Cash saving tips for planning your next vacation

Ready for your next vacation? Here are some tips on how to plan wisely for your next trip.

Who doesn’t like to go globetrotting? I certainly do. But not all of us are made of money. How can we spend wisely so that we can go on our dream vacation without breaking the bank?

It might be tempting to skip the travel insurance with the view to save money, but don’t! Travel insurance is absolutely necessary, and if anything happens, it will cost more for you to pay out of your own pocket. If you wish to lower your travel insurance costs, make sure you purchase insurance that is suitable for your needs. For example: if you’re not skydiving, then you don’t need that expensive high-risk travel insurance. Also, remember to check whether your company’s insurance covers your vacation travelling needs. If you are going places where getting certain vaccination shots are required, make sure to check whether your medical insurance covers that.

Your local spending can contribute to the cost of your airfare ticket, so check which restaurant or shop partners have the mileage plan you’re enrolled in so that you can earn points for your vacation. Also, enroll in one airline’s mileage scheme and stick with it, because you’ll earn much more quickly and get more perks for loyalty. And get their credit card, so that every dollar you spend contributes to your miles.

One other thing to keep in mind: before redeeming points for a plane ticket, make sure you check with CheapOair. It might be a better deal to just buy the ticket, especially if you’re buying it very early on. Plan early so that you can catch the deals that airlines put out sporadically. If you’re taking a cruise, you might want to watch for last minute deals at Vacations To Go.

What school did you graduate from? Are you part of a professional body? For example, as a university alumni or CPA member you have loyalty access to many travel discounts, from airport parking to hotel chain deals and air ticket discounts.

Want to book a convenient yet cheap place to stay in your destination? Check out Airbnb and Vacation Rentals by Owner for local homes to rent. Do you prefer staying in hotels instead? Check out Travelzoo and TripAdvisor to catch the lowest prices.  Please note that there may be other websites that can provide similar services.

Many cities have government-funded, NGO or self-initiated free walking tours to show you around. Search ahead of time! Take advantage, not only because it’s free, but also because it gives a more local insight.

Keep the conversation going

Have any tips to make the best use of each dollar? Share it with us in the comments below.


The views and opinions expressed in this article are those of the author and do not necessarily reflect that of CPA Canada.

About the Author

Gillian Chu, CPA, CA

Gillian is a third generation Chinese Canadian. She has lived in three different continents, and currently resides in Vancouver.