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What are some things you can/should cheap out on?
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Some experiences/adventures can be had for little money. Not for free. But I'd prefer a walk through nature, or a visit to an Irish village at the coast over an expensive guided tour through Dublin.
Guided tours are in most cases the worst.. Especially those in towns. No idea why people spend so much money on that when you can just go explore yourself, each to their own I guess ๐
It depends heavily on the tour and the tour guide. Wife and I took a Ripper tour in London last year and the guide made it really fun and memorable.
It's not usually an either/or.
I like guided tours because the guide knows the area, will provide local context in an entertaining manner, and will probably take you to the highlights. Best of all, they can answer questions (they might even be right!). Relative to the cost of getting to the place, the price is usually insignificant.
But I also enjoy walking around by myself. I can focus on stuff I'm interested in, take photos, and read plaques.