How to Create a Realistic Travel Budget with Amy Rambo

On this episode of A Wiser Retirement Podcast™, Casey Smith is joined by Amy Rambo, Travel Advisor with Blue Pineapple Travel. Discover how to create unforgettable family memories without breaking the bank, as they talk about budgeting for travel and the advantages of working with a travel advisor. They also discuss the best seasons for travel, aligning trips with family events, and the benefits of traveling during less crowded shoulder seasons.

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Summary:

Setting a Travel Budget

It is important to set a realistic travel budget when you begin planning a vacation. Expenses can vary greatly depending on the destination, length of stay, and desired activities. It can be helpful to work with a travel advisor to help establish your travel budget and plan a trip that is within that budget. By starting with a budget, travelers can allocate funds accordingly to ensure they can afford the elements of their trip that matter most to them.

Travel Prices are Projected to Go Down

Contrary to popular belief, the average airfare has actually dropped by 5.3% since 2019. However, there has been an overall increase in travel costs due to fuel prices and inflation. Overall cost of travel has risen by 19.6% since 2019, with gas seeing a 36% increase and lodging a 133%. Food and beverages have also experienced a 25% increase. Although travel costs are projected go down a little in 2024, travelers should still be mindful of the destination and time of year when looking for deals.

Planning Long-Term for Travel

It can be beneficial for both retirees and middle-aged families to plan long-term for travel. This approach can help maximize the travel experience and budget by planning trips over a five-to-seven-year period. For instance, retirees might plan a family trip to Ireland, a river cruise, and an Alaskan cruise, considering both the financial aspect and the optimal time for each trip to provide the best experience. Middle-aged individuals planning for milestone birthdays, anniversaries, or graduations could also benefit from this strategy, coordinating their travel plans with significant life events. The long-term perspective offers more flexibility in planning and scheduling, ensuring the best possible trip while balancing costs and commitments.

Are cruises worth it?

Cruises can be a great option for some people. They vary in length, price, and level of luxury. The best way to secure a reasonable price is by planning well in advance. Alaska is best explored via a cruise due to its breathtaking scenery that you can see by water. Disney Cruises are a great option for families since they offer engaging activities and great destinations. River cruises are becoming more popular for retirees traveling with grandkids. They are typically more all-inclusive and offer a peaceful, floating hotel to explore many European destinations without worrying about pace and stamina.

Safety when Traveling

There are always risks when traveling, but the vast majority of travel experiences are safe. However, for those extremely worried about safety, you might want to look into getting really good travel insurance. If you are nervous about not being able to speak the native language somewhere, then you might want to chose a destination where English is spoken. Travel safety is worth considering, but it should not discourage people from going out and experiencing the world.

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By Published On: January 15, 2024

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