Types of Unclaimed Property

The most common types of unclaimed property are deposits for utilities, such as gas and water service, and property or money left in safety deposit boxes or inactive savings, checking and certificate of deposit accounts for three years or longer. Insurance payouts and refunds are also common forms of unclaimed property, as are uncashed annuity, dividend, estate, trust fund disbursements. Unused gift certificates may also turn up as unclaimed property, along with uncashed payroll, traveler’s and cashier’s checks and money orders. State tax refund checks often go unclaimed when people move out of state.

Claiming Property

Many states have searchable databases of unclaimed property on their treasury department websites. Websites such as Missing Money and the National Association of Unclaimed Property Administrators (NAUPA) also provide access to state unclaimed property databases. If you are the owner of the property, provide your name, Social Security number and current and all previous addresses. If the information you provided matches information attached to any property in the database, you will be able to claim it online and the state will mail a check to your current address, usually within two weeks. If the information does not match, or the state requires more information, you will be given instructions on the additional documentation you must provide.

Just under half of the states do not offer online searching and require search requests by mail. If you are the owner of the property, write a letter requesting a search for any unclaimed property in your name. Include your full current name, maiden name and any other previous names, your Social Security number, current and previous addresses and your phone number so the state can contact you if necessary. Mail the request to your state’s treasury department. The state will mail acknowledgement of your claim request within 60 days, but it can take up to 90 days from the date of acknowledgement for the state treasury to process and approve your claim and mail a check to you.

If you are an heir, you cannot make a claim online and must make the claim by mail. You must provide the above information about the owner and yourself and must provide documentation that proves your relationship to the owner and your right to claim the property. Such documentation most often includes birth, marriage and death certificates, but your state treasury department can give you more specific documentation requirements. If two or more people have a legal claim to the property, each of them must prove their identity and relationship to the owner and sign the release documentation.

No state imposes a statute of limitations for unclaimed property. This means that owners can always claim their property no matter how many years have passed. It also means that heirs can claim the property of a deceased relative many years later, as long as they are able to prove their relationship to the owner and their right to claim the property.

Search Tips

To search effectively include common misspellings or variations of your or the deceased owner’s name. Include middle names and initials. Search under maiden names or other previous names that may have been used in business or other financial matters.

One interesting thing about this generation are the competing financial concerns. Generation X, now in their 30s and 40s, are stuck in the midst of a terrible economy and high unemployment while trying to balance saving for retirement, raising a family and saving for college, paying down debt, and worrying about aging parents. It’s no wonder this generation is so stressed out.

Unlike older generations who didn’t take on a mountain of student loan debt and likely had at least some sort of pension to help with retirement, this generation is entirely on its own. That means taking on the full responsibility of trying to fund a retirement nest egg, putting children through college, and just trying to stay afloat in this economy.

In 1979, when the oldest Gen Xers were teenagers, the sole retirement plan for 62 percent of the workers was a traditional pension, according to Employee Benefit Research Institute (EBRI). By 2005, when most of the Gen Xers had joined the workforce, that number had flipped: 63 percent of employees found themselves covered only by voluntary 401(k) plans.

Robert O’Neill, a senior vice president at Charles Schwab who oversees the firm’s Gen X initiative, said Schwab found that Gen Xers often don’t understand investment basics. Many, for instance, don’t realize that an investor can contribute to both a 401(k) plan and an IRA. This might help explain why 82 percent of Gen Xers have no IRA, according to a Schwab survey. It’s simple things like this that have a profound impact on finances for years to come.

All of that being said, I did uncover an interesting tool that helps you think about where your priorities fit compared to others like you. Betterment has an interesting thing called Money Mea$ure-Up. You simply plug in your age and sex, and it will pull up some data that shows what others in this demographic are up to. And if you’re one of those who are a bit behind the curve when it comes to saving money, you can check out my post on why Betterment might be a good option for you. To get you started, they are offering a fee $25 bonus for signing up.

