A long time ago, in a galaxy far, far away, there were open borders, smiling faces, and airports without stormtroopers. People enjoyed the sensation of impulse traveling to distant lands, fearlessly prepared for unlimited exploration and new social interaction. We lost that in 2020.
Travel was mostly grounded, and we traded in our flashy Instagram photos and cute nomadic outfits for sweatpants and anything resembling Anthony Bourdain: Parts Unknown. (Remember that Zac Efron show on Netflix early in quarantine? That was fun.)
But it’s almost time to turn the page. As the winds of science blow away the last vestiges of a global plague, Americans and others around the world are preparing to resume their wandering ways. That once-forbidden fruit is now there for the taking. Are you itching to travel?
There’s a funny side effect to self-denial. Once removed, it often turns into gluttony. Impulse traveling is becoming a thing again, and it’s a debt trap. Sure, we all want to jump on a plane and fly away from our pandemic-imposed prisons. But that doesn’t mean we should.
Pause, prioritize, and plan before booking your trip
We’d call this “PPP,” but Uncle Sam already claimed that acronym for the Small Business Administration (SBA) Paycheck Protection Program loans. If you are feeling an irrational—or maybe totally rational?—desire to travel right now, pause for a moment. Do you really need to go to Fiji tomorrow morning? We all want to, but it’s not a priority. Maybe save that getaway for another time.
I mean, yes—a round-trip to Hawaii is the same price as that wedding you need to go to in Minneapolis. But Minneapolis is still a destination. Yeah, it’s like scratching a bad itch with the back of your hand so you get no real relief, but it’s something. Plus, you don’t want to lose any more friends than you have already in the past year.
The key to affordable travel is planning. Exotic vacations are great. Set one up for next year and budget for it. A trip to a warm coastal state closer to home will be a lot cheaper, and it won’t be an 11-hour flight. Depending on where you are, you might even be able to drive.
Prioritize your destination wish list and do some airfare and hotel shopping. There are plenty of sites and tools that can help you plan and get the best rates. Definitely track flights well in advance so you can get the most convenient flight time and the most affordable price. If your trip is for business, use a rewards credit card so you can have some points to pay for the pleasure trip later. (We won’t tell your boss.)
Tips for saving money while traveling
The best tip is to buy travel insurance. If 2020 taught us anything, it’s that nothing in life is a certainty, and you can never rely on airlines or hotels to do the right thing. Protect airfare and hotel bookings by making sure there’s an ironclad refund policy if you can’t make it. There’s usually a cancellation window. Find out what it is and mark it on your calendar.
Booking far in advance will usually save you a few dollars, but that may not be the case this year. Last-minute flights are cheap because they are half empty—even to Fiji or Hawaii—so you can satisfy that wanderlust urge for less. Fares will go up as demand increases.
If you’re flying to a foreign country, check currency exchange rates (and maybe make sure you’re vaccinated?). Keep in mind that exchange rates change frequently, so leave some wiggle room in your budget. Pay for accommodations and travel packages in advance to avoid inflation. Prices will likely be higher in six months.
If you want to save on interest, consider taking out a personal loan. A personal loan will have lower interest rates than your credit card, so you’ll be able to save while paying off your trip. We use the term “save” loosely here, but some expenses—like a much-needed change of scenery—are well worth it.
By Kevin Flynn
Kevin D. Flynn is a former fintech coach and financial services professional. When not on the golf course, he can be found traveling with his wife or spending time with their eight wonderful grandchildren and two cats.
Pinstripe Magazine Staff
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