You've probably seen all over social media about the amazing adventures of the wealthy: trips to far-flung locations, stays in luxurious hotels, and lavish footage documenting everything they do. While there's no doubt that the wealthy are living the lavish lifestyle through their travels, experts say you can also take advantage of their money-saving strategies.
Read more: 11 Expensive Vacation Destinations That Will Get Cheaper in 2024
Check it out: 4 Genius Things Rich People Do with Money
“I help very wealthy people plan their trips, and a pattern has emerged in the tricks they use to save money,” says Kevin Huffman, personal finance expert and owner of Criminal Trading. “They have larger budgets than most people, but many of their techniques can be scaled down, sometimes drastically, to fit most people's budgets.”
Here are some ways wealthy people save money on travel.
sponsor: Do you owe more than $10,000 in taxes to the IRS? Schedule a free consultation to see if you qualify for a tax credit.
Luxury doesn't always have to be expensive
“Affluent travelers are often looking for memorable experiences over financial expenditures,” Huffman said.
Instead of booking a big chain hotel, people might choose a boutique hotel, which is often more quirky, cheaper and more memorable, he said.
“Instead of visiting big tourist destinations, they go out of their way to find local restaurants and cultural events,” he added.
He says this value-over-brand philosophy can be applied to any budget: “Find quaint, local accommodation and find a little culinary enlightenment moment.”
Read more: 8 tips to fly business class for the price of economy class
Go in the off-season
Huffman says wealthy people know the value of timing.
“They often travel in the off-season, or the time between peak and low seasons,” he said. “They can get flights and accommodations for half the normal price and with fewer crowds in popular tourist destinations.”
He said the same strategy applies to budget travelers: “Find out what the 'low season' months are for the places you want to travel to and consider visiting places known for their off-season attractions.”
Rhett Stavendek, CEO and founder of Leverage Planning, offers similar advice: “Buying tickets during off-peak seasons is another tactic that can work wonders.”
“It's not just about cheap flights and hotels, it's about avoiding crowds and enjoying the destination,” he says. [my company]We always recommend choosing the timing of your purchases wisely to get the most out of your money.”
Take advantage of your credit card rewards
“Many wealthy people strategically use travel rewards credit cards to accumulate points and miles and save on the overall cost of a trip, including airfare, hotel stays and rental cars,” Huffman says. “You may not be able to use all of the rewards programs mentioned here, but as long as they fit your spending habits, you should choose a travel-related credit card.”
“With any rewards program, even small rewards add up over time and can save you money on future travel,” he added.
Stabendek agreed. “While wealthier people often splurge on cards that give them access to premium airport lounges, I've found a cheaper card with similar benefits to be great value. It saves you money on food and gives you a quiet place to relax before your flight.”
Choose a vacation rental over an expensive hotel
“I believe in vacation rentals over expensive hotels,” Stavendek says, “and thanks to services like Airbnb, I've been able to find unique, affordable accommodations all over the world.”
Not only is this method cost-effective, but it also allows people to live like locals and can be more enjoyable, he said.
Enroll in frequent flyer and other travel rewards programs
One thing that every affluent traveler does is sign up for their favorite airline's frequent flyer program. These reward programs are usually free and don't cost the traveler anything.
It's a misconception that infrequent travelers aren't worth it. Some airlines offer free membership to get first access to travel deals and perks. Hotel chains also have rewards programs that are free to join and can give you free nights, free upgrades, discounts on car rentals, and more.
Experts say joining a travel rewards program is easy: It might just encourage you to travel more often, as you earn miles and receive discounts just for signing up.
Not only can the wealthy travel cheaper, they also know how to work the system to earn perks and upgrades while keeping more money in their pockets.
More from GOBankingRates
This article originally appeared on GOBankingRates.com: 5 Ways the Rich Save on Travel