So, check it out below:

Competitive scholarship packages, revamped dining plans and tickets to free sporting events make getting an education even more desirable in tough economic times.  In fact, while many colleges and universities have hiked the cost of tuition, parking and activity fees, five campuses across the nation continue to provide exceptional perks that you, the student, can’t afford to miss.

A Fresh Approach to Going Green

In an attempt to reduce its carbon footprint and to make better use of the school’s limited parking spaces, the University of New England (UNE) in Maine offers incoming freshman $480 Gary Tiburon bicycles along with bell helmets and locks for leaving their cars at home. Those students wanting access to a vehicle can opt to accept a gift card good for 28 hours of free Zipcar usage in place of the bikes. The school has two of the cars available to use by the hour or by the day. For upperclassmen, campus shuttle service and discounted limo and taxi service takes the guesswork out of getting around UNE without a vehicle.

In California, Stanford University’s Commute Club pays its members $282 dollars a year for carpooling, taking mass transit, bicycling and/or walking to campus. Like UNE, the school has Zipcar access for students needing a vehicle for an afternoon or a day. Up to $96 in driving credit makes this car-share service affordable and ideal to individuals who only need a car a few days a year. Other benefits include complimentary Enterprise Rent-A-Car vouchers, online Ridematching service and emergency rides home.

Tools to Succeed Right From the Start

What could be more enticing than a free computer and printer on your first day on campus? Freshmen at Wake Forest University in North Carolina line up in droves to pick up their hardware from campus officials at orientation. Each and every student, despite major and economic status, is entitled to the superb swag.  College-based software comes pre-loaded on the computers making homework a snap and note-taking as easy as turning on the power switch. Upgraded computers are available junior year and the laptop and printer are yours to keep even after you have graduated.

The Comforts of Home

The Lula Bell Houston Laundry facilities at Davidson, an elite liberal arts school in North Carolina, provides free drop-off and self-serve laundry services to all of its students. Clothes are washed, dried, pressed and placed on hangers by Ms. Houston herself, and the campus has offered this distinct service for over eight years. Dry cleaning and alterations are available at an additional cost.

Hitting the Slopes After Hitting the Books

Students at Michigan Technological University (MTU) feel like their student activity fees are well worth their cost. For $64 a semester, anyone with a campus ID can hit the slopes and ski or snowboard for free at Mont Ripley Ski Slope. Golfers and tennis players can polish up on their skills by visiting the Portage Lake Golf Course and the Gates Tennis Center, while other students take in a play or concert at the Department of Visual and Performing Arts or participate in intramural sports. A welcome treat after a long day of studying, the Experience Tech initiative has received rave reviews from students who find the cost of participating in school and community events hard on the bank account.

The Ultimate Investment is Your Future

For most young people, college is a time for self-discovery, cultivating friendships and earning real-life experience as well as enough credits to graduate. Determined to help their students succeed, schools like UNE, Stanford, Wake Forest, Davidson and MTU are on the cutting edge of academic ingenuity and provide the latest technology to anyone who is willing to take the plunge and further their education at one of the colleges’ campuses.

Now think back for a minute and look at a larger purchase that did give you pause. It could have been that forty dollar dinner out, a new TV, or even a video game. Did you think about whether or not you could afford it? Did you make justifications as to why even though it wasn’t in your budget you could still make it work? Unfortunately, if you’re asking yourself these questions, the reality is that you truly can’t afford it.

Affordability = Opportunity Cost

When you’re asking the affordability question, what you’re really debating is opportunity cost, even if you don’t realize it. That’s because affordability has to do with deciding whether or not making a purchase is worth what you have to give up elsewhere. When you buy a two dollar cup of coffee you’re not faced with the affordability question because you already know that aren’t really sacrificing anything elsewhere (unless you’re deeply in debt, buying the coffee on credit, and only lying to yourself, but that’s another discussion).

