How to travel during retirement on a budget

“[Baby] Boomers volunteering overseas is a huge trend,” Shannon O’Donnell, author of “The Volunteer Traveler’s Handbook” told National Geographic. “They have a deep interest in finding projects that resonate within their own lives and supporting those projects for years. They understand that change occurs gradually.”

Pad your budget

Part of saving money while traveling is making sure you allocate enough to account for unexpected costs. Travel + Leisure recommends people put an extra 20% aside for their excursions. Even if you don’t spend it, you’ll have more to spend on travel-related activities of your choice.

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Consider rental homes

Although hotels have their benefits, if you’re going on a trip with extended family, it may be more cost-effective to stay in short-term rentals using sites such as Airbnb, HomeAway and VRBO. Buying groceries and cooking rather than dining out for the entire trip also saves money, according to Budget Your Trip.

Think about insurance

An unforeseen health concern could force you to pause your travel plans. Consider buying travel insurance for higher-priced vacations so you don’t lose your full payment if a medical problem arises, Travel + Leisure advises.

Ahead of your trip, you can check what your health insurance covers, too. If you travel frequently, an inexpensive annual travel insurance plan may be a consideration, according to Allianz. The website also noted you may be able to get rental car insurance on some annual car insurances, saving expenses in the event of a car accident on your trip.