Does the current economic crisis have you rethinking your holiday plans? If so, you're not alone. In a recent poll of Travelocity.com users, 66 percent reported that concerns about the economy will alter their holiday-season travel planning. Still, 78 percent said they’re planning at least one trip during the season. If you, your grown children, or your older grandchildren are feeling the strain of a tight household budget this year, financing your travel plans might require some creativity. Here are five ideas that could help you find some savings:
1. Book Early. Airlines today are cutting capacity, raising fares, and charging extra fees for everything but the bathroom (so far). If you must fly this season, book your tickets as soon as possible. Holding out for a late-season sale this year may leave you stranded at home. (But if you can't afford to fly this year, don't. This is not the time to sell off investments to fund travel plans.)
2. The Fewer, the Cheaper. Do your children and grandchildren visit you every year on the holidays? This year, offer to visit them instead. After all, one or two people can fly more cheaply than three or more — and if your kids have very young children, saving them the stress of flying is a gift in itself.
3. The Gift of Travel. Speaking of gifts, if you're financially able, consider buying plane tickets for your children or grandchildren to visit you this season. It beats more gloves and gift cards.
| Will you travel with family this season? |
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Yes, we always go away together 18.8%
No, we can't swing it this year 81.2%
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4. Try the Swap Meet. A house swap can help you and your family get where you want to go this season for a lot less money. Here's how it works: You list your home on an online registry — along with your desired swap locale and ideal dates for travel. (Most house-swap sites charge a small fee for the service.) If someone from the place you're headed to wants to visit your city at the same time, you could be set for a trade. House-swapping obviously requires you to do research and due diligence, but it can also eliminate lodging costs for a family trip.
5. No Place Like Home. Have you heard people say they're taking a "staycation"? It's taking a vacation at home, and if you have the right spirit it can bring big savings and a lot of fun, especially for grandchildren. To make the most of a staycation, commit to spending every day as if you were a visitor to your city — go to museums, see shows you've never had time for, and take the day trips you've always talked about. You can even book a couple of nights with your grandchildren in a nearby hotel with a swimming pool.
No matter how you arrange to finance your travel, if your holiday plans include vacationing as an extended family, decide in advance who will pay for what. When my husband and I recently took our kids and grandchildren on a trip to Puerto Vallarta, Mexico, I offered to pay for the activities the children did — like the zip-line, and swimming with dolphins. But those extras added up. So it’s important to examine your budget and set expectations ahead of time: Perhaps you can pay for everyone's airfare and hotel, if each adult child pays for his or her family's meals and activities. Or maybe your family will cook meals most nights, but you'll treat everyone to one celebratory dinner out at the end of the trip. Having this discussion before you leave home will help everyone prepare for their expenses and help you enjoy the trip to the fullest.
To find investment advice for uncertain times, click here. Elsewhere on Grandparents.com, learn how to get your grandchildren involved in charity, discover 10 things you can pay your grandchildren to do, and read about five ways to help grandchildren learn the value of money.
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