How to Travel on a Budget Without Sacrificing Experience: Smart Tips for Millennials

October 4, 2024

Travel may be one of the most enriching ways to spend money. It can give you a fresh perspective, a sense of adventure, and cherished memories with loved ones that will surely become the stories you’ll share and relive time and time again. 


Millennials have a deep passion for travel, often prioritizing experiences over material possessions. Yet, having been through multiple recessions, we’ve learned the importance of traveling without straining our finances. 


At the same time, we refuse to compromise on the rich, meaningful experiences that make travel so rewarding. Fortunately, with a few savvy strategies, you can explore the world without missing out on the fun, food, and unforgettable experiences that make each trip special. 


How To Save Money For A Trip


Before you even start planning your trip, it's important to lay the groundwork for your vacation budget. Thankfully, the preparation is straightforward. 


  • Set Up a Travel Fund: One of the easiest ways to start saving is to set up a dedicated travel fund. Even $25 or $50 a month can add up fast. If your employer offers direct deposit, try automating a portion of your paycheck to go straight into that fund.

  • Track Your Expenses: Know where your money is going before cutting costs. It’s worthwhile to spend the time to categorize and track your spending, at least for a short time. You might find some surprising areas where you can trim expenses—like choosing a more affordable grocery store or finding smart ways to reduce your utility bills. You can funnel those savings straight to your travel fund.

  • Make Small Lifestyle Adjustments: Saving doesn’t have to be painful. Mixing in free social activities can create some extra room in your budget for travel. Think about alternating your streaming services to one at a time or skipping drinks when you dine out.

  • Cash In on Credit Card Rewards: Many credit cards offer travel rewards that can help you save on flights and accommodations. However, if you take advantage of these programs, make sure you're not overspending just to earn points.


Picking Affordable Adventures


Not all dream destinations come with a high price tag. You don’t have to stay in five-star hotels or dine at Michelin-starred restaurants to have an unforgettable time.


Skip the obvious (and often expensive) tourist spots like Paris or Tokyo. Instead, seek out emerging or less-traveled destinations. Cities like Mexico City, Lisbon, and Hanoi offer rich cultural experiences, great food, and a ton of history—all at a fraction of the cost of more famous destinations.


Another way to save money is by traveling during off-peak times. The “shoulder season”—right before or after the high tourist season—can save you hundreds, if not thousands, of dollars. You still get good weather and open attractions, but you’ll avoid the steep costs and crowds.


How to Travel for Cheap: 6 Travel Hacks


Seasoned travelers use a host of strategies to keep their globetrotting within their means. Pick a couple from the list below that seem doable (not everyone can manage flexible travel dates) and implement them.


1. Be Flexible with Flights: Flexibility is your best friend when finding cheap flights. Instead of locking in specific dates, use tools like Google Flights or Skyscanner’s “Everywhere” search feature to find the cheapest days to travel. Avoid weekend departures, and try flying out on a Tuesday or Wednesday for lower fares.


2. Use Budget Airlines (but Read the Fine Print!): There are plenty of low-cost airlines like Spirit, Ryanair, or Frontier that offer competitive fares, but be careful about extra fees. Budget airlines often charge for things like seat selection, carry-on baggage, and even printing your boarding pass. If you’re mindful of these extras, you can still score a great deal.


3. Rethink Your Accommodations: Skip the fancy hotels and opt for more affordable accommodation options such as hostels, Airbnb, or even house-sitting. Sites like Couchsurfing allow you to stay with locals for free, giving you a more authentic experience—and more cash for other aspects of your trip.


4. Use Public Transport or Walk: Rather than relying on expensive taxis or ride-sharing services, use public transportation. In many cities, buses, metros, and trains are super affordable and will take you wherever you need to go. Better yet, walk! It’s free and gives you a better feel for the place you’re visiting.


5. Cook Your Own Meals: Eating out for every meal can quickly drain your budget. If you're staying in an Airbnb or hostel with a kitchen, take advantage of local grocery stores and markets. Cooking a few meals yourself will save you tons of money. Plus, it’s a fun way to try local ingredients and add to your experience.


