5 WAYS RICH PEOPLE SAVE THEIR MONEY ON TRAVEL EXPENSES

You’ve likely seen their amazing escapades all over social media: trips to far-off places, stays at luxurious hotels and gorgeous reels documenting their every move. There’s no doubt that the rich live it up with their travels — but according to experts, you can also take advantage of their money-saving strategies.

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“I help very wealthy people plan their travel, and I see a pattern emerging in the types of tips they use to save money,” said Kevin Huffman, personal financial expert and owner of Kriminil Trading. “While they have a bigger budget than most, many of their techniques can be scaled down — sometimes way down — to most budgets.”

Here are some ways the wealthy save money on their travel expenses that you can learn from.

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Luxury Needn’t Equal Costly

“Often, wealthy travelers seek memorable experiences over mere monetary expenditure,” said Huffman.

Instead of booking a large chain hotel, he said they might opt for a boutique, which is often quirkier, cheaper and more memorable.

“Instead of patronizing a massive tourist destination, they go out of their way to find local restaurants and cultural events,” he added.

He said this mindset of value over name brands is scalable for any budget. “Look for quaint local accommodations, and discover mini-moments of culinary enlightenment.”

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Go Off-Season

According to Huffman, rich people know the value of timing.

“They often travel in the shoulder seasons — between peak and off-season — or in the off-season itself,” he said. “They can get flights and accommodation for a fraction of the price, plus the crowds at popular tourist spots are few and far between.”

He said the same strategy applies to budget travelers. “Find out which months constitute the ‘shoulder season’ for the places you want to travel to, and consider visiting places that are known for their off-season appeal.”

Rhett Stubbendeck, CEO and founder of Leverage Planning, advised the same. “Buying tickets during off-peak seasons is another trick that works wonders.”

“It’s not just about cheaper flights and hotels; it’s about enjoying your destination without the crowds,” he said. “At [my company], we always encourage timing your purchases wisely to make the most of your money.”

Use Credit Card Rewards to Your Advantage

“Many well-off individuals use travel rewards credit cards strategically to earn points and miles that can be used to reduce the overall price of travel, including flights, hotel stays and car rentals,” said Huffman. “You may not have access to all the rewards programs mentioned, but choose a travel-related credit card, as long as it matches your spending habits.”

He added, “Any rewards program, even small ones, will add up over time and save you money on future trips.”

Stubbendeck agreed and noted, “While the rich often use cards that give them access to fancy airport lounges, I’ve found great value in less expensive cards that offer similar benefits. They help me save on meals and provide a quiet place to relax before flights.”

Opt for Vacation Rentals Over Pricey Hotels

“I also swear by vacation rentals over expensive hotels,” said Stubbendeck. “Services like Airbnb have helped me discover unique and affordable accommodations worldwide.”

He said this approach isn’t just cost-effective, but it lets you live like a local, which can be a lot more fun.

Sign Up for Frequent Flier and Other Travel Rewards Programs

One thing wealthy travelers will all have done is sign up for their preferred airline’s frequent flier program. These rewards programs are usually free and don’t cost travelers a dime.

If you think it’s not worth it because you don’t travel frequently, that’s a misconception. On some airlines, simply by being a member, you will be the first to find out about travel deals and incentives. Hotel chains also will have rewards programs that are free to join and can earn you free stays and complimentary upgrades, as well as discounts on rental cars.

Being part of any travel rewards program is a no-brainer, according to experts. Once you are a member, you may find yourself traveling more often because of the miles you are racking up and the discounts you are receiving simply by signing up.

Wealthy people don’t pay less to travel, but they also know how to work the system to get the perks and the upgrades while keeping more of their money in their pockets.  

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This article originally appeared on GOBankingRates.com: 5 Ways Rich People Save Their Money on Travel Expenses

2024-04-29T17:29:54Z dg43tfdfdgfd