After retiring, one of the best things is finally having the time to travel. However, with a fixed income, there are limitations on what you can do, even if you have saved some money for retirement. You wouldn’t want to spend all your money after just a few trips. Planning becomes crucial, but it is entirely doable. Here are some ways to travel the world without breaking the bank:
Traveling and vacationing are different things. Vacationing usually involves long-haul trips of one to two weeks, whereas traveling means replacing your normal life with a life on the road.
Are you willing to endure hardships to reach specific destinations, or do you prefer staying in comfortable hotels? Your choice will impact your budget.
If you love animals, a suitable accommodation type for you is house sitting, where you pay for your stay by house-sitting in another country.
Families abroad also travel and might need someone to look after their homes and pets while they’re on vacation. You can become their house/pet sitter while they are away.
Websites like Trusted House Sitters connect you with people living in unique places worldwide who need house sitters.
After the family returns, arrange to care for another house, enabling you to see the world from a local perspective and stay for free.
During this time, purchase food locally instead of dining out frequently to save more money.
Plan your trip as far in advance as possible. Start monitoring flight prices to know when the best deals are available. U.S. airlines generally release flight schedules around 11 months before the flight, giving you ample time to find the best prices.
Typically, domestic flight tickets should be booked one to three months in advance, while international flights should be booked two to eight months in advance.
Although booking all flights with the same airline is convenient, it may not be the most economical option. Different airlines offer varying prices at different times and destinations.
International flights are often the most expensive part of travel. Look for deals from other airlines, airports, and cities, rather than your usual choices.
When choosing airlines, pay attention to their flight hubs, including layovers. Airlines dominate pricing at their hub airports.
Many other airlines lower prices on popular routes departing from these same hub airports, aiming to grab market share from larger hub airlines.
Being retired gives you flexibility in your schedule. Choose to fly during off-peak hours for lower fares and less crowded flights.
Avoid business travelers who typically depart on Sundays and return on Thursdays, making Tuesdays or Wednesdays the cheapest days to fly. You can choose these days for travel to save money due to your flexible schedule.
Many credit cards charge foreign transaction fees, typically around 3% per swipe, which can accumulate into a substantial cost over a short period.
Research different credit cards before your trip and switch to cards that do not charge fees. However, these cards often have an annual fee.
Using ATMs abroad can incur high fees from both foreign and domestic banks, with foreign bank fees reaching up to $5 and domestic bank fees around 3%.
Before your trip, inquire with your bank about these fees, inform them of your itinerary, and see if they can waive these charges.
Another cost-saving method is opening a bank account in a foreign country. If you plan to stay in a country for some time, this can save you expenses. As long as it’s not for tax evasion purposes, you can open a bank account in another country.
Renting cars abroad can be expensive. If you are in good physical condition, consider exploring the city on foot or renting a bicycle.
Many countries have well-developed public transport systems with affordable prices. Since most public transport is easy to navigate, you can use it to travel nationwide.
If you stay in a house, go to the supermarket to buy food instead of dining out; you will save a lot of money.
Even if you stay in a hotel room, supplement it with non-perishable foods rather than dining out. If your hotel room has a small fridge, it’s even easier to do so.
Have some snacks on hand at all times to resist the temptation of street vendors or café delicacies.
There are many ways to travel the world without depleting all your savings. You can choose to house-sit, walk dogs in the neighborhood, and engage with locals. Research flights, find the best deals, and shop at supermarkets as much as possible.
All of this requires planning, but it’s worth it to experience the world.