5 Travel-Planning Steps To Get the Most Out of Your Money, According to Ramit Sethi
Written by
Gabrielle Olya
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Molly Sullivan
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Ramit Sethi, financial expert and author of “I Will Teach You To Be Rich,” believes that careful planning is the key to a successful vacation — and it can save you money, too.
“Vacations … don’t just happen,” Sethi wrote in a recent newsletter. “They’re not a fluke. They’re the result of planning — intentional, exciting, guilt-free planning.”
Sethi walked through the exact steps he uses to plan vacations that are fulfilling and ensure that you’ll get the most out of your money.
Plan 12 to 15 Months in Advance
Planning a last-minute vacation can be exciting, but Sethi said it’s much better to plan far in advance.
“Maybe you’re not going to require 15 months to plan. Many people land in a city and just walk around and figure out what they want to do,” he said. “But that’s not what I do for my trips.”
In addition to ensuring you have a set itinerary, planning in advance can help you score better deals than if you’re scrambling to find flights and hotels at the last minute.
Choose Your Destination Wisely
How much your vacation will cost will vary greatly depending on where you go, so it’s important to be mindful of the destination you choose.
“My budget plays a big role in what I end up doing,” Sethi said. “Your savings will determine where you’re going, how long you’ll stay and what your experience is like. For me, sometimes it’ll be an easy, relatively cheap road trip. Sometimes it might be a very long extended trip where we’re bringing friends.”
Use a Travel Agent
Utilizing a travel agent can help you find great deals or score free upgrades.
“When we travel, we do something unusual you may not have considered: we usually consult a travel advisor,” Sethi said. “First, travel advisors have really good, specific advice. … Second, you don’t have to pay them. Seriously! They make commissions from a hotel or a travel package. They might even get you a room upgrade and get you free breakfast.”
Turn Your Hotel Stay Into a Learning Experience
Sethi enjoys staying at luxury hotels — and he uses the experience to learn new business tips and tricks.
“One ritual I’ve started is when I’m staying at really nice hotels, I’ll ask the general manager to have coffee with me and chat about the business,” he said. “How do they run it? What’s different about this clientele versus other clientele?”
Set Your Spending Budget Ahead of Time
Worrying about the money you’re spending while on vacation can really detract from the experience.
“There’s nothing worse than going on a trip, and when an expense comes up, you’re worried about it,” Sethi said. “Oh no. Can I get this drink? Oh no. This taxi’s gonna cost me when I get home.
“It’s such a sinking feeling. We don’t want that,” he continued. “We prevent that by doing the work on the front end.”
If you set a budget for your vacation spending ahead of time, you can spend freely within that budget without any anxiety.
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