How to Save Money on Travel

August 14, 2024
Traveling is one of life's greatest pleasures, but it can also be a significant expense. At Purposeful Money, we believe you can see the world without breaking the bank. Here are some practical tips to help you save money on your next adventure.

Pack Light

Packing light not only saves you from checked bag fees but also makes your journey more convenient and cost-effective. A light suitcase or backpack allows you to navigate public transit easily, avoiding expensive taxi rides.

Tips for Packing Light:
  • Choose versatile clothing: Bring clothes that can be easily washed and dried, and that you can mix and match.
  • Limit shoes: Stick to basic shoes that go with multiple outfits to save space.
  • Souvenir control: With limited luggage space, you'll be less tempted to buy unnecessary souvenirs.
Use Flight Search Aggregators and Deal Websites

Flight search aggregators like Google Flights or Momondo compile a list of flights that match your itinerary, helping you find the best deals. Additionally, subscribing to flight deal websites can alert you to significant discounts.

Popular Flight Deal Websites:
  • The Flight Deal
  • Secret Flying
  • Travel Pirates
  • Scott’s Cheap Flights
You can also find social media accounts that post regular flight deals by searching for “[Your Preferred Airport] flight deals on social media.”

Shop at Local Grocery Stores

Exploring local markets is a fantastic way to save money and experience the local culture. Buying groceries instead of eating out for every meal can significantly cut down your expenses.

Benefits of Local Shopping:
  • Cultural Experience: Discover unique foods and local delicacies.
  • Cost Savings: Avoid overpriced hotel cafes and restaurants.
Pack Snacks

If you can’t access a local market, packing snacks from home is a great alternative. Choose protein-rich snacks like jerky and protein bars, which are filling and don’t take up much space.

Hydration Tip:
  • Bring a portable, collapsible water bottle to avoid the cost of bottled water and stay hydrated on the go.
Book Hotel Rooms on Points

Using hotel points instead of cash can save you a lot of money. Many loyalty programs offer additional benefits when booking with points, such as waived resort fees or extra discounts for longer stays.

Hotel Loyalty Programs to Consider:
  • Hilton Honors
  • World of Hyatt
  • Marriott Bonvoy
Travel During Offseason or Shoulder Season

Traveling outside of peak seasons can save you money on flights and accommodations. Plus, you'll enjoy a less crowded and more relaxed experience.

Offseason Benefits:
  • Lower Prices: Flights and hotels are often cheaper.
  • Fewer Crowds: Enjoy popular destinations without the hustle and bustle.
By implementing these tips, you can make your travel dreams a reality without overspending. For more practical advice and tips, follow Purposeful Money on social media. Happy travels!

Follow and Like Our Social Media Accounts: Stay updated with the latest financial tips and travel hacks by following us on our social media channels.

How Grandparents Can Save for Their Grandchildren's Education

October 8, 2024
As grandparents, you want to do everything you can to set your grandchildren up for success. One fantastic way to contribute to their future is by helping with their education costs. But how can you do this effectively? One of the best options is opening a 529 college savings plan. A 529 plan is a special investment account designed for education expenses. The contributions grow tax-deferred, and when used for qualified educational costs, withdrawals are tax-free. Here are some key expenses you can cover with a 529 plan: Tuition and fees Books and computers Room and board K-12 tuition Student loan repayments Special needs equipment for college students One of the best features of a 529 plan is its flexibility. You can transfer the plan to another family member if the original beneficiary doesn’t need it. For grandparents looking to support their grandchildren, this flexibility provides peace of mind. Why Grandparents Should Start Early The earlier you start, the more time your contributions have to grow. Even small contributions can make a big impact over time. If you start contributing when your grandchild is born, the power of compound interest will work in your favor, potentially growing into a substantial fund by the time they head to college. The FAFSA Loophole for Grandparents Previously, contributions from a grandparent-owned 529 plan could negatively affect a student’s financial aid eligibility. The new FAFSA, launching in December 2023, changes this. Grandparent contributions will no longer count against the student’s financial aid package, making it an even more attractive option for helping your grandchild. New Benefits of 529 Plans Beginning in 2024, thanks to the SECURE 2.0 Act, you can roll over unused 529 funds into a Roth IRA for the beneficiary without penalties. This is a fantastic option if your grandchild doesn’t need all the funds for education. Just keep in mind that the 529 account must be open for 15 years before you can take advantage of this rollover feature. How Friends and Family Can Help Consider encouraging other family members or friends to contribute to the 529 plan instead of giving traditional gifts. This allows everyone to participate in securing your grandchild’s future while avoiding unnecessary clutter from toys and other items. Stay on Track with Your Savings As your grandchild grows, it’s important to review your savings strategy. The costs of education can change, and so can your financial situation. Regularly reassess to ensure your contributions are keeping pace with inflation and rising tuition rates. By starting early and taking advantage of the benefits offered by 529 plans, grandparents can play a significant role in shaping their grandchildren's futures. Follow and like our social media accounts for more insights on financial planning for your family!
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