When it comes to a larger purchase and you begin to question if you can afford it, you’re really debating whether or not that purchase is worth what you will be giving up. What you’re giving up isn’t always obvious. Sure, you can put a price tag on it and know that’s how much it will cost, but your subconscious is factoring in things like how it will affect your retirement saving goals, how it will mean it takes longer to pay off credit card debt, how it means less money saved up for college, and so on. Even though you might be just thinking about the money in the bank while standing in the check-out line, all of those factors and more are what is going through your head even if you aren’t thinking about them specifically.

Affordability is far more than wanting to buy something that costs $200, seeing you have $400 in your savings account, and telling yourself you can afford it. I’m sure you’ve seen this many times yourself, where you clearly have more than enough money set aside to make the purchase without hesitation, but you still find yourself questioning whether or it’s a good idea. That’s because something in the back of your mind is telling you that it might not be truly affordable. Even if you can’t put your finger on why, take that as a mental cue that you should step back from the purchase for now and reassess it.

Affordability Relies on What Ifs

As you talk yourself through the affordability question it is framed around today, or the status quo. You tell yourself that as long as your life continues how it is right now, you can surely afford it. But the real question surrounds the “what ifs.”

What if:

• You lose your job or receive a pay cut?
• Insurance premiums go up?
• There’s a financial emergency?
• The stock market tanks and you lose a lot of money?
• Insert any unexpected thing here…

How many times does life chug along perfectly without any bumps in the road? Almost never, so if your telling yourself that you can afford something now, only to know that if any of the what ifs were to happen you’d be in trouble, you’re only lying to yourself. If something was truly affordable you’d know that the decision to make that purchase wouldn’t adversely affect you.

Would you regret buying a two dollar coffee last week if you lost your job today? Of course not, because those two dollars wouldn’t even make a dent in that loss of income. Would you regret buying a $2,000 HDTV last week, depleting much of your emergency savings, if you lost your job today? You better believe it. If you bought that same HDTV last week but used funds specifically set aside for it and still have three months worth of expenses in your emergency fund and then lose your job, how would that ultimately affect you?

As you can see, it’s not what you buy or what might happen in the future. It’s what you buy and how well you are prepared for the future, and knowing what you’re giving up by making each purchase. You can buy luxury items if you aren’t robbing Peter to pay Paul. But if you get that feeling in the back of your mind telling you there are other priorities to take care of, it’s time to listen, even if your bank account balance is making it look like it’s easily affordable.

The Affordability Acid Test

“If you have to think about whether or not you can afford it, you can’t.” Use that as your affordability acid test with each purchase. If you go to buy something and the thought of whether you can afford it or not never even crosses your mind, then chances are it’s truly affordable. But any time you find yourself thinking about whether you can afford it or not, even briefly, STOP. The mind works in mysterious ways and it is trying to tell you something. You may not visualize a bunch of flashing lights or bells going off telling you that you can’t afford to rob potential future retirement savings, or that the money really needs to go towards credit card debt, or that something unexpected may be in your future, but if something is giving you pause, stop and listen to what it is saying.

Many people think that this strategy means you can only buy stuff if you have a bunch of cash sitting around. That’s not exactly true, nor is it the point. The point is to think critically about what you buy, and more importantly, understanding exactly what making that purchase will take away from other areas of your finances. It’s good to know that if you buy something today it may negatively impact you in the future, but it’s better to know exactly what it will impact and how so you can take the steps needed to make up for the shortfall.

What often happens is that we spend so much time trying to find the single best solution that the opportunity cost of delaying the decision often outweighs the benefit of finding that single best option. This is paralysis by analysis. It is when you spend weeks, months, or even years putting off a major decision while you examine every option available, only to miss out on most, or all of the benefits that could have been realized if you just chose any option from the beginning.

