With the summer holiday season upon us, travelers pinched by rising costs are looking for ways to cut vacation expenses. Leaders in the travel and finance industries stress tangible strategies. Doing so ensures that these strategies keep holidaymakers within their budgets and maximize their enjoyment during their trips. For expert advice on timing and booking your flight, read tips from industry leaders Nicky Kelvin, editor at The Points Guy, and Alastair Douglas, chief executive at TotallyMoney. At the same time, ABTA spokesperson Sean Tipton gives essential advice on currency exchanges.
Together, July and August are usually the most popular summer vacation months as families head in droves to favorite places. Travelers will be pleased to discover that reserving their journeys for the month of June or September can result in considerable savings. “It is generally a good idea to book it as early as you can,” advises Sean Tipton. Understandably, no one wants to pay inflated last-minute prices. Don’t get left out—make your reservations before the waiting lists begin!
Tipton is particularly keen on the labeling as an advantage the use of mid-week travel. “I don’t particularly like getting up at 3am for a 6am flight and I’m not alone in that so those flights will be consequently cheaper,” he notes. Using this knowledge, budget-minded travelers can be directed to pick flights that tend to be cheaper as a result of lack of demand.
Foreign currency exchange rates are another important consideration when making holiday budgeting decisions. Alastair Douglas warns against changing money at airports, noting that “Airports are normally the most expensive places to change cash.” Rather than complaining about the fees, he encourages travelers to always pay in local currency when they can. His favored approach is one of “hedging bets.” This means you agree to buy half of your funds today and wait to buy the second half of your funds later, closer to your departure date. As a result, their model can better avoid swings in exchange rate values.
Travelers must take into account these secret surcharges when traveling by air. Nicky Kelvin points out that some airlines impose hefty charges for printing boarding passes at the airport. “Some airlines can charge a lot of money just to print out at the airport,” he warns, encouraging passengers to check in online and print their passes beforehand.
Travellers stand to gain from the actions of package holiday operators who usually mark down unsold hotel room inventory as the date of travel gets closer. Tipton states, “They’ll discount it just to make sure they get something for it,” suggesting that last-minute deals can be an excellent option for flexible travelers.
Among alternative accommodation options, house swaps have become increasingly popular among travelers on tight budgets. Justine Palefsky, co-founder and chief executive of Kindred, explains that while this option may incur service and cleaning fees, it provides unique opportunities for those willing to exchange homes with fellow travelers.
Jane Hawkes, a consumer expert in travel, warns against being tempted by online ads for cut-price trips. Among the risks she cautions about is that scammers often use social media to target unsuspecting travelers with come-on offers. “People need to be wary of social media ads at this time of year, advertising cheap holidays because scammers do tend to use those portals to show you images of a wonderful location,” she cautions. She shares stories of people who have lost money sending bank transfers for rental properties that didn’t exist.