Advertising
Advertising

7 Easy Ways To Save Money On Holiday Season Travel

7 Easy Ways To Save Money On Holiday Season Travel

You’ve picked out the gifts. You’ve decorated the house. You’ve selected a tree. Now, you have to figure out how to pay for those pricey visits to friends and family this holiday season. With gas prices sky-high and flights that aren’t much better, it’s difficult to find ways to travel on a budget no matter how much traveling broadens your horizons. However, by implementing the seven tips below, you can definitely save hundreds of dollars during the upcoming holiday months and even enjoy yourself in the process.

Stay With Family

It seems like a simple way to save money, but sometimes staying with family is more complicated than it seems. First, you don’t want to infringe on anyone’s privacy and secondly, there might be other relatives vying for the same space. To avoid the confusion and any awkward moments, be sure to talk to your family members way ahead of time to see how long they would be comfortable with you staying. Offer to make them a nice meal or take them out to dinner. Trust me, they will greatly appreciate the gesture and you will still save a significant amount of money since a meal out costs much less than 5 nights in a hotel room.

Advertising

Do Research On Airline Fees

If you are traveling by plane, be sure to do your research ahead of time. It seems that many airlines change their policies on how much free luggage you are allowed at the drop of a hat. These fees can sometimes be so high, you could have upgraded to first class for less! Avoiding these fees often means less luggage, which means you might have to ship gifts ahead of time. This tip will also help you to keep stress levels down in the airport since won’t be getting any unexpected financial “surprises.”

Bum A Ride

Taking a taxi to the airport or leaving your car parked there for a few days are both expensive ventures. Instead, ask a friend to drop you off and pick you up at the airport. You can always return the favor to them the next time they take their family to the beach or go on a business trip. It’s an easy way to save a few hundred dollars. Plus, you know your car is safely at home and won’t get bumped in the tight airport parking lot!

Advertising

Research Alternative Methods of Travel

Depending on where you live, it can be much less expensive and much more fun to travel by train. Your kids will love it, and you can enjoy the scenery as you go. Of course, this won’t work for everyone but it’s always worth it to research it and find out. If you’re a stickler for time management when you travel and making the most of the journey, this might actually work out the best for you. You’ll have built in quality time with your family and won’t waste precious hours waiting in long security lines at the airport.

Plan Your Meals

When most of us travel, we should expect the inevitable delays. Weather problems, technical difficulties on planes, and traffic jams are all common occurrences during the holiday months. So, keeping that in mind, it would be best to always pack a snack like popcorn or pretzels to keep with you at all times. This way, you won’t be tempted to run to the nearest fast food restaurant or convenience store to spend money needlessly, which keeps your wallet and your body healthy all at the same time.

Advertising

Be Flexible

Many of the best holiday travel deals come when you are flexible with your schedule. This may include taking red eye flights or having long layovers. This also might include staying in a two or three star hotel instead of a four or five star one, especially if you are just staying one night. Many people find that traveling on the actual holiday, like Christmas Day, gives them much cheaper tickets than flying the day before or after. So, definitely keep your schedule open, and you’ll reap the rewards. A good free tool to use to search prices is Google’s matrix airfare search (Note: You can’t buy tickets using this tool but it will find the prices and availability and give you the codes that booking agents need to buy the ticket for you)

Use Social Media

Many people think that the only way to get a good deal on hotels or travel is to plan ahead and use travel websites for the best rates. This works well most of the time, but remember that the holidays are often plagued with extra expenses. Be sure to tweet your hotel or Facebook them ahead of time to let them know you are excited about coming. You never know when they’ll comp you a free breakfast or upgrade your room for being involved and spreading the word about their company.

Advertising

I know that many other people also have great tips on saving big bucks on holiday travel, so please leave all of your best suggestions in the comment section below.

Featured photo credit:  Pretty young woman hitchhiking along a road via Shutterstock

More by this author

Catherine Alford

Catherine is the go to personal finance expert for educated, aspirational moms who want to recapture their life passions.

11 Reasons Why It’s Important to Follow Your Dreams How to Make Money Right Now How to Have a Successful Garage Sale 30 Money Questions to Ask Your Fiance BEFORE Marriage 42 Amazingly Free Things That Will Make You Smile

Trending in Money

1 How To Pay Off Credit Card Debt Fast: 7 Powerful Tips 2 How To Make a Million Dollars in 7 Steps 3 7 Cheap but Powerful Products That Can Help Your Waste Less Food and Save Money 4 How To Retire Early (And What To Consider Before You Do) 5 How To Create a Budget (The Complete Beginners’ Guide)

Read Next

Advertising
Advertising
Advertising

Published on January 8, 2021

How To Pay Off Credit Card Debt Fast: 7 Powerful Tips

How To Pay Off Credit Card Debt Fast: 7 Powerful Tips

Ever wondered whether your credit card debt is the reason you’re in a bad financial situation? You can’t enjoy any fun activities because a good chunk of your money goes toward debt payment. Heck, you’re even behind on some of your monthly bills.

The effects of clumsy debt management are too many to list here. This guide is going to help you discover how to pay off credit card debt fast and start chasing your financial goals.

Debt problems are the last thing anyone wants to encounter. But things can get out of hand when all the “little debts” you take accumulate in interests.

What if you knew some simple and proven ways to be debt-free quickly? Implementing them would mean better financial health for you. It becomes possible to free up cash for your “wants.” These include taking a trip or buying something you’ve always desired. All that while paying your bills on time!