6. Find Free (or Almost Free) Experiences: There’s no shortage of incredible free experiences while traveling. Many museums have free days, parks are usually free to explore, and walking tours—often run by locals—can give you a rich understanding of a city for a small tip. Look for festivals, markets, and other local events that let you dive into the culture without spending a fortune.


How to Maximize Your Budget While Traveling


You’ve saved, booked the cheap flight, planned for some travel hacks, and now you are ready for your adventure! Before you take off, you can take a few more steps to use your time (and money) wisely. 


Try setting a daily spending limit. Break down your overall budget into daily amounts for food, activities, and transportation. This helps ensure you don’t overspend on day one and feel strapped for cash later in your trip.


You can also avoid checked baggage fees by packing light. A carry-on and a small backpack are usually enough, and you won’t have to pay for luggage handling or risk losing your bags. Packing light also makes moving between destinations easier, whether hopping on a train or walking a few blocks to your accommodation.


Another way to save frustration is to pre-book popular attractions. Not only does this help you skip long lines, but it can also save you money. Many sites offer early-bird discounts or bundle deals. Plus, you won’t need to worry about tickets selling out last minute.


Finally, be smart about exchanging money. Using your bank’s ATM network or a credit card with no foreign transaction fees is best. Avoid exchanging currency at the airport, where rates tend to be much higher. Keep an eye out for ATM fees and foreign currency surcharges when abroad, and be sure to alert your credit card that you are traveling so they don’t lock your card!


How Five Pine Wealth Management Can Help


Traveling on a budget as a millennial doesn’t mean sacrificing what makes travel magical. Wealth management is all about being strategic with your savings and choices. With the right mindset, some insider hacks, and a little flexibility, you can explore the world without draining your bank account. 


At Five Pine Wealth Management, we recognize that “wealth” means more than what’s in your bank account. We’ll work with you to help create a financial plan for a life full of rich experiences and lasting memories. We specialize in helping you master your financial mindset and balance sheet.


For help finding that balanced approach, contact us to schedule a personalized consultation. Call 877.333.1015 or email us at info@fivepinewealth.com. Let’s make a plan for your next adventure!


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How to Build a Retirement Plan That Works No Matter What the Economy Does

