As we age, it’s natural to want to discover new places and experiences in retirement. Even if you’re no longer actively working, you may be feeling the financial pinch and need to budget for retirement travel and leisure activities.
For those living in the UK, your retirement savings, investments and pensions may be enough to fund your travel plans or lifestyle needs. Or, you may need to be craftier in how you spend your travel and leisure money.
If you are keen to explore the local or global area, here are some tips to help you budget for your retirement travel and leisure activities.
Spend Wisely
Simply put, wise spending is key in retirement. When you budget, be sure to account for necessary expenses like rent, groceries and emergency funds. After you set aside funds for absolute essentials, you can re-budget for retirement travel and leisure activities.
When you budget for entertainment and travel, you don’t have to spend wisely - you can take calculated risks. For instance, you can opt for quality experiences or small luxuries, like a gourmet dinner or five-star hotel room. With a smart budget, you can find reasonable deals and enjoy unforgettable experiences.
Make Use of Discounts
Discounts are an underrated way to save money on travel and leisure activities. Discounts are a great way to stay in budget while still treating yourself to a top-notch experience.
Depending on the retailer, free or discounted admission to museums, attractions, and entertainment venues are keywords to search for. It’s also worth looking into any senior discounts. Many of these discounts are over 55s or only available to those who are retired, so be sure to ask around and do your research.
Be Flexible With Dates and Destinations
If you’re flexible with your retirement travel plans, you could get special deals - this goes for flights, tours, and hotels. Being flexible with when you travel could also save you a lot of money. Always remember that you’re never limited to the exact dates you “need” to take a vacation. If the majority of people are taking a break from work or school during a certain time, prices could be much higher.
As for destination, consider local areas or destinations that offer the same experience. Check online reviews and look for cheaper alternatives.
Try Experiential Travel
Retirees often have more time to focus on their travel and leisure activities, so why not take advantage of experiential travel? Instead of visiting multiple tourist attractions, why not visit a wine or chocolate factory and spend quality time with locals?
Even if you are on a tight budget, you can still participate in experiential travel. It’s all about taking the time to learn and experience new things. This could include a hike in the countryside, or learning about a local culture.
Save Where You Can
If you are persistent with your budget, you can save money during retirement travel and leisure activities. One easy way to save is to utilize public transportation. While car rental and Uber rides can make life more convenient, public transportation is the more economical option.
Consider looking into airline loyalty programs or using credit cards for added Perks. If you have the right kind of credit card, you can get exclusive discounts at hotels or even free checked-bags when flying.
Have Fun With It
Retirement travel and leisure activities are meant to be enjoyable and stress free. You don’t necessarily need to have a plan when you visit a destination - just do what you want. By having fun with your retirement travel and leisure activities, you can save time and money.
If you’re looking to have a unique experience, consider volunteering or house-sitting. With volunteering, you could spend time helping locals or exploring different cultures. House-sitting is also a great way to experience a new place without spending extra money on a hotel or Airbnb.
Final Thoughts
Budgeting for retirement travel and leisure activities doesn’t have to be a stressful experience. There are plenty of ways to have a great time while sticking to your budget.
Take the time to plan your retirement travel and leisure activities. Make sure not to forget about the small stuff, like souvenirs and medical costs while abroad. And, if done correctly, you can have an enjoyable and enriching retirement experience without breaking the bank.