5 Smart Ways To Make Wise Spending Decisions As Financially Savvy Travelers – Episode 150
Knowledge is power. The more knowledgeable I’ve become, the more I can make informed financial decisions that benefit me as a traveler. In my book, We Are Financially Savvy Travelers, we talk about how improving your knowledge base is an important component of financially savvy travel. That can look like learning from blog posts and articles, enrolling in courses, listening to travel podcasts or trial-and-error. Today, we’re peeling back another layer of financially savvy travel. Often overshadowed by the appeal of spending less, learn about the differences between wise spending and spending less and valuable ways to spend money wisely as financially savvy travelers.
- [7:14] The difference between wise spending and spending less
- [10:35] Ways to spend your money wisely as financially savvy travelers
- [13:45] Good deal vs great deal
- [21:09] Shortlist of best travel newsletters
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Wise Spending vs Spending Less
In the frugal travel space, we often hear the advice to “travel more and spend less.” While this mantra holds some truth, it’s important to recognize the subtle nuances between the two.
Wise Spending: Spending money wisely involves making thoughtful and strategic choices with your money. It goes beyond simply cutting back on expenses but prioritizing value, getting the most out of your purchases, and aligning your spending with your financial goals. When you practice spending wisely, you consider the long-term impact of your financial decisions and ensure they align with your priorities.
Spending Less: On the other hand, spending less means reducing the amount of money you spend. While spending less can be a part of wise spending, it often involves cutting back without necessarily considering the value or impact. When you focus solely on spending less, you may sacrifice quality and convenience or skip experiences altogether to minimize costs.
While spending less can help you save money in the short term, wise spending considers the bigger picture. By making informed financial decisions, allocate your funds strategically, get the most value from your purchases, and unlock savings opportunities.
Why should you spend your travel funds wisely? Spending wisely also allows you to extend your travel funds, enabling you to travel further and longer.
5 Ways To Spend Money Wisely As Financially Savvy Traveler
Maximize your travel budget like a pro with these five smart strategies for making wise spending decisions.
1. Know the Rules of Engagement
Familiarize yourself with the rules and policies of airlines, hotels, and other travel providers. Understanding your rights and entitlements will empower you to make better decisions and advocate for yourself when necessary.
When you know what you are entitled to, you are able to make better, more informed decisions because you know the rules.
Danielle Desir Corbett
2. Differentiate Between Good Deals and Great Deals
Track and compare prices to establish a baseline for what constitutes a good deal. This will help you recognize when something is truly on sale and worth investing in.
3. Research and Plan Ahead
Take the time to research your destination, including currency, tipping culture, and average costs. I have an entire section of my site dedicated to trip cost breakdowns. Planning ahead allows you to budget accurately and make intentional money decisions about where to allocate your funds.
Listen to this podcast episode on Spotify.
4. Track Your Travel Spending
Record your expenses and conduct a trip cost debrief when you return home. Analyze your spending habits and identify areas where you can adjust, reduce, or eliminate expenses for future trips.
If you don’t take a step back when you come back from a vacation and really look at your spending, you won’t realize where you could have saved or where maybe you were a little bit wasteful.”
Danielle Desir Corbett
5. Stay Up-to-Date with Travel News
Subscribe to newsletters and follow trusted travel sources to stay informed about industry news, promotions, and travel rewards. Keeping up with travel news will help you make informed decisions and take advantage of opportunities to save money.
Some of my favorite trusted sources for up-to-date travel news are newsletters that provide valuable insights and updates on various aspects of the travel industry. Here are a few of my favorite travel newsletters.
The Points Guy: This newsletter is perfect for those looking to maximize their travel rewards. It offers tips, strategies for earning and redeeming points, travel updates, and industry news. Whether you’re interested in airline miles, hotel points, or credit card rewards, The Points Guy has you covered.
Thrifty Traveler: If you’re searching for cheap flights, Thrifty Traveler is the newsletter for you. It provides regular updates on flight deals and offers tips on how to find the best prices for your next trip. Whether you’re planning a domestic getaway or an international adventure, Thrifty Traveler can help you save money on airfare.
Listen to this podcast episode where I interview the founder of Thrifty Traveler, Jared Kamrowski.
The Airline Observer by Brian Sumers: The Airline Observer is a must-read for those interested in airline business news and analysis. This newsletter dives deep into the inner workings of the airline industry, providing insights into mergers, acquisitions, and other industry developments. Stay informed about the latest trends and changes in the airline world with this informative travel newsletter.
Hotel Addict: If you’re a hotel enthusiast or simply want to stay updated on the latest hotel news, reviews, and trends, Hotel Addict is the perfect newsletter. It covers everything from new hotel openings to renovations, as well as insider tips and recommendations for finding the best accommodations for your travels. Stay in the know about the latest developments in the hotel industry with Hotel Addict.
Whether you’re looking to maximize your travel rewards, find cheap flights, stay updated on airline business news, or stay in the know about the hotel industry, these newsletters have you covered.
Next, I encourage you to continue binging the series:
What People Get Wrong About Financially Savvy Travel – Episode 148
How Money Mindfulness Can Help You Travel More Next Year – Episode 149
If you’ve enjoyed my take, you’ll love my new book, We Are Financially Savvy Travelers. It’s chock full of insights to help you become more financially mindful and travel more without compromising your money goals.
Available on Amazon, Apple Books, and your local library. Yes, ask your local library to order the book!
Other Content You’ll Enjoy
- Why You Need a Travel Fund – Episode 2
- How To Define Your Travel Style – Episode 102
- How I Became a Financially Savvy Traveler – Episode 69
Danielle Desir Corbett is an award-winning and 6x grant-funded travel writer and podcast host who went from financial struggle to visiting 27+ countries all without waiting until retirement. Her story is proof that budget doesn’t limit adventure. Tune into The Thought Card Podcast for practical strategies to travel smarter and live on your terms. Say hello: thethoughtcard (at) gmail (dot) com.
I would like it if you dwelt on a couple of these in coming postings; they pique my curiosity.
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