How can millennials afford to travel so much?
For millennials, travel is a huge priority, but for non-millennials like myself, how millennials reach travel goals can be a mystery.
Millennial Marketing Guy Jeff Fromm writes that millennials are 23% more likely to travel to foreign countries than Generation X. Millennials save big for trips, and all together, they’re likely to spend $1.4 trillion on travel each year by 2020.
Why? Social media has fed their appetite for exciting adventures, eat exotic food, and meet people from different cultures. They view travel not only as a form of leisure but also education.
But how exactly do they pull this off?
Some millennials don’t, says Adrian C. Enriquez, a CPA in Oman. Some overspend on travel and end up in debt. After all, YOLO right? But because we only live once, shouldn’t we make sure that we handle our finances responsibly?
To learn how millennials reach travel goals without compromising their financial health, read on.
1. Embrace minimalism
Joshua Fields Millburn and Ryan Nicodemus, aka The Minimalists, help over 20 million people live meaningful lives with less. They teach people to get rid of excess stuff and stop spending on things they don’t need.
With less stuff in their lives, they have time for themselves and experience real freedom. They can go to different places, meet people and discover the world.
This makes a lot of sense.
“Avoid buying insignificant, or shall I say little nonsense stuff,” Tiza Quinones, a dental nurse based in Ang Mo Kio, Singapore says.
She avoids shopping and partying now. Instead, she prefers to stay simple. She saves up so she can travel, going out less and eating budget meals, sometimes just having simple peanut butter sandwiches.
She advises, “If you start and do save those small things for a longer span of time, you’d be able to save a lot.”
2. Be on the lookout for good deals
Look for promo flights and cheap fares. Avoid travelling during peak season, and try scheduling weekday flights, as weekends are usually more expensive than weekdays.
“I work every day, and I check for cheap flights and deals. I also use my airline miles or mileage points. Sometimes I just go to free travel events here in Melbourne,” France Bautista, a nurse in Australia, says.
Just be patient and wait for promos so you can save big
3. Don’t depend on credit cards — if you don’t have money, don’t travel
As cliché as it may sound, money doesn’t grow on trees. Use your hard-earned money well.
“As much as possible, don’t use credit cards unless you have the capacity to pay your travel expenses. However, you can use the credit card perks,” says Theresa Jacobs, a Canadian writer.
She makes a conscious decision not to use her credit cards, and doesn’t go on vacations unless she’s financially prepared.
Her words of wisdom ring true. Yes, stay away from credit cards and their huge interest fees. If you don’t have money, don’t travel. And to avoid unnecessary purchases, pay in cash.
4. Travel in groups
Travelling solo can be a great experience, but travelling in groups can be cheaper. You can split accommodation costs and avail of discounted group rates, which is one common way how millennials reach travel goals.
Food is more affordable when shared with a partner or with friends. Friends share and help one another to cut down expenses before and when on holidays.
That’s why friends Gee Go, Dorie de la Cruz, Isabel Vilalcrusis, Mindy Bejar, Carmina Bautista, and Elvee Galsim often travel together around the Philippines and abroad. “Because we’ve known each other for a long time, we go bananas and have a lot of fun,” they say.
Food is easy from the pocket when shared with a partner or with friends. Friends share and help one another to cut down expenses before and when on holidays.
5. Eat where the locals eat
Instead of dining at fancy restaurants, try local restaurants. These places are usually cheaper, and you get to see more of the local culture.
You could also save on food by cooking at your accommodations, when possible. “I prefer bringing a packed lunch,” Stephanie Gallego, a sales engineer, says.
She also uses her sales commissions on her trips while setting her salary aside for household and daily expenses.
Millennials may spend a lot on travel, but they also do a lot penny-pinching.
“Saving up a lot of money for travels demands sacrifice but the right mindset makes one happy,” says flight attendant Martina Turner Diaz.
Happy trip! As millennials say, #YOLO.
Featured image: Shutterstock; Pexels
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