August 14, 2025
We’re all feeling it these days: the underlying feeling of uncertainty about what lies ahead. Each day, we see headlines about inflation, Social Security’s future, or market swings. Unsurprisingly, Gallup tells us that the top three American fears have to do with money: the economy, availability/affordability of healthcare, and inflation. If you’re in your 50s and 60s, these concerns probably hit even closer to home. You’re not just thinking about the economy in general terms. You’re wondering how it will affect your specific retirement plans. Your mind likely turns to: Increasing healthcare costs – can you absorb unexpected costs on a fixed income? Inflation and market volatility – will the value of the dollar diminish your retirement savings? Social Security uncertainty – will it exist when you retire? Having enough saved – will your retirement budget hold up when the time comes? About 1 in 4 Americans over 50 are delaying retirement , and it’s not hard to understand why. With thoughtful planning and the right strategies, you can build confidence in your ability to maintain your lifestyle on a fixed income, regardless of what economic curveballs come your way. 5 Key Strategies to Prepare for Living on a Fixed Income Uncertainty doesn’t have to derail your retirement plans. By addressing these five critical areas, you can build a foundation that allows you to enjoy the retirement you’ve worked toward. 1. Review (And Potentially Adjust) Your Retirement Timeline One of the most powerful tools you have is flexibility with your retirement timeline. While certain ages qualify you for benefits or withdrawals from certain accounts, there’s no concrete age you have to retire at. Traditional retirement at 62 or 65 might not make sense for your unique situation; you should feel free to alter your timeline to make sense for you and your family. Consider Your Social Security Strategy Your Social Security benefits increase each year you delay claiming them beyond your full retirement age, up until age 70. For many people, this creates a meaningful boost to their guaranteed monthly income. If you can afford to wait, this strategy alone can significantly strengthen your fixed-income foundation. Explore Phased Retirement Options Rather than going from full-time work to complete retirement overnight, consider a gradual or phased transition. Many of our clients find success with: Part-time consulting in their field of expertise Freelance work that leverages their skills Small business ventures they've always wanted to try Investment properties that generate passive income This approach not only eases the financial transition but often provides a sense of purpose and engagement during early retirement. 2. Fine-Tune Your Investment Mix and Retirement Income Strategy Adjusting your portfolio is an ongoing responsibility, not a one-time task before retirement. Continue to revisit and rebalance as a proactive part of your retirement plan. Equally important is creating multiple income streams to reduce your reliance on any single source. Diversify Your Retirement Income Sources Think of building several income bridges instead of relying on one massive one. Your retirement income might come from Social Security, traditional retirement accounts (401(k), IRA), Roth accounts for tax-free withdrawals, and taxable investment accounts for flexibility. Each serves a different purpose in your overall strategy. Is Your Portfolio Inflation-Resistant? Cash can feel safe, but inflation quietly erodes its purchasing power over time. If you want an honest look at the hard numbers of inflation, see the Bureau of Labor Statistics CPI Inflation Calculator . For example, we see that $1,000,000 in 2015 has the buying power of $1,380,194 in 2025. You would need an extra (almost) $380,000 to make up for inflation. Inflation is a reality of the economy that everyone deals with, but your investment strategies can mitigate its impact on your net worth. Consider allocating a portion of your portfolio to assets that historically perform well during inflationary periods. Don’t Abandon Growth Too Soon If you're retiring in your early 60s, you could have 20-30 years ahead of you. Being overly conservative with your investments might feel safer in the short term, but it could leave you struggling to maintain your lifestyle later. A balanced approach that includes growth-oriented investments can help ensure your money lasts as long as you do. 3. Reduce Outstanding Debts The Federal Reserve’s most recent Survey of Consumer Finances reports that the average older adult (ages 65 and up) carries between $95,000 and $172,000 in debt. The bulk of those debts is from outstanding mortgage balances, but credit card and medical debts contribute significantly. Prioritize Your Debt Payoff Strategy High-interest