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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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Published on May 7, 2019

How to Invest for Retirement (The Smart and Stress-Free Way)

How to Invest for Retirement (The Smart and Stress-Free Way)

When it comes to stocks, I bet you feel like you have no idea what you’re doing.

Everyone who’s not a financial expert has been there. I’ve been there. But, time is passing and you need to be crystal clear with how you’re investing for your retirement.

Otherwise, it’s back to work until you can afford not to. So, how can you invest for retirement when you’re not a financial expert?

You take the time to learn the fundamentals well. If you do, you can grow your wealth and retire happy. The best part is that you don’t need to be a financial expert to make smart investment decisions.

Here’s how to invest for retirement the smart and stress-free way:

1. Know Clearly Why You Invest

Odds are you already know why should invest for retirement.

But, maybe you know the wrong reasons. It’s time you get clear on why you’d like to retire. Here are some questions to help you get started:

  • Will you spend more time with your family?
  • What does retirement mean to you?
  • Are you looking to launch that business you’ve been holding off for years?

Everyone wants to retire but not for the same reasons. Once you’re clear for why retirement is important for you, you’ll focus on making it happen.

Investing in the stock market allows you to take advantage of compound interest.[1] All this means is that your money earns money on top of its interest. A reason why investment in the stock market is one of the best ways to plan for retirement.

2. Figure out When to Invest

“The best time to plant a tree was 20 years ago. The second best time is now.”– Chinese Proverb

It’s true if you’d had started investing when you were 10 years old, you’d have a lot more money than you do today.

The reality is that most people don’t start investing until it’s too late. So, if you’re currently waiting for the perfect time to start an investment, it would be today. Open your calendar and block out 2 to 3 hours to choose how you’ll invest for retirement.

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A quick way to get a snapshot of where you stand is to use Personal Capital. Input all your personal information and spend some time setting your retirement goals. Once completed, you’ll know where you stand with your retirement.

Having a savings account for retirement isn’t planning for retirement. Why? Your money loses value when you factor in US inflation.[2]

3. Evaluate Your Risk Tolerance to Create the Perfect Portfolio

Investing your money well depends on your emotions.

Why?

Because when the market drops most people panic and withdraw their money. On average, the US stock market yields an annual 6% to 7% ROI (return on your investment.) But, this won’t happen if you’re worried about short-term loses.

Before you invest your next dollar, know your risk tolerance.[3] Your risk tolerance determines the number of risky and safe investments you’d have.

Regardless of your investing style, you need to view investing for retirement as a long term game. Know that some years you’ll lose money but recoup this in the long-term.

Avoid watching market-related new. Also, create a double authentication to log in your investment account. This way you’re less likely to withdraw your money.

4. Open a Reliable Retirement Account

Depending on your circumstance, you may need to open a new brokerage account. This is the account is where you’ll invest your money.

If you’re currently working for a company, odds are that they offer a 410K investing account. If so, here’s where you’ll invest most of your money. The only problem with this is that you’re limited to the stock options that are available.

You do have the option to open a separate IRA (individual retirement account.) Here are some of the best brokers:

  1. Vanguard
  2. TD Ameritrade
  3. Charles Schwab

5. Challenge Yourself to Invest Consistently

Committing to invest for retirement is hard, but continuing to do so is harder.

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Once you’ve started investment for your retirement, you run at risk from stopping. Often you’ll want to contribute less, so you’d have more money in your pocket.

That’s why it’s important that you create a budget that allows you to invest each month. If you’re working for a company, you can set a percentage for the amount you’d like to contribute each month. Most people by default contribute 1% but aim to contribute 10% to 15%.

Be the judge for how much you can afford to contribute after covering important expenses. To stay motivated, use Personal Capital to view your net worth.

A benefit to contributing money to your retirement account is not taxed. For example, if you earn $100 and invest 10%, you’d contribute $10, then get taxed on the remaining $90. As of 2019, the most you’re able to contribute towards your 401K is 19K but this can change.