A Few Examples

This is quite common when it comes to finance. We are bombarded with choices. Deciding how much to invest, how much put toward debt, what bank to use, what credit cards to use, what stocks or funds to invest in, what tax strategies to implement, and the list goes on. For every seemingly simple choice, there are often hundreds of possibilities. Just look at the difficulty in selecting a savings account. You have local banks, dozens of online banks, and then you have to look into what the interest rates are, what fees there may be, what features you may or may not need, and before you know it you’re putting off saving for weeks or months while you fret over finding the absolute best option.

It is even worse when you start talking investments. How many times have you said you were going to start, or even simply increase your 401(k) contributions only to put it off for months or a year while you look at all of the various investment choices, try to figure out when the best time to invest would be, and get confused by fees? Even if this isn’t you, I have a few friends who have done this. One guy I know stopped contributing to his company 401(k) a few years ago because money got tight. That’s understandable, but about six months after stopping those contributions he came to me for advice about where to start putting that money back to work. So I gave him a few suggestions. A few months later he comes back and admits he still hasn’t started and is still “learning about the market” and wants to make sure he makes a good investment. I insist he just starts putting that money into the account, even if it’s just in the cash fund, but there’s no sense in waiting.

Guess what? It is almost three years later and he still hasn’t started back up with his 401(k). The excuse? He’s still unsure of the best possible way to invest that money. So he has gone three years without putting a dime away toward retirement, missed out on reducing his taxable income, and missed out on putting that money to work. That is three years that can never be given back. The time is gone. But he still continues to hem and haw thinking that by making the single best decision it will be better than making just an average decision.

Pick an Option and Run With It

Instead of wasting your time constantly analyzing your options, just do some basic research and then go with it. You can always change later and there’s virtually nothing set in stone, so why worry so much about it? If your goal is to finally open an online savings account and start putting money into an emergency fund, don’t waste a week trying to pick the absolute best bank. Because you know what usually happens? You tell yourself you’ll be ready next week. But then next week turns into next month. And next month turns into six months, and before you know it you’ve wasted a year and you’re even further behind than you were when you started.

Seriously, if you end up with a bank that is ten basis points less than another, what is the worst that can happen? I’ll tell you. You’ll probably miss out on less than ten dollars in interest over the course of a year. When you think about it that way, is it worth delaying weeks, months, or a year just to squeeze out a couple extra dollars? It isn’t the end of the world if the bank you choose happens to have a slightly lower rate or changes their fees along the way. Remember, you can always simply change banks later, and that’s far better than doing nothing.

The same can be said when it comes to anything else. If you need a credit card, you certainly want to seek out some of the best options so you can get cash back, rewards, or a great interest rate. But after narrowing it down to a few options, just pick one and go with it. And when investing, the same general rule applies. You’re probably not out there putting everything on the line on a single stock and instead using diversified funds of some sort, so get your plan and go out there and invest. Who cares if the fund you end up in has fees a fraction of a percent more than another one. Who cares if it underperformed its benchmark by 0.5 percent last year. The fact that you invested the money at all will far outweigh the opportunity cost of waiting while you try to squeeze every last penny from your decision.

Something is Better Than Nothing

If you take anything away from this post, know that something is better than nothing. If you want to save money, just pick a bank and start saving. You can always move your money later, but taking action and putting that money to work, even if it isn’t the absolute best option available, is better than doing nothing at all. Don’t be like my friend who has let three years go by while he sat on the fence unsure of what to do. Time gets away from all of us, even with the best intentions. So don’t let tomorrow turn into next week, and next week turn into next month, or next month turn into next year. It’s time to grab the bull by the horns and put your plan into action. The worst that can happen is you miss out on a few bucks, but that’s far better than missing out on much more simply because you became paralyzed by so many choices.

The cost of living has risen dramatically over the last decade while wages have remained stagnant. For many couples planning to have children, it may no longer be financially possible, as the average cost of raising a child through age 18 is upwards of $250,000 today.