debts from credit cards and personal loans can take up a lot of room on a fixed income. Consider whether it makes sense to use some of your current higher income to aggressively pay down these balances before you retire. There are two primary ways of tackling multiple debts: Avalanche: Pay off your balances starting with the highest interest rates. Snowball: Pay off your balances from smallest to largest. Entering retirement debt-free can be a very freeing experience. Consider Your Mortgage Your mortgage situation is more nuanced. Some retirees find comfort in owning their home outright, while others benefit from maintaining their mortgage if it's at a low interest rate, and money can be invested for higher returns. The right choice depends on your specific situation and comfort level. 4. Plan for Healthcare Costs and Insurance Transitions Healthcare expenses are frequently retirees' most underestimated cost. Add in Medicare's maze of coverage options, and it's no wonder many retirees feel unprepared. Planning for these expenses and understanding your options before you need them can prevent costly surprises that strain your fixed income. Understand Your Medicare Options If you're 65 or older: Enroll in Medicare during your Initial Enrollment Period (IEP), which begins 3 months before your 65th birthday and extends 3 months after Consider supplemental coverage options: Medigap (if you choose Original Medicare Parts A and B) Medicare Advantage (Part C) as an alternative to Original Medicare Prescription Drug Coverage (Part D), if not included in your plan If you’re under 65 and retiring, consider: COBRA coverage from your employer allows you to keep your current plan for up to 18 months, but you'll pay the full premium plus administrative fees (typically $400-$700 per person monthly) Your spouse's employer plan (if available and you're eligible) An Affordable Care Act (ACA) marketplace plan Prepare for the end of employer-sponsored insurance coverage about a year in advance to avoid lapses in coverage. Build a Healthcare Reserve According to the 2025 Fidelity Retiree Health Care Cost Estimate , a 65-year-old individual may require approximately $172,500 in after-tax savings to cover health care expenses in retirement. Consider establishing a separate savings account specifically for medical expenses. Health Savings Accounts (HSAs), if you're eligible, offer triple tax advantages and can be particularly valuable for retirement healthcare planning. 5. Create a Flexible Retirement Budget It’s wise to reevaluate where your money is going every month so you can enjoy once-in-a-lifetime retirement opportunities fully. This, combined with an emergency fund, helps avoid lifestyle creep and the stress of unexpected expenses. Plan for the “Retirement Smile” Retirement spending tends to move in a “U” shape: higher spending in early retirement, less in the middle, and back up again towards the end. While your bucket list trips and experiences are significant expenses, they’re often one-and-done. Most people do these things early on in retirement and slow down into a more predictable financial rhythm. Towards the end of retirement, costs often increase again to cover long-term care needs. Organize Your Budget Into Categories Consider dividing your retirement expenses into essential costs (housing, utilities, healthcare), lifestyle expenses (travel, dining, hobbies), and discretionary spending (gifts, major purchases). Cover your essentials with your most reliable income sources like Social Security, while funding lifestyle expenses through portfolio withdrawals that can adjust during market downturns. How Can You Reduce Your Future Cost-of-Living? Consider ways you can capitalize on your existing assets to better position yourself for the future. If you’ve built significant home equity, downsizing or moving to a more affordable city may be a great option, as you’ll benefit from liquidity and reduced costs. Rely on A Trusted Fiduciary Financial Planner If you’re feeling anxious about the future, know this: you’re not stuck doing it on your own. With the help of a fiduciary financial planner, you can not only see if your plan holds up against inflation and economic uncertainties, but they will:  Prioritize tax-efficient retirement withdrawal strategies Strategize Required Minimum Distributions (RMDs) Create a sustainable withdrawal strategy The best thing you can do for a healthy retirement is to leverage the experts. At Five Pine Wealth Management , we create comprehensive financial plans that align with your financial goals and personal values. If you'd like to discuss how these strategies might apply to your specific situation, we're here to help. Email us at info@fivepinewealth.com or call 877.333.1015 to schedule a conversation about your retirement planning needs.

