2008 Woodie Awards
Budgeting key to affordable travel
By: Michelle Erdmann
Issue date: 11/30/07 Section: News
- Page 1 of 1
Students who love to travel agree saving enough money is the key to a fun, successful trip.
Professor R. Gene Stout said students should be budgeting for their ongoing expensing over a long-term period, not in the two months leading up to the trip.
"Start saving early," the finance and law professor said. "It would be a lot easier to save if you build the trip into your budget for the whole year."
Stout suggests students buy a small binder to keep absolute track of every penny they spend to see where there is room to cut back and save for the trip.
"Figure out what it's going to take for the trip," Stout said. "Work over Christmas, tell people who will give you gifts you need money more than a thumb drive."
In 2005, the University of Wisconsin Credit Union compiled a list of suggestions for "Spring Break on a Budget."
The list suggests looking at less-expensive alternatives, shopping around and resisting the urge to cave into sales pitches.
Knowing how to save money during the trip can be helpful as well. The UW Credit Union suggests getting references from other students who have traveled to the same place and can fill you in on the good places to go.
Crystal Falls sophomore Tyler Morkin and Lowell junior Karl Bouwhuis said finding cheap food is the hardest part, especially when traveling abroad or in large cities.
"Eat away from the main streets, even a block or two off the main street can be significantly cheaper," Bouwhuis said.
"The location of the restaurant is key," Morkin said. "When I went to New York City, the average meal for just me was typically $20 to $30, in Times Square."
Bouwhuis said he is working in a factory to help pay for his trip. He also bought a subway pass and suggests the free mode of transportation - walking.
When traveling abroad, students should also be aware of exchange rates and the best way to carry money.
"Never carry the U.S. dollar for exchange," Morkin said. "You'll never get a good deal."
He exchanged 40 euros at the Detroit Metro Airport and only received $42 when he should have received closer to $50.
When Morkin traveled to France and Germany, he learned putting money on a debit card is the easiest way to carry money.
"Max out your daily limit when you take out money from an ATM to avoid several fees," Morkin said. "A 20 euro, about $30, withdrawal abroad may cost closer to $40 because the ATM may have a surcharge and your bank may charge a currency conversion fee."
For security, the UW Credit Union suggests paying by credit card since cards are often protected by the credit card company.
The Credit Union tells students to shop around to find the perfect trips that won't empty your pocket.
news@cm-life.com
Professor R. Gene Stout said students should be budgeting for their ongoing expensing over a long-term period, not in the two months leading up to the trip.
"Start saving early," the finance and law professor said. "It would be a lot easier to save if you build the trip into your budget for the whole year."
Stout suggests students buy a small binder to keep absolute track of every penny they spend to see where there is room to cut back and save for the trip.
"Figure out what it's going to take for the trip," Stout said. "Work over Christmas, tell people who will give you gifts you need money more than a thumb drive."
In 2005, the University of Wisconsin Credit Union compiled a list of suggestions for "Spring Break on a Budget."
The list suggests looking at less-expensive alternatives, shopping around and resisting the urge to cave into sales pitches.
Knowing how to save money during the trip can be helpful as well. The UW Credit Union suggests getting references from other students who have traveled to the same place and can fill you in on the good places to go.
Crystal Falls sophomore Tyler Morkin and Lowell junior Karl Bouwhuis said finding cheap food is the hardest part, especially when traveling abroad or in large cities.
"Eat away from the main streets, even a block or two off the main street can be significantly cheaper," Bouwhuis said.
"The location of the restaurant is key," Morkin said. "When I went to New York City, the average meal for just me was typically $20 to $30, in Times Square."
Bouwhuis said he is working in a factory to help pay for his trip. He also bought a subway pass and suggests the free mode of transportation - walking.
When traveling abroad, students should also be aware of exchange rates and the best way to carry money.
"Never carry the U.S. dollar for exchange," Morkin said. "You'll never get a good deal."
He exchanged 40 euros at the Detroit Metro Airport and only received $42 when he should have received closer to $50.
When Morkin traveled to France and Germany, he learned putting money on a debit card is the easiest way to carry money.
"Max out your daily limit when you take out money from an ATM to avoid several fees," Morkin said. "A 20 euro, about $30, withdrawal abroad may cost closer to $40 because the ATM may have a surcharge and your bank may charge a currency conversion fee."
For security, the UW Credit Union suggests paying by credit card since cards are often protected by the credit card company.
The Credit Union tells students to shop around to find the perfect trips that won't empty your pocket.
news@cm-life.com
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