Breaking Free from Financial Dependence
Growing up, I was fortunate to have supportive parents who funded my entire life. However, this comfort came at a cost – I didn’t understand the value of money until I decided to take control of my finances. As a university student living far from home, I relied heavily on my parents’ credit card to fund my frequent flights back home. But when I landed my first job, I knew it was time to start weaning myself off their financial support.
The Reality Check
My wake-up call came when I realized that each flight home cost around $500, adding up to $3,000 a year. I knew I couldn’t afford to continue this habit, but I also knew my parents wanted me to visit regularly. This dilemma prompted me to explore ways to minimize the cost of flights, and thus began my journey into travel hacking.
Hack 1: Choosing the Right Credit Card
My parents’ travel points funded half of my flights during university, and some trips even today. By switching to a miles-earning credit card like the BMO Air Miles World Elite MasterCard, they earned more air miles while spending the same amount. The annual fee was higher, but it paid off in the end with 25% off flights due to the “Elite” status. When selecting a credit card, consider the big picture: calculate your annual net return by adding welcome bonus points, points awarded per dollar spent, and subtracting the annual fee.
Hack 2: Timing is Everything
For years, I believed that buying flights early meant cheaper fares. However, a trip to the UK proved me wrong. After researching, I discovered that the best time to buy flights is 57 days prior to travel, according to an Expedia study. Additionally, Tuesdays and weekends are the best days to make a purchase. To get the best prices, I now map out my travel for the year and set bi-weekly fare alerts on Kayak.
Hack 3: Flexibility is Key
To secure the cheapest flights, I’ve had to make sacrifices like skipping class, taking red-eye flights, or opting for itineraries with stop-overs. By being flexible, my parents saved hundreds of dollars on every flight. Convenience comes at a cost, so being open to alternative travel arrangements can lead to significant savings.
By implementing these three travel hacks, I’ve been able to balance my desire for financial independence with my need to visit my family regularly. There are likely many more hacks out there, but these have been consistently effective for me.
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