Continuing our Ball Out on a Budget Series- travel edition…Let’s chat about hotels! Not only are flights expensive (check out our Take Flight blog to learn how to save), but hotels have also increased in cost by 54% from 2022 to 2023. So how can you relax on a vacation in a clean and safe hotel without fearing your bank statement at the end of the month? We have some ideas…
- Loyalty- Similar to our flight saving recommendations, stick to 1 hotel chain. This way, you build status, earn points, and can take advantage of perks (free nights, complimentary upgrades, late checkouts, and more). Hilton and Marriott tend to have the most consistent hotel offerings, both domestically and internationally. Hilton has 18 brands under its portfolio, while Marriott has 30, so keep in mind that there are more variable pricing options with Marriott.
- Hotel Affiliated Credit Card- Following with the loyalty, look into getting a credit card with either Marriott or Hilton. Not only will you get automatic status, your dollars spent receive more points, and you will also receive a free night annually. Hilton will also offer flight credit with some of their cards.
- Travel Credit Card– If you want the flexibility to stay in any hotel or fly any airline, look into a bank travel credit card. These will come with an annual fee, so they are only worth it if you are an avid traveler. Before selecting one, do your research! They all have different perks depending on what you are looking for. A lot of these will have additional incentives if you spend X amount within the first 6 months of opening the credit card. If you are going to open one, try to line it up with a major life event- planning for a wedding/engagement, moving, refurnishing your home, buying a car/home, etc. so you are guaranteed to hit that minimum by purchasing things you were already planning to purchase.
- Travel w/ Others– An easy way to save money on your stay is to have someone to split the cost with. This is where Airbnbs and VRBOs are perfect. You will have more communal space just for your group than a hotel room, and sometimes more privacy depending on the size, all while paying less. If you are the vacationer that considers their hotel to be a place to sleep and shower, then you are better off looking into an Airbnb or VRBO so that you aren’t paying for hotel fees/benefits that you are not taking advantage of.
- Avoid the Urban Core- While this will be completely dictated by your itinerary, you could look into staying outside of the city hotspots. If you are not renting a car and plan to be going to the same one or two areas for the entirety of your trip, you will likely spend the money you saved on the hotel by Uber-ing back and forth, so this would not be worth it. However, if you are renting a car and plan to explore multiple surrounding areas, you can definitely save money by booking a hotel that isn’t in the hottest place to be.
It’s never fun to be stressed while on vacation, especially financially stressed! You want to take advantage of every opportunity in a new city, explore as much as possible, and you don’t want your bank account taunting you at every swipe, tap, and insert. Become a Money Athlete to learn how to make your money work for you so that you can have the biggest vacation budget possible and discover tips on cutting travel costs, so that you can be financially free the minute your feet hit the sand.
