You can use your travel budget to make some cash, but that doesn’t mean you need to buy a bunch of stuff, experts say.
Here are five things you can do to maximize your travel cash.
Use your travel money wisely.
As your travel budgets grow, so will your travel expenses.
The more you spend on travel, the more you’ll save.
If you spend $10,000 on a trip this year, you’ll get $1,500 back from your travel expense, according to travel guide company Travelocity.
“If you have a lot of money, it’s tempting to spend it on the things that will make your trip more enjoyable,” says travel guide blogger Ryan Bowerman.
“But, in the end, your travel costs should be the same as if you had just stayed home for two weeks.”
If you don’t have a budget to back up your spending, you should be able to get a good idea of how much you’ll be able spend each month by looking at your spending habits over the past three months, says travel budgeting expert and editor of the website TripAdvisor, Dan Schumacher.
Choose the right travel dates.
“The best time to travel is before you plan to get on a plane, so make sure you’re booking flights and hotels before you get on the plane,” says Ryan Bowersman, a travel writer for travel guides and blogs.
“Don’t be afraid to save money by booking travel in advance if you don´t have the cash.”
Pay off your debt.
When you travel, your credit card bills are going to rise.
You should consider getting a credit card to reduce your overall debt load.
A $10 credit card can reduce your credit score by about 60 points, according a recent study.
But if you can’t afford to pay off your credit cards, there are ways to save a few bucks by getting a lower interest rate on your credit and reducing the amount of debt you owe.
“It’s not a great idea to put all of your credit on the credit card,” says Schumaker.
Find a balance.
“I think that spending a lot on things that you’re not really passionate about, that are a way to be part of something that you really care about, like yoga, will pay off in the long run,” says Bowermen.
“You can put that money toward a trip or a holiday, and then you can just use it to pay for that holiday, which will pay back that investment.”
Consider how much time you can save by staying home.
“There are some amazing things that are happening right now that could save you time and money, and the more time you have to spend doing something that’s actually worthwhile,” says the travel blog author.
“And I think that the time you spend with family, with friends, and having fun can be one of the most productive things that a person can do.”
Check out our list of 10 tips to help you save time and cash.
What are your tips to get the most out of your money?