2024 travel hacks? You don’t need ‘em
You can scour the internet for travel hacks, but most of what you’ll find falls under the same umbrella: compromise. Our take: why compromise on your dream vacation?! Don’t listen to the “travel experts” by flying off-peak or avoiding eating out. The only true travel “hack” is the Reverse Budget, which will enable you to enjoy your next trip guilt-free.
If you’ve perused Google Flights for hot deals recently, you’ve probably found a recurring theme: there aren’t any! Yes, the days of braving COVID-ridden airplanes because you found a $194 round-trip flight to Miami are over.
If your immediate response to the sight of exorbitant ticket prices was to ask ChatGPT for its best travel hacks of 2023, you’re likely a bit frustrated right now. Because all the experts seem to recommend the same thing: compromise. “Make your own meals,” “travel when it’s cold,” “click your heels three times and hope to wind up anywhere that isn’t Kansas.” It’s all bullsh*t.
Lucky for you, we don’t do bullshi*t, and we certainly don’t do compromise. Instead, let’s discuss ways to truly hack your travel goals this summer.
Yes, traveling is more expensive than ever
There’s a myriad of reasons why. According to PricewaterhouseCoopers, “Summer travel demand is being fueled by the expiration of pandemic travel restrictions outside the US, consumer confidence despite inflation and threats of recession, and the continuing shift in spending away from goods to experiences.” All that equates to elevated ticket prices, especially on international flights, which haven’t been this high since 2018 (PWC).
What the Travel Nerds Say
A flight to Europe averaged $850 in 2022 (PWC). As of Spring of 2023, they’re averaging nearly $1,200, and that distinct price gap is widening an already polarized income gap. Industry analysts and travel experts say that this summer, wealthier people increasingly plan to shell out for trips while lower earners pull back. They’re forgetting about someone though. What about HENRY? What about the high earners who aren’t rich yet? Before we do what we do best and help HENRYs find ways to get the most out of their money, here’s a quick synopsis of what those “travel experts” recommend:
Compromise on destination
A recent article from CNBC referenced a family who made an adjustment to their travel plans by opting to vacation in Eastern Canada instead of New England. There’s so much wrong with that, we’re not sure where to begin.
Rather than shelve summer getaway plans entirely, 80% of travelers told Bankrate that they’re looking for new ways to economize, and the number one piece of advice from travel nerds is to vacation in less desirable places. Jordan in July, Alepo in August, and Syria in September. How perfect.
Travel off-peak
Jignesh Gohel, Founder of The India, a travel website, is a big supporter of off-season travel, noting that it is “a great way to save money because…accommodation is not at all expensive [and] easily available, the tickets are cheaper, [and] there are fewer people at tourist spots so you can spend quality time with your family and friends.”
If you show up at a nice beach and find that you are alone, you’re either in the introductory scene of a horror movie…or it’s December and snowing. This recommendation neglects one of the primary reasons people travel: to escape sh*tty weather. Traveling to Thailand during the monsoon season or the Mediterranean coast in January won’t automatically prevent you from having a good time, but your experience will be less enjoyable than if you had decided to travel during the respective peak seasons.
Make your own meals
If you like eating peanut butter and jelly sandwiches, you’re gonna love this next tip! One article from Travel Freak unironically recommends the following: “If you have the time, cook at home and bring your food in Tupperware containers in your carry-on. Contrary to popular belief, food is allowed through security gates.” This might sound like an SNL skit, but they’re serious.
And better yet, when you arrive at your destination, they want you to go to the grocery store and make food in your shabby Airbnb that’s barely fit for a family of mice. No, you cannot enjoy local cuisine from an authentic restaurant with a rich history. At least, that’s what the travel geeks say. Here’s what we say:
What We Say
One simple Google search will feed you a list of travel hacks as long as a CVS receipt, but all of them recommend the same thing: compromise. You could scour the internet for hours looking for ways to save money on your vacation, but ultimately, listening to travel experts means “settling” in some, if not all, areas of your ideal plans. There’s no fool-proof way to “hack” travel and still have your dream vacation. You can’t reverse engineer a trip to Barbados. But you can Reverse Budget it.
Step 1: Find a credit card that fits your lifestyle and travel preferences
There's a plethora of great options out there, so start doing your research to find one that suits you best. How do you determine which card is best for you?
Find a credit card that best aligns with what you're already spending your money on. Someone who loves to travel and books flights to new destinations every other month should have a different card than the person who prefers to stay home and chef up high-class meals using fancy ingredients from Whole Foods. Or if you’re one to be spotted while shopping, the ever-celebrity-populated Erewhon. As long as you’re cool paying $8 for a strawberry.
