I had a one on one client in my office the other day, and she was ecstatic with how much money she has already made with Airbnb. Within the first month, she made over $400! The main reason she was so enthused with the amount was she booked a trip without realizing how she was going to pay for it. She always defaulted to using her credit card and figuring out how to pay the balance off later. You might be guilty of this as well, let’s just put the purchase on my AmEx and pay it off later…right? Luckily, she’s been working with me for the past 6 months and now knows that this concept is not the solution. She’s gotten away from this bad credit card habit, and knowing the many evils associated with the credit cards, she has now found a way to help pay for her trip.
And lucky for you, both her trip and strategy for paying for the trip, got me thinking about the number one goal I’ve seen among retirees: TRAVEL! 50% of the people I meet with, who are with coming up to retirement, say they want to travel in retirement and the other 50% say they NEED to travel in retirement. It seems to be on most pre-retirees minds, and they usually have their first trip already planned out. So I did a little research for you, and found some budget friendly travel tips to share. Some might not work for you, but if you are desperate enough to travel, then they are definitely worth thinking about. So keep an open mind!
My Top 5 Cost Effective Travel Tips:
There seems to be a rising trend of spending more and more on travel for retirees. Overseas Adventure Travel has found trips for people over the age of 50 has grown by 67% in a decade. Most people I speak with explain they didn’t have the time to travel or to really enjoy vacations while they were working. They feel retirement is their time to do the things they’ve been putting off for the past few decades. And while I can understand this, it is also important to remember your retirement plan and not to spend it all on a few trips. You are going to be retired for a long time, and need to make sure you stay within the realm of reality with your travel spending. Before you start booking all your trips, think about the following questions:
Jessica Weaver, CFP®, CDFA™, CFS®
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