This week, Tim Regan and Katie Umland share life updates and 529 college savings tips before diving into the main topic: Traveling on a budget. Listen in to learn their top tips for satisfying that wanderlust without draining your savings.
Many people dream of a retirement full of adventure – but the price tag that comes with those vacations is often high. Luckily, there are tips you can use both before and after retirement to help ease the financial burden (without sacrificing your bucket list).
“It doesn’t have to be extreme, but there are lots of things you can be mindful about as you travel – sometimes that could look like being very thoughtful around what credit card you use and how you structure those credit cards, rewards for airline miles and rewards for hotel points,” Regan says.
A big piece of the puzzle is tracking finances and setting goals. For example, if you want a certain amount set aside for a month-long venture across Europe, it’s a good idea to calculate a specific amount of money you’ll need and when you’d like to have it saved by. Having concrete goals for your budget can help you stay motivated and on track!
Of course, there’s also steps you can take to reduce traveling costs. From travel rewards programs to credit card perks and even group travel discounts, there are several ways you can save.
Ready to learn more about traveling on a budget? Want to get inspired to explore new horizons, make lasting memories and savor every moment of your well-deserved retirement? Hit “Play” to listen to the full episode, or click here to check out our library of other Retirement Readiness episodes!
Key Timestamps and Topics
- 00:00:41 – Katie shares that she will be transitioning to being a full-time mom and podcast host, while Tim discusses his children going off to school for the first time.
- 00:02:52 – The hosts explain the benefits of 529 plans, highlighting the ability to convert unused funds into a Roth IRA for your child, providing more flexibility.
- 00:05:04 – Tim and Katie introduce the mailbag segment, where they will answer listener questions. They discuss the importance of credit card rewards and using them for travel purposes.
- 00:09:42 – Tim and Katie discuss the idea of buying a second home versus traveling to different destinations. They suggest waiting for travel deals and being mindful of flight prices and gas prices to save money.
- 00:13:32 – The hosts suggest taking extra cash out when things are good and putting it into the travel budget. This allows for more conscious spending and potentially saving on travel expenses.
- 00:14:10 – Tim Regan encourages listeners to think about their preferred type of travel. Whether it’s disappearing for a month or two, immersing oneself in a different culture overseas, or going on a road trip, defining the desired travel experience helps in budgeting and planning.
- 00:15:35 – Tim Regan shares his own travel experiences, including staying at a dude ranch and a converted brothel. These unique accommodations added excitement and structure to their trips. He suggests finding activities or accommodations that are out of the ordinary to enhance the overall vacation experience.
- 00:16:03 – They discuss the benefits of group travel, such as getting discounts and not having to coordinate the itinerary.
- 00:16:49 – The hosts acknowledge that making a bucket list can feel overwhelming, but budgeting and planning can make these dreams achievable.
3 Key Takeaways
- Uncover secrets to successful budgeting and planning for globe-trotting in your golden years.
- Discover how group travel may be your ticket to world exploration without breaking the bank.
- Learn to strike the perfect balance between financial security and fulfilling wanderlust while managing your professional commitments.
Links
Travel with Confidence
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