Some credit card issuers push promotions with specific airlines or deals on flights to certain areas of the world. So find a card with promotions that align with your preferences.
Just don't get caught up comparing annual fees or APRs. Annual fees will pale in comparison to the value you get out of the right rewards program. Plus, if you can use your credit card like an adult and follow the next two steps, you’ll be able to travel wherever your heart desires, guilt-free.
Step 2: Reap the rewards
Here is a brief overview of our top 4 recommendations for travel rewards credit cards right now:
AmEx Platinum
Despite having an annual fee of $695, Amex Platinum is one of our favorites. Thanks to its generous benefits and its ability to earn valuable, transferable American Express Membership Rewards points, you'll struggle to find a better travel rewards card.
[The Points Guy’s Review]
Chase Sapphire (Reserve or Preferred)
Next is the Chase Sapphire card (Reserve or Preferred). NerdWallet calls this card “nearly a must-have for travelers,” thanks to its ongoing rewards and generous sign-up bonus.
[More from NerdWallet on the Chase Sapphire card]
Marriott Bonvoy
The Marriott Bonvoy Card is currently running a valuable promotion: you can earn 30,000 Bonus Points after spending $1,000 on purchases in your first 3 months from account opening, and with the Bonvoy Boundless card, you’ll earn 3 Free Night Awards (each night valued up to 50,000 points) after spending $3,000 on purchases in your first 3 months.
[A breakdown of the Marriott Bonvoy cards from NerdWallet]
Bilt
Although the following card isn’t designed to be used for travel, it’s a great fit for HENRYs! Bilt enables it’s users to earn points when paying rent, and to do so without a fee. With the Bilt Mastercard, you could rake in up to 100K points/year (as of April 2023). That’s around $2,200 in value. They even have decent rewards available on things beside rent, most of which are likely to be a HENRYs most common purchases.
[The Points Guy’s Review]
Step 3: Reverse Budget
If you haven’t heard by now, we don’t f*ck with budgets. Not only do they make you feel guilty when you inevitably over-spend on the things that matter to you, they also straight-up don’t work. That’s why we always recommend our clients Reverse Budget instead, and when it comes to booking your dream vacation, this is about the closest you’ll come to a real “travel hack.”
Nicknames are the name of the game
First, open a separate savings account designated only for travel. If you already have a trip in mind, name the account accordingly. You’re less likely to withdraw money from an account called “Ski trip to Swiss Alps” to pay for another round at the bar. Just make sure the account is one with a high yield to maximize your savings. Utilize a high-yield savings account for any goals you have in the next 2 years. If they're more than 2 years out, consider investing with a goals-based approach.
Automate
Before we discuss our favorite personal finance tool - automation - it’s important to note that we don’t recommend simply sending more money to a savings account you already have. Sh*t happens, and unexpected expenses may force you to dip into those savings. That’s why it’s really important to keep this account separate.
Figure out how much you need to send to your travel savings account each paycheck to make your trip happen. For example, let’s say you want to go to St. Lucia and you project that it will cost about $2,000 in total. If you want to go six months from today, here’s how you would Reverse Budget that sh*t:
$2000/6 months = $333/month or $166.50 per paycheck if you’re paid bi-monthly. Schedule automatic contributions in your desired amount to the account, and that’s it! You don’t have to do anything else until you need to start using the funds to pay for the trip. When that day comes, make the necessary purchases with your credit card and then pay it off with the funds you’ve stashed away. That’s called earning rewards, the guilt-free way.
PB&Js in Harry Potter’s broom closet? That’s not the spirit.
We know the cost of travel right now isn’t exactly ideal. But if you listen to the experts, your dream vacation won’t be ideal either. You’ll end up flying Spirit and staying in the equivalent of Harry Potter’s broom closet, eating PB&J sandwiches. So don’t settle for bullsh*t hacks and certainly don’t compromise on what you want. An intentional plan will help you take the guesswork out of living your best life.
Learn more about the Stash Plan.
Stash Wealth provides financial plans designed to assist high earning young professionals build and manage their wealth.
Stash Wealth offers a pragmatic approach to financial planning and wealth management. Whether saving up for Tahiti or a Tesla, we help you achieve your short-term and long-term goals.
Written by Stash Wealth Staff Writer
Stash Wealth Staff Writers are knowledgeable about personal finance topics. Their objective is to unravel the complexities of finance trade jargon, products, and services in order to equip HENRYs with a sound understanding of financial matters.