6. Consider Where to Invest Your Money

The most common way to invest your money is in stocks, but it’s not the only way. Here are other ways to invest:

Robo Advisors

Robo-advisors[4] are fancy algorithms that’ll choose the best investments for you. Sites like Wealthfront make it easy for first-time investors to invest their money. You’d input information about yourself and set your risk tolerance.

Then, set your monthly contribution amount and your robo-advisor would do the rest. Robo-advisors charge a fee to manage your money, but less than regular advisors.

Bonds

Think of bonds as “IOUs” to whomever you buy them from.

Essentially, you’re lending money and charging interest. Like stocks, not all bonds are equal. Some will be riskier than others depending on their rating.

Here are the different types of bond categories:[5]

  1. Treasury bonds
  2. Government bonds
  3. Corporate bonds
  4. Foreign bonds
  5. Mortgage-backed bonds
  6. Municipal bonds

Mutual Funds

Picture a group of people dumping all their money in a jar that’s managed by a professional. This is how mutual funds work. The fund manager manages the money looking to earn capital gains (interest.)

One of the best types of mutual funds is index funds. Since these funds don’t try to beat the market and instead follow it, they need less research. Because of this they often charge the lowest fees and yield the best long-term results.

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Real Estate

Yes, buying a home is an investment when done correctly.

Imagine buying a home and using it as a rental property. After repairing it, you receive a monthly surplus check of $100 to $200.

This may not sound like a lot, but repeat this process enough times and you’d earn a large amount of passive income. That’s why real estate is one of the best investments to not only retire but become wealthy.

But, it requires a lot of money to start and you should expect losing money along the way as you learn the process.

Savings Accounts

Your money can still grow in a savings account. Nowadays most online banks offer a 2% annual return. Although the average inflation is higher your money will be available when you need it.

7. Master Disincline to Dodge Short Success

Investing for retirement is a long-term strategy. That’s why you need to master delayed gratification. All this means is delaying short-term pleasure for something bigger in the future. Research shows that those who have delayed gratification are more successful.[6]

So how can you master delayed gratification?

By building your discipline.

Think back to what retirement means to you. A clear purpose will help you avoid withdrawing your money during a market downturn. It’ll help you contribute more towards retirement when you’d want to waste it instead.

Your journey towards retirement will be long, so reward yourself along the way. Choose a reward that’s relevant and meaningful, so that you reinforce positive behavior. For example, after contributing more towards retirement, treat yourself to dinner.

8. Aggressively Invest on This One Investment

I’ve mentioned several types of investments but haven’t covered the most important one.

It sounds cliche but here’s why you’re your best investment towards retirement. The more you know, the more money you’ll be able to make. The more good habits you adopt, the more secure your retirement will be.

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More importantly, investing in yourself is an investment that no one can take away. There’s no market downturn nor tragic circumstance that’ll wipe your knowledge and experience.

But, how can you invest yourself?

Reading books, blogs, and anything that’ll help you learn new topics daily. Listen to podcasts and audiobooks on your commute to/from work.

Save money to buy courses and hire coaches. I used to believe hiring coaches was a waste of money when I could learn the subject alone.

But, coaches see your blind spots and hold you accountable. Hiring the right coach will help you achieve your goals faster than you would’ve alone.

Retire Happy with Excess Money

The key to a secure financial future doesn’t only belong to financial experts.

It’s possible for you and I. What if you were able to retire earlier than most people and weren’t a financial planner? What if you were able to focus on what you enjoy doing the most while your money was working hard for you?

I know this sounds impossible now, but the truth is you’re capable of taking charge of your retirement. I’m not a financial expert but I’ve learned how to invest my money by reading books and learning from others.

Investing your money is scary. So start small and invest a small amount of your money with a robo-advisor. Feel your money drop and rise for a month or two. Then, invest more and keep this up until you’re aggressively saving for retirement.

One day, you’ll wake up with a net worth you’re proud of – confident about your retirement. You now know a few strategies you can use to invest in your retirement. Will you take action to retire happy?

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Featured photo credit: Matthew Bennett via unsplash.com

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