“Travelling on a budget doesn’t always mean that you’re going to use the express route. It’s about choosing the route that is going to be safer for you and your travel party.”

Those are words shared by Garvin Grandison, personal finance enthusiast, who shared a few tips for travelling on a budget with Our Today. 

“Travelling on a budget may also mean that you will have to adjust your budget in order to be able to spend on the type of experience that you want. Don’t go too cheap when you’re travelling and know that the best way to get the more cost effective prices is to do as much research as possible,” he said, noting that if you make it too cheap, you may end up compromising yourself.

It is important to start with your main budget. Once you determine how much money you want to spend or have to spend on travelling, you should look at what that specified amount of money can do for you in the space and time that you wish to travel and explore. 

“You have to consider accommodation, transportation, excursions, food, incidental expenses, and so on. It is best for you to break down your travel expenses in budget format. How you do that is up to you but an approach that works well is to use a spreadsheet,” he said.

“For example, if it is local and you have your own vehicle then you know that you will probably just need to cover gas expenses. If you don’t have a vehicle, then you know that you’ll have to rent a car and pay for gas. So, accounting for those variables will be necessary for your budget,” he added.

Grandison shared that travelling on a budget should factor in the big ticket items that you will have to spend on as well as the items that you already have at your disposal. 

“As you go into each of the travel expense categories, you should determine what service providers you will use. So, in the case of car rentals, you should peruse the various car rental providers and see what works best for your budget and your pocket while ensuring safety and security. So, look at what is cost effective but also not detrimental to your pocket or your safety,” he encouraged. 

He stressed that it is important to do your research and to shop around when it comes to identifying services you will require for your travels. 

“If you have room in the budget to get the services of a legitimate travel company. Do it. Research, check reviews and contact a provider that can do what you want within the confines of what you’re willing to spend. You can tell this type of provider what you’re looking for in terms of the vacation experience and work alongside them to curate your travel,” said Grandison.

“It may seem expensive because you’ll be paying for the service in a lump sum, which includes their fee. However, it works out because when they know your budget and what you’re looking for, they will be able to find everything that you want or need. This way, you don’t have to worry about doing too much planning. This route adds to your budget but you shouldn’t rule it out. It takes away a lot of the headaches and ensures, in most cases, that you get the best bang for your buck,” he added.

Grandison then noted that if a certified and legitimate travel agency is not part of your plans, then it means you should do “a lot of research, itemise your expenses, and go line by line to identify the most cost effective, legal, and safe route.

“I have to stress the legal part of budget planning because in that process, sometimes, the aim is to find the cheapest thing but the cheapest one isn’t always the safest. For example, if you’re looking for accommodation, going the cheap route may land you in a community that isn’t safe. So, you have to be very mindful in planning your travels,” he cautioned, stressing the need to do as much research as possible. 

“You really should do a lot of research. I think that may be the biggest thing about travelling on a budget. It’s either the use of a third party or you do it yourself, but it comes down to a lot of research and planning,” he said.

The personal finance enthusiast also shared that, “Where you want to go will determine how far in advance you should plan. It depends on where the trip is and what the trip is for. If it is time sensitive, then you may need less time to plan. Regardless, it is encouraged that you plan your trips during off-peak periods, if you’re local, ask for the local rates, and walk with your ID. Those are some simple but powerful ways to save when travelling.”

“If you’re going to use savings to budget for your vacation then you should consider saving at least one month’s worth of income,” he added.

Grandison shared additional simple tips to consider when travelling on a budget with Our Today. Here they are:

• Create a budget within your budget. Simply put, ensure that you budget your expenses while travelling and don’t count on your initial budget, that covers the bigger items, to determine how you spend.

• Make the most of your layover flights or take the road routes that naturally provides additional excitement along the way to your destination. So, if you have a ten-hour layover, for example, find out if you are able to leave the airport and return. If you can, explore the local scene and expand your travel itinerary with additional fun and excitement bearing your flight details in mind.

• Choose the best places to travel on a budget. In your research, consider looking into countries or local destinations that will be kind on your pocket. In some places, it is more cost effective to shop or explore than it is in your own country.

• Search for flights and accommodations at the right times and using the right resources. There tends to be a specific time of the week and time of the year where shopping for flights and accommodations are lower and higher than usual. Do your research and let the system work for you!

There are so many other tips for travelling on a budget, but the ones shared may be among the highly recommended tips. Happy travelling!

Garvin Grandison has worked in the finance and economics sector for over ten years. He holds a BSc in Banking and Finance and an MSc in Corporate Finance from the University of the West Indies. He currently works in the banking sector where he has gained valuable insights into the financial industry and its regulatory landscape. He also serves as the district treasurer for the volunteer and community-focused organisation, Optimist International Caribbean District (OICD), a role that allows him to contribute to the OICD’s positive impact on communities.

‘Money Management Tips’ is a weekly feature highlighting general tips for managing your finances. Each week will see a feature on the ways you can strengthen your relationship with money and may feature other personalities in the Jamaican financial world. This weekly feature does not serve as a standard money management tool. Consult with your financial advisor for specified money management guidance as it pertains to your finances.

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