Travel is one of the most rewarding things you can do in life. You have the chance to experience a new place, and build lasting memories.
However, travel tends to get a bit expensive sometimes. The good news is that you can make the most of it by combining business and pleasure. I try to look for business opportunities wherever I go, and I like to bring my family along on business trips when possible.
By combining these travel purposes, I save money in the long run, and still build great memories with my family.
Mixing Business Travel and Pleasure Travel
Not too long ago, my family went to Disneyland. I know some business associates in that area, so I contacted them and we got together to talk shop and strengthen ties and partnership. The fact that I performed business functions while on vacation meant that a portion of my costs could be paid by my business, rather than coming out of the family budget.
I know others who travel to business conferences and bring their families. While the travel costs for their families have to be paid out of the personal budget, they don’t have to worry about paying for a room for the family. Sure, your family has a good time without you (perhaps they go to the pool while you are in meetings) but you can still do things together.
One good way to approach this is to stay a day or two earlier or later than you business trip requires. Do some sight-seeing with the family, but still get a portion of the trip covered.
With a little extra planning, you can make it work to everyone’s satisfaction.
It is important, though, that you make sure to do enough business to warrant the tax deduction, or to warrant using your business account to pay your expenses (your business account should never be used for your family’s costs). You can’t just write a couple of emails each night and call it good. You actually have to conduct legitimate business in that location.
Keep Good Records
If you decide to combine business and pleasure on your next trip, it makes sense to keep good records. Keep receipts, and jot notes about what was accomplished. You will need proper documentation if you don’t want tax collectors coming after you.
Extra Savings: Look Online
Don’t forget to look online for other discounts and helps. While some of your trip will be subsidized by the business end, you’ll still need to spend money when it comes to feeding your family and finding fun things for them to do.
The Internet is your friend in these cases. You can look online for discounts on attractions and for restaurant coupons. Sign up for daily deals in the city you are visiting so that you have access to discounted activities.
Many people worry that travel is too expensive for them. However, the reality is that travel can be surprisingly affordable. With the right discounts, and the right balance between business and family time, you can save money, and maybe even get a tax deduction, during your next vacation.
More Ideas from the Money Mastermind Show
I discussed this concept on the Money Mastermind Show. Watch the video for more great ways to reduce the cost of your summer vacation.