Most Americans have been overspending on credit cards for everyday expenses, but when it comes to travel, people seem to be using their savings. This is according to an April 2022 survey by GOBankingRates, in which 62% of respondents indicated they used savings instead of a credit card or other source of funding for their travel expenses. This could be a very smart decision because if you go into debt to just to go on vacation this can lead to long-term financial consequences.
The 2021 summer travel season was cut short or may have failed to meet expectations when COVID-19 came back in full force with the Delta variant, but the outlook for the 2022 travel season is back in full force.
Here are some useful tips for you to consider when saving money for your next vacation.
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Booking early is a smart start. People who have booked early may have saved 53% compared to 2019 prices. With the high gas prices, the war in Ukraine, and travel costs rising at notable rates in the last few months, you still have time to save for your next vacation.
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Choose the destination wisely and think through the ways you choose to get there, and where you’ll be staying while you’re there. Airbnb and VRBO rentals are often a cheaper choice. Choosing a rural spot or a location away from the beaten path can also save dollars on travel costs and allow for a special experience you would not find at tourist destinations such as Hawaii or Disney World.
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If you have frequent flyer miles or points for hotels that were available during the Pandemic, now is a good time to cash them in. By using points, you can save on the overall costs of your vacation and maybe help you be able to afford some extras while on vacation.
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Set a budget. Vacation is a time for fun, laughing, and making new memories, and that doesn’t mean it has to hurt the wallet.
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Look for discounts and deals. They’re out there! You just need to do the research. Hotels and planes – there’s a wide variety that can save money. Check out sites like Travelocity, Kayak, and Google Flights. Even if you belong to a wholesale club like Costs or Sam’s check out their websites for travel, hotel, and car rentals. Look at Groupon for money-saving offers as well.
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Avoid weekends and holidays. By doing this you will likely avoid the higher and deal with fewer crowds and you may be able to spend less money.
In the end, some of the best memories you make are spending time with those you love and who are close to you. Instead of spending money on a hotel room, consider renting a house and splitting the costs with a group of family or friends. You will have a full kitchen so you don’t have to eat out for all meals, and that alone can save big bucks on any vacation. The biggest takeaway from this is the priceless memories you make and will have forever!
We hope these tips are useful in planning and sdaving for your sumer vacations. If you have more questions or are looking for more advice on financial matters please email Vickie at This email address is being protected from spambots. You need JavaScript enabled to view it. if you’d like to get in touch.
