Planning your Vacation & Opportunity Cost
Does the opportunity cost outweigh money saved on cheap packages?
Travelling these days is easy with a host of companies offering their travel services and many comparison sites finding you the cheapest deals on hotels, car rental, travel insurance and flights. The travel industry is a competitive arena and picking up a cheap deal isn’t too difficult with companies competing for your business. However if you wish to enjoy yourself and relax, travelling should not be about finding the cheapest deals. It should be about finding the best quality for a decent price.
Don’t just consider the price of doing things but consider the opportunity cost. In other words what are the benefits of upgrading your package? Does paying more on your hotel room mean the added benefits of space, comfort and cleanliness outweigh the extra $25 per night it takes to pay for this privilege?
Long Haul Flights
If you are jetting off half way around the world to get where you are going you need to endure a long haul flight, then make sure you choose your connecting flights carefully. Often cheap connecting flights have a long wait between flights and you will be left to entertain yourself for hours in a cold airport with very few seats providing comfort. Waiting around can make an enduring journey even more testing, therefore check to see how long you have to wait for your onward flight and establish the opportunity cost for taking a more expensive flight
Inclusive Hotel Packages
Going for the all inclusive bed, breakfast and evening meal hotel package may be appealing because of the convenience it provides and the money it saves on eating out, however the value it delivers may not outweigh the opportunity cost. The food might not be up to the standard you wish to eat and your individual tastes aren’t catered for, usually inclusive meals are mass produced for all hotel guests that are expected to eat the same thing at the same time each day. Which if you are late, means you will be left to eat the leftover food marauded by the people there before you. Therefore the opportunity cost might be that it is worth paying extra for eating out rather than going for that inclusive deal and getting more enjoyment and better value for money.
Car Hire
If you are trying to do things on a budget and opt for the cheapest car hire deal you might find yourself regretting your choices. Usually the cheapest car hire deal available will be a small economic car; good for two people but more than two you will be struggling to pack you and your luggage inside, making an uncomfortable journey for everyone. It is best to consider how many people you will travel with, what luggage you will be carting around and how long you will be driving. Perhaps the cheapest car doesn’t seem too appealing once you take these into consideration. Read more car hire advice and car hire tips help you choose which company to book with.
In light of the above it is always better to think carefully of what your holiday means to you and how much you are willing to pay for it. Don’t just go for the cheapest deal as this might not deliver the comfort and enjoyment you are hoping for and paying a little extra might well be worth it in the long run. After all, a holiday is usually for relaxation and enjoyment.