However, if you still intend to have children in spite of the staggering economy, consider the following to determine whether or not you will actually be able to afford yourself and your prospective children.

Lacking Healthcare

Due to the poor economy, many employers have scaled back or altogether abandoned their healthcare plans, leaving the financial responsibility of such plans in the hands of families. Healthcare plans don’t come cheap, and not having a plan can be just as costly should a family member have to enter the hospital. Even the cost of having a child alone is outrageous with the average hospital child birth costing around $7,500 for a 24 hour stay. Even if you have insurance, you will likely have a deductible, co-pay, or co-insurance to pay, which could still mean you’re on the hook for thousands even if insurance picks up the bulk of the tab.

Increased Transportation Costs

Rides to and from school, soccer, dance, and whatever other extracurricular activities your children may become involved in will definitely require gas, and the price of a gallon of gas will only continue to rise. While this may be a cost that you don’t consider to be a big one, consider how much you spend on gas alone only going to and from work �’ that amount will definitely double with kids, especially when you trade in your coupe or small sedan for a larger vehicle.

Increased Food Costs

Every aspect of the food industry has increased in price. The higher the cost of food, the more expensive it will be to feed additional mouths at the dinner table. If you already find yourself appalled by the amount you spend on food solely for you and your significant other, you may want to consider what  having children will bring to the table. Not only do they eat a lot, but in their teen years they can become downright bottomless pits.

Lower Household Incomes

The average household income has decreased by nearly 7 percent over the last decade meaning that more households are having to get by with less money although everything around them is costing more. Even though your income may drop, the costs of raising a child don’t.

High Child Care Costs

Child care expenses are the biggest complaints amongst parents as many can spend as much as 20 to 30 percent of their salary on child care alone. The necessity of having dual incomes for many families means finding care is a requirement. Not only does the expense of child care make some parents feel as though they are working solely to keep their children in day care, but it also puts a huge drain on a working couple’s dual-income. Instead of preparing for retirement or taking the occasional vacation, couples instead have to funnel their extra income into childcare.

In addition to the above costs, birthdays and annual holidays also bring up additional expenses as kids want the latest and greatest gadgets and toys.  If you think you can go without a little yourself from time to time – such as downgrading that 4G smart phone plan to one of the cheaper prepaid phone plans – affording children may not be so difficult.  However, the cost to raise a child is still astonishingly high.

For those interested in having children, the financial prospects don’t look good. Unless you either have a high salary or are willing to forgo your retirement fund, which you should never do, having children may not be a financially sound option in today’s economy. However, having children is a highly rewarding experience and it is far more than a financial decision. While children can create a financial burden, the joy they add to your life is often priceless. Even so, having a child is a major decision and it should not be taken lightly. If you take the time to plan accordingly you can also make sure it’s a good financial decision as well.

Back to the Basics

Like a conflict during football season, going back to the basics usually solves your problem.  Same thing goes with relationships and bouts about money.  Who’s in charge of managing the finances?  Who’s in charge of budgeting?  Who spends the most and who wants to save for something big?  These are questions that any couple needs to consider when resolving conflicts about money.  Get back to the basics and find common ground.

A tip I’ve been given from mentors in my own life is to throw away all preconceived notions given to you by family and friends.  Your relationship becomes your new “family” and you get to set the rules.  Don’t let past experiences decipher what is the rule of law within your personal finance life.

Ground Rules Need to be Set

I recommend that couples talk about finances at the very beginning of their dating lives.  However, some people wait until their honeymoon.  Which ever case may be, talking about finances and getting the conversation started is often times the biggest battle.

If you’re a newly married couple, you need to lay some ground rules.  These ground rules will help the two of you better communicate and avoid any unnecessary conflict.  Sit down and decide how the two of you will manage money and how money will be spent.  This is where a budgeting tool like Mint.com comes in.  For many couples, seeing their money visually helps a lot.  I happen to love visual pie charts myself!

