NEW YORK (MainStreet) When Lynne and Tim Martin travel to Europe, they don't pay for flights abroad or pricey hotels. Instead, they book travel overseas on repositioning cruises, which are discounted, and rent apartments that have kitchens from locals that live in the foreign city they are visiting.
"We cut our travel expenses by half and have multiplied our savings because we cook dinner meals rather than eat out at expensive restaurants," Lynne Martin told MainStreet.
The Martins are among the 43% of Americans who prefer a home away from home vacation, which includes renting space in a house through AirBnB, VRBO.com or HomeAway.com instead of a hotel, according to the 2014 Capital One Rewards Barometer survey.
"A house can provide more space for less money," said Amy Lenander, vice president of Rewards with Capital One.
Other popular getaways include 32% who want a foodie vacation, 15% who dream of a television rest compared to 11% who want a fitness break.
"There are people who trade their house but I sold mine because I didn't want to wonder if the water heater broke while I'm traveling," Tim Martin told MainStreet.As a result of their low cost travel lifestyle, the retired couple is sustaining their retirement nest egg and have even written a book called Home Sweet Anywhere (Source Books April 2014).
"We're well organized in the retirement department," said Tim Martin whose next trip is to Normandy, France with his wife. "Our investment portfolio is growing nicely and we're not withdrawing from it."
The Martins have the right idea in finding ways to secure affordable travel, which can leave more money for retirement.
"Increased travel often means more spending on gas, eating out and entertainment costs so this is an opportune time to address how to make sure that retirement saving is properly prioritized," said James Nichols, head of retirement income and advice for Voya Financial.