40 and Catching Up: Why This Decade Could Be Your Best for Building Wealth

July 18, 2025
Your 40s arrive with a unique mix of clarity and urgency. You've likely figured out what you want from life, but suddenly retirement no longer feels like a distant concept. If you're looking at your financial situation and feeling behind, you're not alone. Many people in their 40s experience this same wake-up call. The good news is that this decade offers some of the most powerful opportunities to accelerate your wealth-building journey. Think of your 40s as your financial prime time. You're earning more than you ever have, you understand money better than in your 20s and 30s, and you still have 20-25 years to let compound growth work its magic. Instead of dwelling on what you should have done differently, let's focus on what you can do right now to make this decade count. The Reality Check: Where You Stand vs. Where You Want to Be Before exploring strategies, let's acknowledge the elephant in the room. Many financial experts recommend saving three times your annual salary by age 40. If you're reading this and thinking, "I'm nowhere near that," take a deep breath. Life happens. Maybe you started your career later, switched fields, dealt with medical expenses, helped family members, or simply prioritized other goals during your 30s. The key is to start from where you are today, not where you think you should be. Your 40s bring unique advantages: higher earning potential, greater financial discipline, and often more stable life circumstances. Many successful investors didn't hit their stride until their 40s or later. You're not behind; you're just getting started on a more intentional path. Retirement Savings Strategies That Work in Your 40s Your retirement savings strategy in your 40s should differ from someone in their 20s or 30s. You have less time but more resources, which means you need to be both aggressive and smart about your approach. First, maximize your employer's 401(k) match if you haven't already. This is free money, and missing out on it is like leaving cash on the table. Additionally, consider increasing your contribution rate by 1-2% each year, or whenever you receive a raise. This gradual approach makes the adjustment less painful while significantly boosting your long-term savings. Roth conversions become particularly powerful in your 40s. If you expect to be in a higher tax bracket in retirement or if you want to leave tax-free money to heirs, converting some traditional IRA or 401(k) funds to Roth accounts can be a smart move. The key is to do this strategically, perhaps in years when your income is temporarily lower or when you can manage the tax impact. Don't overlook the power of diversification beyond your 401(k). A taxable investment account gives you flexibility and access to your money before age 59½ without penalties. This can be crucial for achieving early retirement goals or covering major expenses that may arise before the traditional retirement age. Catch-Up Retirement Contributions: Start the Habit Now Once you reach 50, you can make catch-up contributions to your retirement accounts, which significantly increases your savings potential. For 2025, this means an additional $7,500 in 401(k) contributions (bringing your total to $31,000). However, you don't have to wait until 50 to think like someone making catch-up contributions. Start now by treating your savings rate as if you're already eligible for these higher limits. If you can save an extra $600 per month ($7,200 annually) starting at 45, you'll have built the habit by the time you're actually eligible for catch-up contributions. Retirement Milestones by Age 40: A New Perspective Traditional retirement milestones can be discouraging if you're starting later or if life hasn’t gone as planned. Instead of focusing on arbitrary multiples of your salary, consider these more practical benchmarks for your 40s: The Emergency Fund Foundation : Before aggressively pursuing retirement savings, ensure you have a solid emergency fund in place. This prevents you from having to tap retirement accounts during tough times. Aim for 3-6 months of expenses, adjusted for your specific situation. The Debt Freedom Focus : High-interest debt can quickly derail retirement plans. If you're carrying credit card debt or other high-interest obligations, addressing these might be more valuable than maximizing retirement contributions beyond your employer match. The Income Replacement Goal : Rather than focusing on net worth multiples, think about what percentage of your current income you're on track to replace in retirement. A good target is 70-80% of your pre-retirement income, but this depends on your lifestyle and retirement plans. The Flexibility Buffer : Your 40s are a great time to build financial flexibility. This means having investments outside of retirement accounts that you can access without penalties, creating multiple income streams, and maintaining career skills that keep you marketable. Insurance: Life and disability insurance coverage should reflect your current income and family needs. Estate Planning : A basic will, power of attorney, and healthcare directive should be in place. Making Your Peak Earning Years Count Your 40s often represent your peak earning years, and how you manage this increased income will significantly impact your financial future. The temptation to inflate your lifestyle with every raise is real, but this decade calls for more strategic thinking. Consider implementing a "pay yourself first" approach where you immediately redirect any income increases to savings and investments. If you get a $5,000 raise, automatically increase your 401(k) contribution by $3,000 and your taxable investment account by $2,000. You'll barely notice the difference in your take-home pay, but you will thank yourself in the future. This is also the time to think seriously about additional income streams. Whether it's consulting in your field, starting a side business, or investing in rental real estate, diversifying your income sources provides security and potential for acceleration. Building Wealth Beyond Retirement Accounts While retirement accounts are crucial, they shouldn't be your only wealth-building tool. Your 40s are an excellent time to diversify your investment approach and build wealth that's accessible before traditional retirement age. Consider opening a taxable investment account if you haven't already done so. This provides flexibility and liquidity while still offering growth potential. Focus on tax-efficient investments, such as index funds, and consider holding dividend-paying stocks or REITs for their income potential. Real estate can be particularly powerful in your 40s. Whether it's paying off your primary residence early, investing in rental properties, or exploring REITs, real estate adds diversification and potential inflation protection to your portfolio. Don’t Forget the “You” Factor We’d be remiss not to mention this: life in your 40s is busy. You might be managing aging parents, teenagers, or a toddler (or all three). You may be helping your partner through a career change or navigating one yourself. It’s a lot. Which is precisely why intentional financial planning matters now more than ever. You don’t need to do it perfectly. You just need a plan that’s rooted in your real life — your values, your vision, and your goals. A good financial advisor can help you prioritize, simplify, and clarify the next best steps, even if you feel like you’ve fallen behind. Ready to Create Your Personal Financial Strategy? Feeling overwhelmed by all the options and strategies available? You don't have to navigate this journey alone. At Five Pine Wealth Management , we specialize in helping individuals and families in their 40s and beyond create comprehensive financial plans that align with their goals and circumstances. Whether you're looking to maximize your retirement savings, explore catch-up strategies, or build a diversified investment portfolio, our team can help you develop a personalized approach tailored to your situation. We work with clients at various stages of their financial journey, from those just getting serious about retirement planning to those with substantial assets seeking to optimize their strategies. Don't let another year pass wondering if you're on the right track. Schedule a conversation with our team to discuss your financial goals and explore how we can help you make the most of your financial prime time.