A few lesser-known hacks to save nearly 60% on your next holiday travel

The Christmas and New Year holidays are a time to relax and explore new destinations. Many travellers use the year-end holiday season to visit their favourite destinations. Exploring new destinations comes at a cost. Therefore, travellers must plan their Christmas holidays within a budget to avoid overspending, as any vacation should not have a lasting impact on finances.

To make the most of their trip, you must set a realistic budget, get cost-effective deals, and minimise expenses.

Choosing the right destination is one key factor in ensuring travellers do not go overboard with their budget. According to Priyank Shah, Co-Founder and CEO of The Financialist, selecting the right destination is crucial to getting the most out of the travel budget.

“Opt for locations that are known for being more affordable yet still offer rich experiences. For example, while cities like Paris and Rome are popular, consider alternatives such as Lisbon or Budapest, which provide similar cultural experiences at lower costs,” Shah said.

He suggests a list of off-beat and affordable destinations that offer an experience similar to popular locations.

1. Mexico City, Mexico

Savings: Travellers can save approximately 40 per cent compared to cities such as New York or Los Angeles.

Highlights: Affordable accommodations, cheap public transport, and delicious street food.

2. Hoi An, Vietnam

Savings: Daily expenses are, on average, around $64.51, significantly lower than those of popular destinations like Paris or Tokyo, where daily costs can exceed $200.

Highlights: UNESCO-listed Ancient Town, beautiful beaches, and vibrant local culture.

3. Budapest, Hungary

Savings: Costs are about 50 per cent lower than in Western European capitals such as London or Paris.

Highlights: Rich history, stunning architecture, and thermal baths at affordable prices.

4. Chiang Mai, Thailand

Savings: Daily budget can be as low as $30, compared to over $100 in Bangkok or other major cities.

Highlights: Scenic temples, lush landscapes, and inexpensive street food.

5. Marrakech, Morocco

Savings: Travellers can save around 60 per cent compared to cities like Barcelona or Rome.

Highlights: Bustling souks, traditional riads, and rich cultural experiences.

He also added that travelling during off-peak season will help to save up flight and accommodation costs.

For example, a trip to Europe might cost $7,300 during peak season but might cost $4,000 in the off-season.

“In 2023, approximately 32 per cent in fare reductions were observed while travelling during the off-season,” Shah said.

“Off-peak rates can be reduced by 50 per cent, allowing for better accommodations at lower prices,” he added. Travellers can opt for alternatives such as vacation rentals or hostels to save on accommodation costs. Additionally, house-sitting arrangements can provide cost-effective lodging.

The goal of every vacation is to enjoy and create a lifetime of memories. Planning a holiday according to your finances will make vacations more valuable and not be a burden on finances. Focus more on fruitful experiences rather than splurging money on extravagant facilities.