Use any of the expense tracking mobile apps to record your expenses. Once you start doing it diligently, you would be surprised to see how small expenses add up to a sizeable amount.

Also categorize those expenses into different bucket so that you know which bucket is eating the most of your pay check. This record keeping will pave the way for cutting down on un-wanted expenses and pump up your savings rate.

2. Pay Yourself First

Generally, savings come after all the expenses have been taken care of. This is a classical mistake which almost everyone of us do. We pay ourselves last!

Ideally, this should be planned upside down. We should be paying ourselves first and then to the world i.e. we should be taking out the planned saving amount first and then manage all the expenses from the rest.

The best way to actually implement is to put the savings on automatic mode i.e. money flowing automatically into different financial instruments (for example – mutual funds, retirement corpus etc) every month.

Taking the automatic route will make us lose control of our money and hence will compel us to manage in what’s left with us thereby increasing the savings rate.

3. Make a Plan and Vow to Stick with It

Budgeting is the best to get around the uncertainty that financial plans always pose. Decide in advance how spending has to be made.

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Nowadays, several money management apps and wallets can help you do this automatically. It’s easy and who knows, you may just end up doing what people fail to do.

At first, you may not be able to stick to your plans completely but don’t let that become a reason why you stop budgeting entirely.

Make use of technology solutions you like. Explore options and alternatives that let you make use of the available wallet options and choose the one that suits you the most. In time, you will get accustomed to making use of these solutions.

You will find that they make it simpler for you to follow your plan, which would have been difficult otherwise.

4. Rise Again Even If You Fall

Let’s be realistic. It’s not like the world will come to an end if you made one mistake. This isn’t called leniency but discipline.

If you fail to meet your budget for a month, don’t give up the entire effort just like that. Instead, start again.

Remember that flexible plans are the most realistic plans. So go forward and try to follow your financial goals as planned but if for some reason, the plan gets out of hand for you, do not give up on it just yet. This has a lot to do with your psychology rather than any material commitment.

All you have to do is to stay on the road and vow to stay on it, no matter how much you fall down.

5. Make Savings a Habit and Not a Goal

In the book Nudge, authors Richard Thaler and Cass Sunstein advocate that in order to achieve any goal, it should be broken down into habits since habits are more intuitive for people to adapt to.

Make Savings a habit rather than a goal. While it might seem to be counter intuitive to many but there are some deft ways of doing it. For example:

Always eat out (if at all) during weekdays rather than weekends. Usually weekends are expensive. Make it a habit and you would in turn be saving a great deal.

If you are travelling buff, try to travel during off season. Your outlay will be much less.

If you go out for shopping, always look out for coupons and see where can you get the best deal.

So the key point is to imbibe the action that results in savings rather than on the savings itself, which is the outcome. Focusing on the outcome will bring out the feeling of sacrifice which will be harder to sustain over a period of time.

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6. Talk About It

Sticking to the saving schedule (to achieve financial goals) is not an easy journey. There will be many distractions from those who are not aligned with your mission. And it would be rather easy to lose the grip over your discipline.

Therefore in order to stay the course, it is advisable that you keep yourself surrounded with people who are also on the same bandwagon. Daily discussions with them will keep you motivated to move forward.

7. Maintain a Journal

For some people, writing helps a great deal in making sure that they achieve what they plan.

So if you are one of them, maintain a proper journal, where you write down your goals and also jot down the extent to which you managed to meet them. This will help you in reviewing how far you have come and which goals you have met.

Use this journal to write down all essential points such as your short term, mid term and long term goals, your current sources of income, your regular expenses which you are aware of and any committed expenses which are of recurring nature.

When you have a written commitment on paper, you are going to feel more energised to follow the plan and stick to it. Moreover, it is going to be a lot more easier for you to follow you and track your progress.

At this point, you should be ready with your financial goals and would be doing brilliantly with savings; now it’s time to talk about the big daddy – Investments.

Making Smart Investments

Savings by themselves don’t take anyone too far. However savings when invested wisely can do wonders and we are at that stage where we will talk about making smart investments.

8. Consult a Financial Advisor

Investments doesn’t come naturally to most of us therefore rather than dabbling with it ourselves, it is wise to consult a financial advisor.

Talk to him/her about your financial goals and savings and then seek advice for the best investment instruments to achieve your goals.

9. Choose Your Investment Instrument Wisely

Though your financial advisor will suggest the best investment instruments, it doesn’t hurt to know a bit about them.

Just like “no one is born a criminal”, no investment instrument is bad or good. It is the application of that instrument that makes all the difference.

Do you remember we talked about bifurcating financial goals in short term and long term?

It is here where that classification will help.

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So as a general rule, for all your short term financial goals, choose an investment instrument that has debt nature for example fixed deposits, debt mutual funds etc. The reason for going for debt instruments is that chances of capital loss is less as compared to equity instruments.

10. Compounding Is the Eighth Wonder

Einstein once remarked about compounding,

Compound Interest is the eighth wonder of the world. He who understands it, earns it… He who doesn’t… Pays it.

So make friends with this wonder kid. And sooner you become friends with it, quicker you will reach closer to your financial goals.

Start investing early so that time is on your side to help you bear the fruits of compounding.

11. Measure, Measure, Measure

All of us do good when it comes to earning more per month but fail miserably when it comes to measuring the investments; taking stock of how our investments are doing.

If there is one single step where everything (so far) can go wrong, it is at this step – Measuring the Progress.

If we don’t measure the progress timely, then we would be shooting in the dark. We wouldn’t know if our saving rate is appropriate or not; whether financial advisor is doing a decent job; whether we are moving closer to our target or not.

Do measure everything. If you can’t measure it all yourself, ask your financial advisor to do it for you. But do it!

The Bottom Line

This completes the list of tips for you to set financial goals and actually achieve them with not so great difficulty.

As you can see, all it requires is discipline. But guess that’s the most difficult part!

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Featured photo credit: rawpixel via unsplash.com

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