How to set a travel budget during retirement
Travelling in retirement can be an exciting and luring prospect for many. Taking the long exploration trips you’ve always dreamed about, visiting family and friends you may not have had the pleasure of seeing during your working years and trotting the globe are some of the endless options when your golden years are on the horizon.
But before you map out your trip schedule, taking a close look at your travel budget is essential and setting an overall cost from beforehand is crucial for your financial plan.
Here are three strategies to implement when mapping out a plan for travelling on a budget and making your retirement dollars go as far as they can.
1. Think through travel destinations
There might be several states and countries you’ve been wanting to visit, and it can be helpful to write down a list and figure out which ones you’d prefer to see first. Research the destinations online and get that travel bug under control so you can think realistically before you set off.
Talking to others in the full phase of their golden years to hear what trips they have taken is recommended. While you may want to tour new places, you also most likely want to give a little extra TLC to your children or grandchildren who don’t live in your area. Look at upcoming graduations, weddings, reunions and other special events you don’t want to miss and set it on your calendar if they require travel.
2. What is the total cost?
You’re starting to get an idea of where you want to go, and now is the time to start checking prices and figuring out the cost of the places you want to see.
If you’re planning a trip to somewhere you’ve never been before, try to figure out as many details as possible to get a good understanding of costs. Thinking through everything you want to do each day of your trip is essential so write it down and then figure out the cost of every single thing.
Doing so helps you avoid overlooking the expenses you might not have considered, such as a taxi ride from the airport or tickets to a museum.
To make your trips a little easier on your pockets, take advantage of your flexibility in retirement and consider looking for destinations in “off seasons.”
Scheduling a trip during the off seasons can lead to cheaper airline and hotel fares, as well as cost saving excursions.
3. Know that preferences change
What may have been an alluring place to travel for a week or two may not be something you are interested in anymore. Not only do travel budgets change over time, but so do your preferences regarding destination spots or certain trips. Some years you may want to travel and others you may want to be close to ageing relatives. Keep in mind that plans can change, and your retirement is flexible. Take your time in considering and re-establishing how you want to spend your golden years.
What are some of your travel budgeting tips in retirement?