Don’t try to hide spending habits.  Get everything out into the open and take charge of the situation.  Lying about something now will just come up again later down the road.  It’s not worth it.  If one person in the relationship loves going out to Starbucks and the other likes buying expensive meat at the grocery store, talk it out an decide whether or not these types of items are affordable.

Compromise or Else

Sometimes, a compromise will be your resolution.  As a couple, you need to find common ground and resolve the conflict.  This is where a budget comes in.  Seeing the money on paper can provide a common vision for a couple and move things forward with what’s important when it comes to spending money.

At the end of the day, you might never come to a compromise.  In this case, the worst thing to do is to give up.  Seek out counseling and and keep the conversation going.  Letting things stall could wreck havoc on your relationship.  Fighting about money is just flat out not worth it.  Seek out people that have been around the block a few times.  Chances are there are countless people waiting to share their wisdom with you.

Relationship Building Through Finances

Treat money like a strength building tool for your relationship.  Like in life, doing things together and seeing a goal conquered will bring the two of you together.  Don’t let a conflict go to waste.  Use it as a time to work out kinks in your relationship and grow stronger together.  Work as a team and you will soon find yourself conquering other goals on your list!

From the five dollar lattes you drink on the way to work to the new pair of shoes you saw in the department store advertisement, these purchases give you a sense of immediate gratification after you buy them but once you consume them or take them home, you realize just how little value they add to your life. Does it really require that much effort to brew your own cup of coffee every morning? Couldn’t you buy a less expensive, yet well-made pair of shoes?

The fact of the matter is that, “Yes, you can enjoy everything you did in the past without squandering away a fortune to do so.” It’s really easy but it requires patience. For an entire month, write down every penny that you spend. This includes the newspaper you purchase Sunday morning to the weekly lunch you enjoy with your friends. Once you have a better idea of how much money is leaving your bank account each month, you can change your approach to spending. You can make small changes each week to improve the state of your finances without feeling discouraged or deprived.

Here’s how you can live a gratifying lifestyle without going bust:

• Come up with a long-term goal that you want to save for. Maybe it’s a trip to Europe or a new car. It can even be a necessary expense like a house repair or braces for your child. Whatever your goal is, write it down and figure out how much you will need to save to make it happen. Divide this number by 12 and this will give you a monthly goal to use as a guide. If you want to figure out how much you will need to save weekly, divide that number by 4. Then begin identifying different areas of your life where you can cut back.
• Allow yourself to have one small treat every time you meet your monthly goal. Try to choose a reward that costs $20 or less. This can be a movie night with your family courtesy of the free rental code Redbox sent you or a homemade loaf of banana bread from your local farmer’s market. The point is to be creative and to save money. If your treat is free, it’s even better.
• Purchase quality items that don’t require constant replacing. Some purchases require that you spend more money initially but they last for a really long time. Others have lifetime guarantees. These items are the ones worth splurging on. For example, L.L. Bean and Mountain Hardwear offer a lifetime guarantee on their products. That means that if your new jacket or backpack wears out before its time, you get a new one free of charge!

Immediate gratification is great but costly. You can still live the life you dreamed of by changing your mindset when it comes to making unnecessary purchases. Put that credit card away and put on your thinking cap. Instead of making excuses for not being able to afford your dream vacation, put your money into a savings account with a high interest rate and watch your money grow. Those extra grande lattes are doing nothing for your figure anyway!

1. Make Electronic Payments

Setting up electronic payments means that people don’t have to do anything. Their payments will be taken from their bank accounts when they are due and they can never be late. This frees up the time they would have had to take writing checks and mailing these bills every month; it also saves money on stamps.

2. Take Advantage of Electronic Statements

Receiving statements in the mail means that people have to keep track of a lot of paperwork. A better plan would be to have electronic statements. The company would be happier with this arrangement because they save on administrative costs, and the customer can keep everything in a convenient place online.

