When To Splurge and When To Save on a Vacation
It’s easy to get carried away when planning a vacation. Maybe you want to stay at a luxurious resort and eat at Michelin-star restaurants, who wouldn’t want this type of vacation. Or visit the places you’ve only dreamed about. Maybe, this is a bucket list trip you’ve been planning for years, who knows. What we do know is that travel budgets will vary depending on multiple factors so let us help you decide whether you should splurge on your next vacation or save.
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Planning a vacation involves making numerous decisions, including budgeting. Knowing when to splurge and when to save on a vacation can significantly enhance your experience without breaking the bank. Let’s dive into some essential tips for wealthy travelers visiting resort destinations.
Accommodations
When it comes to accommodations, splurging on a luxurious hotel or resort can make a significant difference. High-end resorts offer unparalleled amenities, top-notch service, and breathtaking views. However, you can save by choosing a boutique hotel or vacation rental. A rental is particularly great for those enjoying extended stays or who prefer the comforts of home. These options still provide comfort and convenience without the premium price tag.
Our favorite spot is the Ritz Carlton Club in Lake Tahoe, California. Book this Ritz Carlton Lake Tahoe vacation rental here.
Dining
Food is a crucial part of any travel experience. Splurge on fine dining at iconic restaurants known for their exceptional cuisine and ambience. For example, if you’re staying in Aspen, consider dining at Element 47—and don’t hesitate to really explore the menu. For breakfast and lunch, save by opting for local cafes and food trucks or prepare a picnic with fresh, local ingredients. This approach allows you to taste the local flavors without overspending.
Activities and Experiences
Certain activities and experiences are worth the splurge because they create lasting memories. In Lake Tahoe, splurge on a luxury yacht rental or a hot air balloon ride to gain a unique perspective of the area. On the other hand, you can save by enjoying free or low-cost activities such as hiking, swimming, or exploring local markets. This balance allows you to experience the best of both worlds.
Transportation
Transportation is another area where you can decide to splurge or save. If you want convenience and comfort, splurge on a private car service or first-class flights, especially if you’re traveling long distances. Just keep in mind that you may need to plan around your insurance.
Rental cars have their own kind of insurance, which the rental agency will likely help you navigate. If you’re driving your own vehicle, you’ll want to consider how your coverage changes based on your destination. For example, your car insurance may or may not cover you in Mexico while you’re on your way from Lake Tahoe to Tijuana. For shorter trips within the destination, save by using public transportation, rideshare services, or even renting bicycles.
Souvenirs and Shopping
Buying souvenirs and shopping can quickly add up, but knowing when to splurge and save can help you be more mindful. Splurge on unique, high-quality items that reflect the local culture and craftsmanship, such as handmade jewelry or artwork. Save by avoiding tourist traps and opting for smaller, locally-owned shops where you can find authentic and affordable treasures. This way, you bring home meaningful mementos without overspending.
Understanding when to splurge and when to save on a vacation can make your trip to resort destinations. Focus on splurging where it truly enhances your experience, such as accommodations, dining, and unique activities, while saving on transportation and everyday expenses. With these strategies, you’ll create unforgettable memories while staying within your budget.