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You've probably seen their incredible adventures on social media, including their trips to far-flung places, stays in luxury hotels, and gorgeous reels documenting their every move. There's no doubt that the rich make a living by traveling, but experts say there are also money-saving strategies you can use.
Kevin Huffman, personal finance expert and owner of Criminil Trading, says, “I help very wealthy people plan their travels, and I see patterns in the types of tips they use to save money.'' We found that this was occurring,” he said. “They have larger budgets than most companies, but many of their technologies can be scaled down to most budgets, sometimes significantly.”
Here are some ways to save money on travel that wealthy people can use.
Luxury doesn't have to be expensive
“Wealthy travelers often seek memorable experiences over simple monetary expenditures,” Huffman says.
Instead of booking a hotel at a big chain, they might opt for a quirky, cheap and memorable boutique hotel, he said.
“They go out of their way to find local restaurants and cultural events, rather than patronizing large tourist destinations,” he added.
He said this idea of valuing value over name brand is scalable to any budget. “Find quaint local accommodations and find little moments of culinary enlightenment.”
go in the off-season
According to Huffman, rich people know the importance of timing.
“They often travel during the shoulder season, between the peak and low seasons, or during the low season itself,” he says. “Flights and accommodation are available at a fraction of the price, and popular tourist destinations are less crowded.”
He said the same strategy applies to budget travelers. “Find out what months the 'shoulder season' is for the places you want to travel to, and consider visiting places known for their off-season appeal.”
Rhett Stubbendeck, CEO and founder of Leverage Planning, offered similar advice. “Purchasing tickets during off-season is another trick that works wonders.”
“It's not just about cheap flights and hotels; it's about enjoying your destination without the crowds,” he said. “in [my company], we recommend timing your purchases wisely to get the most out of your money. ”
Take advantage of credit card benefits
“Many wealthy individuals use travel rewards credit cards strategically to earn points and miles that they use to reduce their overall travel costs, including flights, hotel stays, and rental cars,” Huffman says. says. “Although you may not have access to all of the rewards programs listed above, choose a travel-related credit card as long as it fits your spending habits.”
He added, “Any rewards program, even a small one, can add up over time and save you money on future trips.”
Stavendeck agrees, saying: “Wealthy people often use cards that give them access to luxury airport lounges, but I feel there's great value in cheaper cards that offer similar perks. You can save on food and relax before your flight. It provides a quiet place.”
Choose vacation rentals over expensive hotels
“I also value vacation rentals over expensive hotels,” Stavendek said. “Thanks to services like Airbnb, we are able to find unique and affordable accommodations all over the world.”
He said this approach was not only cost-effective, but also allowed people to live like locals, which could be more enjoyable.
Sign up for frequent flyer programs and other travel rewards programs
One thing every wealthy traveler has probably done is sign up for their favorite airline's frequent flyer program. These reward programs are usually free and don't cost travelers a penny.
If you think it's not worth it because you don't travel often, you're wrong. With some airlines, you can be the first to know about travel deals and incentives just by becoming a member. Hotel chains also offer perks programs that are free to join, allowing you to earn free nights, free upgrades, discounts on car rentals, and more.
Experts say joining a travel rewards program is a no-brainer. If you become a member, you can earn miles and receive discounts just by registering, so you may have more opportunities to travel.
Wealthy people don't travel cheaply, but they also know how to game the system to get perks and upgrades while keeping more money in their pockets.
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