This is probably one of the least sexy topics I’ve written about on my blog. However, getting my finances sorted over the past couple of years has really allowed me to grow my travel business exponentially. And it’s also allowed me to travel more (plus save some extra money on taxes).
Managing your finances while jetting off for work may not sound like the most exciting topic, but it can make a world of difference to your overall travel experience.
In this blog post, we’ll dive into the best techniques for controlling business travel expenses, tailored specifically to help fellow solo travelers and ambitious professionals make the most of their journeys. From planning ahead to strategic booking, and from minimizing accommodation costs to maximizing travel rewards, we’ll cover it all.
So, whether you’re a seasoned business traveler looking for fresh cost-cutting ideas or a newbie about to embark on your very first solo trip, this post is for you. Get ready to discover practical tips, insider secrets, and the art of balancing corporate travel expenses without sacrificing the joy and adventure that comes with exploring new places.
Planning Ahead
One of the first steps in controlling business travel expenses is to plan ahead and make informed decisions. By taking the time to research and compare various travel options, you can significantly reduce costs while still enjoying a comfortable and convenient trip.
Here are the main areas I research to save the most money…
Flights: Finding the best deals and considering alternate airports
When it comes to booking flights, flexibility is key. Start by comparing prices across different airlines and online travel agencies. I religiously check the following Skyscanner, Expedia, and Google Flights. All three are my best friends when flight booking.
Often they will have slightly different prices and airlines. Keep an eye out for deals and promotions, and don’t forget to consider alternate airports nearby. Sometimes flying into a smaller airport can save you big bucks. Although do check where the airport is as you may end up in the middle of nowhere and needing an expensive taxi to get to civilization!
When it comes to booking flights, flexibility is key. Start by comparing prices across different airlines and online travel agencies. I religiously check the following Skyscanner, Expedia, and Google Flights. All three are my best friends when flight booking.
Often they will have slightly different prices and airlines. Keep an eye out for deals and promotions, and don’t forget to consider alternate airports nearby. Sometimes flying into a smaller airport can save you big bucks. Although do check where the airport is as you may end up in the middle of nowhere and needing an expensive taxi to get to civilization!
I also like to play with using a VPN when booking flights and changing the country and currency.
Accommodation: Exploring cost-effective options like VRBO or serviced apartments
Accommodation expenses can eat up a significant portion of your travel budget. Instead of automatically opting for expensive hotels, consider alternative options like VRBO, which often provide more space and amenities at a lower cost. Serviced apartments are another excellent choice, especially for longer business trips, as they offer the convenience of a home-like environment. I’ve found lots of these on Booking.com.
Don’t discount staying in hostels. I’ve stayed in some great hostels and most have private rooms if you don’t want to share your space. The bonus with a hostel is they also always have cooking facilities and large communal areas you can work from.
Transportation: Utilizing public transport or car-sharing services
Getting around your destination can be another major expense. Instead of relying solely on taxis or rental cars, explore public transportation options such as buses, trains, or subways. Many cities have efficient and affordable public transit systems that can save you both money and time. Additionally, car-sharing services like Uber or Lyft can be cost-effective alternatives to traditional taxis.
Setting a Realistic Budget
I’m horrible at budgeting… but setting a realistic budget is crucial for controlling business travel expenses. By understanding your company’s policies and limitations, as well as having a clear idea of your financial boundaries, you can effectively manage your spending. My problem is that I’m the CEO and out of control sometimes on my spending! That said, here’s how you can set a realistic budget:
1. Understand company policies and limitations
Familiarize yourself with your company’s travel policies and guidelines. Take note of any spending limits or restrictions on certain expenses. This will help you align your budget with your company’s expectations and avoid any unnecessary expenses that may not be reimbursed.
2. Calculate travel expenses
Before you embark on your trip, calculate your anticipated expenses. Take into account costs such as flights, accommodation, meals, transportation, and any additional expenses related to your business activities. Use online travel budgeting tools or spreadsheets to help you estimate and track your expenses.
Minimizing Accommodation Costs
I know we have already touched on this, but as accommodation can be a huge chunk of your business travel budget I think it needs its own section.
Accommodation expenses can quickly add up during business travel, but with some savvy strategies, you can minimize these costs and still enjoy comfortable and convenient accommodations. Here are some effective techniques for controlling your accommodation expenses:
Choosing budget-friendly hotels or accommodations
When it comes to selecting accommodations, consider budget-friendly options that align with your company’s travel policies. Look for hotels that offer competitive rates without compromising on safety and comfort. Online booking platforms like Booking.com, Expedia, or even VRBO can provide a range of affordable options. Don’t forget to read reviews and check the amenities to ensure that you have a pleasant stay without breaking the bank.
Sharing accommodations with colleagues to split costs
Sharing accommodations with colleagues can be an excellent way to significantly reduce costs. If you’re attending the same conference or conducting business in the same location, consider sharing a hotel room or renting a larger apartment or house together. Splitting the cost of accommodations not only saves money but also fosters camaraderie and can make your business trip more enjoyable.
Negotiating corporate rates or discounts with hotels
If you frequently travel to the same destinations for business, it may be worth negotiating corporate rates or discounts with hotels. Many hotels offer special rates for corporate clients, which can provide substantial savings. Reach out to the hotel’s management or your company’s travel department to inquire about any available corporate rates or negotiated discounts. Building a long-term relationship with certain hotels, for example by earning Marriott Bonvoy Lifetime Status, can also lead to added perks or upgrades.
Maximizing Travel Rewards and Benefits
When it comes to business travel, maximizing travel rewards and benefits can significantly enhance your experience while helping you save money. By leveraging various loyalty programs, credit card perks, and free amenities, you can make the most of your trips.
Joining airline, hotel, and car rental loyalty programs
Joining loyalty programs offered by airlines, hotels, and car rental companies is a smart move for frequent business travelers. These programs often provide exclusive benefits, such as priority check-in, complimentary upgrades, access to airport lounges, and the opportunity to earn points or miles for future travel.
Research different loyalty programs and sign up for those that align with your travel preferences. Accumulating points or miles can lead to significant savings and additional perks during your business trips.
I’m personally a member of the United rewards program and Lutansa one. I try my best to book all my flights with them to get points. Of course, sometimes it doesn’t make financial sense, but if it’s just a few $ more to book with United, I’ll always choose United because of the rewards points.
Using credit cards with travel rewards or cashback options
Credit cards that offer travel rewards or cashback options can be powerful tools for maximizing your travel benefits. Look for credit cards that align with your spending habits and offer rewards such as airline miles, hotel discounts, or cashback on travel-related expenses.
Be sure to understand the terms and conditions, such as annual fees and interest rates, and use the card responsibly to avoid debt. By utilizing these credit card perks, you can earn rewards or cashback while covering your business travel expenses.
Now I do feel as a British person we do not have access to the same level of credit card rewards programs as our North American friends, but it is still possible with a few cards. The best place to research this is here.
Conclusion
By optimizing your travel budget, you’ll have more flexibility to explore new destinations, engage in meaningful experiences, and make lasting connections.
So, whether you’re a seasoned solo traveler or a business professional embarking on your first solo trip, embrace these techniques and make your business travel a rewarding and cost-effective adventure. Take the reins of your travel expenses, be mindful of your budget, and enjoy every moment of your solo journeys.