Let’s not wait any longer. Here are 7 powerful tips for paying off credit card debt fast:

1. Pay More Than the Minimum Credit Card Payments

Many people only pay the monthly minimum on their credit cards. Truly, that’s the right amount for staying on good terms with your credit card company. But you need a different approach if you’re looking to achieve financial independence within a short time.[1]

Most of your payments go toward interest costs when you only pay the minimum amount. A substantial sum of your balance remains standing. As a result, it becomes more expensive to eliminate your debts.

Advertising

You don’t want to wait more than 10 years to get rid of debt while it’s possible to do it sooner. All you have to do is double that $100 minimum payment to $200 or go higher.

The good thing is that minimum credit card payments are affordable in most cases. By paying a higher amount, you reduce your interest costs, lessen your borrowing period, and boost your credit score.

2. Start With High-Interest Credit Card Debt

If you have more than one credit card debt, prioritize putting the extra money toward the ones with the highest interests. This debt pay-off strategy, known as the debt avalanche method, is essential for being debt-free quickly.[2]

First, you need to list down all the credit card debts you have in the order of their interest rates. Next, you choose the one with the highest interest and pay a significant amount toward it each month. It can be an amount twice or even thrice larger than the minimum payment.

At the same time, you make monthly minimum payments on the other debts. Their interest charges won’t be as costly as that of the first debt on your list. You only move on to the next high-interest debt after the first one is gone. Remember that your focus is on the interest rates and not the balances.

3. Revisit Your Budget

Budgeting is useful for tracking your financial moves. Once you create a budget, some tweaks along the way can make it work for you better. One situation that requires you to revisit your budget is when you’re struggling with debts. It might hurt a bit to slash some expenses. But you also don’t want to miss out on achieving financial freedom in the long run.

You can reduce some variable expenses to free up more cash for credit card debt payments. They’re the ones that change from time to time. Some examples are groceries, fuel, and clothing.

Advertising

Other opportunities for cutting down your spending lie in non-essential expenses. Instead of dining out all the time, you can cook at home more to save money. You can also share some subscriptions with friends and pay a fraction of the cost.

If you’re determined enough, you can eliminate all your unnecessary expenses and focus on paying off your credit card debt first.

4. Avoid Using Your Credit Cards

Do you want to know how to pay off credit card debt with a low income? One simple way is to stop using them. Having your credit cards everywhere you go means that you’ll be more tempted to buy unnecessary stuff. In this case, you spend money that you don’t really own and get deeper into debt.

The quickest fix to stop the debt build-up is spending with cash. You’ll be more aware of everything you can afford at any particular time. If you decide to keep one or two cards to ease the transition, always make wise choices. For instance, only use them when experiencing financial difficulties.

It’s best to categorize your fun activities under “discretionary spending” in your budget. This way, you won’t need more debt to kill your boredom. By halting your credit debt from accumulating, it’s easy to pay down what you already owe and be happy with the progress.

5. Start a Side Hustle to Boost Your Income

You’re probably turning away a lot of money by not monetizing your skills. Everyone has something that they’re good at doing. And you can use that to generate extra income for attacking your credit card debt.

If you look around your neighborhood, you can find several side hustle opportunities. It can be pet sitting, tutoring, or lawn mowing. You can start an online business by offering services such as digital marketing, content creation, and web development. Such skills go in high demand on freelance sites and job boards.

Advertising

Finding clients on social media is also a good strategy to utilize your skills and make more money. Facebook groups, Quora Spaces, and subreddits are some places to look for side jobs. You only have to join a niche-specific platform, share your services, and respond to any opportunities.

It’s possible to learn a skill, practice it, and earn from it. Use the free resources online or purchase some e-courses to get started.

6. Sell Your Used Items for Extra Cash

Starting a side hustle isn’t the only way to generate extra money. You can turn unwanted items into cash for paying off credit card debt. Whether it’s an old TV, book, or furniture, there is always someone itching to buy your used stuff.

A garage sale, as much as it’s old-fashioned, is perfect for getting your neighbors and passers-by to buy from you. You keep all the money because there are no business permits or taxes involved. While you may not make much cash, it’s better than leaving your stuff to go defunct in your storage.

Other than that, you can sell your used stuff on online marketplaces. Facebook groups are great places to start if you want quick approvals and hence sales. You only have to ensure that your listing follows Facebook’s commerce policies.

When selling any pre-owned items online, ensure they’re in good shape to avoid problems with your buyers.

7. Know When to Seek Help With Your Debt

Asking for help with your credit card debt can be challenging to do. But letting it drown you is a road you don’t want to take. While you may feel embarrassed at first, it’s the best way to get back on track when you run out of options.

Advertising

There are tons of non-profit credit counseling organizations that can offer you free guidance on how to escape the debt trap. An example is The National Foundation for Credit Counseling. They simply review your finances and help you determine the source of your financial problems. After that, they match you with an actionable debt management solution.[3]

In extreme cases, the debt solution can be:

  • Debt relief – where your debt is partially or wholly forgiven
  • Debt consolidation – taking out one loan to repay others
  • Debt settlement – the creditor forgives a significant portion of your debt
  • Bankruptcy – legal process for seeking relief from some or all your debts

It’s necessary to carefully weigh your options before deciding on the way to go. Find out how it might affect your credit score and any other risks.

Wrapping It Up

Debt is a major setback when you’re trying to prosper in life. Paying off credit card debt is essential if you want to reach your financial goals. That means having more free income, a good credit card score, and even a chance to retire early. You become more productive each day because of the peace in your mind.

So, you now have some tips on how to pay off credit fast. Go ahead and get rid of that good life progress killer!

More Tips on How to Pay Off Debt

Featured photo credit: rupixen.com via unsplash.com

Reference

Read Next