Life and Religion
|Budget for your retirement travel|
|Make a plan for going abroad|
|Published Wednesday, September 26, 2018 1:00 pm|
For many people, the dream of traveling in retirement is strong.
You may want to plan trips to see your adult kids and grandkids a few times per year, and you likewise may have bucket list trips in mind. Because you do not have a job to rush back home to, retirement is an excellent time of life to travel more. However, some people may not properly budget for their trips. This inevitably means that trips simply do not happen or that financial stress makes them less enjoyable. Learning how to budget properly for your trips is essential if you want to enjoy them fully.
Add travel expenses to budget
The first step to planning for trips is to properly fund them. One of the easiest ways to accomplish this is to incorporate traveling expenses into your regular budget. Many retirees create an annual budget, and they break this down into a monthly budget. Even when retirees incorporate a line item for traveling expenses into their budget, they often fail to budget enough money for these experiences. Depending on your plans for various trips, a single trip may easily cost you several thousand dollars or more. If you plan to travel at least a few times per year, your budget will need to be adjusted accordingly.
Prioritize your trips
If you are like most retirees, you may have a lengthy list of desirable amazing destinations. However, these you may only be able to visit a few destinations each year.
You may want to prioritize the trips that you want to take so that you can cross those off of your list first. Remember to factor in costs for your trips to visit family with your recreational trips. Determine which trips that you want or need to take each year. This is essential if you want to properly allocate funds in your budget for all of your planned trips.
The expenses for each of your planned trips could vary substantially. For example, you may have plans to drive to a few national parks and to take a trip to Europe a few months later. The Europe trip may be much more expensive. With both types of trips, you may need to essentially create a detailed itinerary. Research accurate costs for each aspect of your trip so that your budget is realistic. Remember to factor funds for food and gas.
Look for savings
Remember, seniors often qualify for special savings at restaurants, theaters, stores, hotels and more. When you begin planning each of your trips seriously, spend time analyzing all discounts available. Look for alternatives, such as staying at a different hotel that may offer a senior discount. Take advantage of senior discounts, but be aware that other discounts and savings may also be available. For example, you can travel during a non-peak season to likely save a substantial amount of money. You can buy plane tickets on non-peak days or in the very early or very late hours of the day. These are only some of the many ways that you can potentially save hundreds or thousands of dollars on your trips.
Traveling may be one of your primary goals in retirement, but your dreams of taking amazing trips may not happen if you do not have money available.
As you can see, you should work on budgeting properly for them in various ways in order to have funds available for your trips. You can get started today by adjusting your budget and researching desirable destinations that you want to visit within the next year. By doing this, you can get the wheels in motion for taking exciting trips to amazing locations.
Joyce Palmer is CEO of JP Financial LLC in Charlotte. Telephone: (704) 543-6269.
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