With the spring break travel season approaching, those looking to flee the cold, wet Canadian snow for sunnier skies will likely be met with a hefty price tag for their getaway, with inflation and increased demand pushing costs up.
But Downie said there are cheaper ways to travel if you know where to look and if you're not afraid of the unconventional.
While on the tracks, Downie said he enjoys weaving in and out of the Rocky Mountains, stopping in Kamloops and participating in wine tastings on board the train. The personal finance and travel expert suggests travelling outside peak times instead, say, a week before or after. If that's not an option, Choi said travellers should consider destinations that aren't as expensive, like Portugal rather than Spain, or countries in the Middle East instead of those in Europe.
Really, it's about managing your costs as flights and hotels have become more expensive, and as travel dynamics have changed post-pandemic, Choi said. To budget for your trip, prepare a rough estimate for what you'll spend on flights, hotels, food and entertainment, then work backwards, he said. If you're planning a trip that will cost about $3,000 and want to go in 12 months, you need to save $250 per month, for example.
Building upon Choi's recommendation to save little by little each month, Moorhouse suggests opening a separate banking account with higher interest rates for savings. Besides growing your money, keeping your savings in a separate account prevents you from spending it impulsively, she said.
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