Many of my fellow millennials are projected to undertake an average of five trips this year. Not only are we surpassing our generational counterparts in the frequency of vacations, but we are also managing to spend an average of $1,000 to $2,000 less in the process. This data is derived from a 2019 survey. In light of the escalating costs of airfare and the evolving landscape of vacation rentals, the question arises: how can anyone sustain such a lifestyle? Let's start with addressing budgetary concerns and tackling accommodation strategies.
While not always the most enjoyable task, it is imperative to comprehend both income and expenditures. This year, the primary concern for my clients revolved around their spending habits in 2023 and the unanticipated costs that ensued. Having been a long-time user of Mint, I've transitioned to Credit Karma now. Although their services are complimentary, the majority of the dashboard comprises third-party marketing. Monarch stands out as a commendable solution, offering monthly reports and household overviews.
With your data consolidated, it's time to streamline your financial commitments. Prioritizing minimalism and functionality becomes crucial, especially when spending extended periods away from home. Subscription services prove to be the easiest to cut, redirecting those funds to a savings account. Additionally, reassessing insurance, phone plans, internet expenses, and storage facilities could potentially result in savings of up to $400 per month.
One significant factor, often overlooked but capable of contributing an extra $10,000 annually to your pocket, is scrutinizing grocery and dining expenses. A weekly night out in the downtown area can easily accumulate to $100 for one person – equivalent to the cost of a domestic round-trip ticket each month. Adopting a strategic approach, such as maximizing the use of your freezer to minimize waste and shopping for the month to curb impulse purchases, can be effective.
When it comes to travel, accommodations and dining represent the most substantial costs. I strongly recommend exploring destinations that offer an authentic travel experience. As we bring our son along on our journeys, frequent dining out can become costly. Hence, we opt for trips where we can indulge, such as an all-inclusive package or a once-in-a-lifetime experience. Otherwise, we seek accommodations with kitchen facilities and proximity to a grocery store. In our recent trip to Belize, sharing sunrise moments with my son daily meant more to me than frequenting restaurants.
Our travel revolves around quality time and immersion in new cultures. Distinguish between what you observe and what truly enriches your soul, and journey on with purpose.
1. MILLENNIALS’ TRAVEL STATISTICS: HOW DO THEY TRAVEL?