3. Use Online Bill Pay

Online bill pay with the bank makes it possible to pay the bills online. This makes managing finances simple like in the previous example.

4. The Old Tried and True Spending Budget

Creating a budget helps people tremendously who don’t know where their money is going every month. A budget is a plan, and people who make a list of all the necessary bills they have to pay know they will be able to pay those bills when they give them the highest priority.

5. Reduce the Amount of Money Spent Each Month

When creating a budget, people might notice that they have too many different types of bills to pay each month. This can mean that they will have an unmanageable number of spending categories in their monthly budget. If the budget is too complicated, it’s not going to benefit people who want to make their finances simpler. They need to keep all of their spending categories to a minimum in order to make the budget strategy work.

6. Consolidate Accounts

A big help is to consolidate accounts which will keep them all in one place. For example, some people have more than one savings account. If all of these savings accounts are under one bank then these accountholders can log into that one bank and see all of their accounts in one place making managing money much easier.

7. Set Up a Level Pay System for Utilities

When people set up level pay for their utilities, they know that they will be billed around the same amount of money each month. Utilities can be unpredictable and in some months, people can use more than of one type of utility than another. For example, in the summer people tend to use their air conditioning more often. Level bill pay will help keep them from overspending during these months.

8. Give Things Away

By giving things away, the house is much less cluttered and there are fewer things to manage.

9. Purchase a House that Fits the Family’s Needs

When purchasing a new home, be sure that the house is exactly what will be needed and nothing more or less. This will ensure that the mortgage payments will be easily manageable and that the maintenance on the house isn’t overwhelming.

10. Make a List of Things to Accomplish

Making a change from a disorganized state to a more organized one can take a little time. Before getting started on this project, people can make a list of their most important goals down to the least and finish each goal before moving on to the next. Setting a time when they would like to have the goal accomplished will ensure that the item gets done and can be crossed off of the list.

So, how do you pay for a vacation when you’re on a tight budget? You apply the following tips to keep costs down. This allows you to enjoy the luxury of getting away from it all without paying for it later. Here are a few tips to get you started.

• Look into the most cost efficient way to travel. Some people believe that flying is the least expensive mode of transportation and that is sometimes the case. If you are able to use frequent flyer miles or get an incredibly low rate, traveling by air can be very easy on the pocketbook. For larger families, however, the expense is greater so driving may be cheaper. If all of you are arriving to the same destination, the only real expense is gas and food.
• Stay in a hostel, at a campground or in a low cost rental home. Although there are plenty of hotel and motels that offer decent rates, a weeklong stay for any traveler can be pricey. That’s why it pays to think outside the box. A rental home’s cost split among several adults can be very affordable. You also have access to a full size kitchen and other types of amenities that aren’t offered at many hotels and motels. You can also spend a few nights camping in a tent or if you’re a solo traveler, at a hostel. Also, don’t forget to check out volunteer vacations.
• Avoid eating in restaurants for every meal. Fill a cooler with easy-to-prepare meals, snacks, and plenty of refreshing drinks. This will help minimize costs and even afford you the opportunity to check out the local farmer’s market or organic store. You can try out food that is common in an area of the world that you haven’t visited before. This can be a treat in and of itself. Make eating in a restaurant a special occasion and by all means, order water instead of expensive soft drinks and fruit juices.
• Take advantage of free attractions, festivals, and workshops. Who said you can’t live the high life on a budget? The way that you do that is by attending free concerts, visiting no cost museums, and signing up for complimentary workshops in the city that you’re visiting. This allows you to stretch your vacation dollar even further and still have a memorable time.

Although many of these tips seem like no-brainers, you would be surprised to learn how many people are willing to go all out on their vacation. They don’t mind working extra throughout the year so they can spend extra while they are away. You can have the best of both worlds by simply changing the way you approach and plan your trip. You can enjoy all the fun of a luxury vacation without all the costs.