Travel is a rewarding experience that enriches our lives, but it doesn't have to break the bank or put your overall financial plan at risk. Before you go globetrotting, it’s important to consider your finances and embark on your journey prepared with a plan. Don’t sacrifice your long-term financial strategy to satisfy shorter-term goals.

6 money-saving travel tips.

As you explore a world full of travel options, many of these truisms can be helpful to keep in mind. If you’re looking to save a little money on venturing to new destinations, keep these principles in mind as you plan your next adventure:

Flexible Travel dates and booking strategies.

• Off-peak travel: When traveling during off-peak seasons, flights and accommodations are often cheaper. Note that “peak” can vary by location. So do a little homework to help strike your ideal balance between cost and experience.
• Be flexible: Sometimes shifting your departure by a day or two can save you a significant amount. Consider using web aggregators, such as Google Flights or Kayak, to help gauge and/or track cost trends.
• Book in advance: Often, it’s most effective to plan well ahead and book flights and accommodations early. Last-minute bookings can be costly — but may also be a bargain in the waiting if you can be flexible.

Optimize accommodation costs.

• Alternative accommodations: Consider options beyond traditional hotels, such as vacation rentals, hostels or even house-sharing platforms. They often offer more affordable rates and unique experiences.
• Loyalty programs and deals: Loyalty programs, newsletters and employer-provided programs can sometimes give you access to exclusive deals and discounts offered by hotels, vehicle rentals or accommodation platforms.

Budget-conscious transportation.

• Public transportation: Use public transportation instead of taxis or rental cars, especially in cities where it's well-connected and cost effective.
• Travel passes: Investigate city or regional travel passes that offer unlimited travel for a fixed price. This may save you money if you plan to explore smaller geographic areas extensively.
• Walking and biking: Embrace walking or biking within cities or towns. It not only saves money, it allows for a more immersive experience.

Dine smart and eat local.

• Street food and local markets: Opting for local eateries, street food stalls and markets can help you experience authentic cuisine at a fraction of the cost of restaurants.
• Self-catering: Book accommodations with kitchen facilities to prepare your meals. Buying groceries and cooking for yourself can significantly reduce food expenses while potentially giving you an opportunity to experience local markets and fare.

Plan activities strategically.

• Free attractions: Prioritize free or low-cost attractions, museums with free entry days, or parks for entertainment.
• City passes and tourist cards: Investigate city passes that offer discounted entry to multiple attractions or tourist cards that include transportation and sightseeing options for a fixed price.

Travel insurance and money management.

• Invest in travel insurance: Weigh the benefits and tradeoffs of protecting yourself financially with comprehensive travel insurance to cover unexpected expenses such as trip cancellations, medical emergencies or lost luggage. Again, your credit card may provide some of these benefits.
• Utilize budgeting tools: Make use of budgeting apps to keep track of expenses and stay within your travel budget. Setting spending limits for various categories can help manage finances effectively.

Ways to save for your travel goals.

As is the case with all things financial, it’s important to align the right tools with your specific goals. Some shorter-term solutions are available to help you manage and build your savings, including CDs, money markets, savings accounts or even by leveraging credit card benefits. Ask your CommercePremier Banker about some of the options that may be available for you. For shorter-term savings goals, such as travel, consider:

• CDs: A Certificate of Deposit, or CD are FDIC-insured savings products^{footnote 1} that will typically allow you to earn more than a standard savings account. But funds deposited must remain at the bank throughout the CD’s specified length of time (term)^{footnote 2}. Commerce Bank offers flexible term lengths ranging from three months to five years^{footnote 2}. Check with your CommercePremier Banker for the latest available rates and terms.
• Money Markets: Money market accounts, as compared to conventional savings accounts, typically provide a higher yield for carrying a higher balance. At Commerce Bank, both the myRewards Money Market and Premium Money Market accounts are FDIC insured¹.
• Savings accounts: Many choose to keep a separate account to save for travel, which can help you quickly see your progress and can help you avoid accidentally spending funds set aside for your vacation goals on other expenses. When you’re ready to embark on your adventure, the money is there waiting for you, and you know exactly how much you can spend.
• Credit cards: Credit cards can offer great benefits that can help you save money and provide exclusive travel benefits. For instance, CommercePremier Visa Signature^® credit card holders have access to Travel Emergency Assistance, Roadside Dispatch, Travel Concierge and more. Your trusted CommercePremier Banker can help you explore card options that fit your goals.

Explore the world without the fear of breaking the bank.

It's essential to strike a balance between indulging in travel experiences and being mindful of your budget. Aligning your travel goals with your financial strategy and maintaining focus on long-term financial goals can help you not only explore new places, they can also help ensure financial stability in the future. Prioritize what’s most important to you when you travel, and keep the money-saving tips above in mind when you’re looking to make tradeoffs to cut corners on cost.

Also, your CommercePremier Banker can help find some effective strategies to help you save for shorter-term goals while keeping your long-term financial goals in check. By being savvy with your planning, you can strike the perfect balance between a memorable adventure and a budget-friendly journey.