Summer – the season for vacations and sun-believable vibes is here! Whether solo or with friends or family, vacations allow for emotional, mental, physical, and relational well-being. But saving for those coladas on the beach, that Grand Canyon adventure, or a shopping spree in Paris can sometimes feel stressful and overwhelming. With the appropriate financial preparation, it’s possible to fully immerse yourself in the experience without worrying about upcoming bills.
Assess The Dest
As a first step, financial experts recommend deciding on the destination and vacation activities you want to do, as this will help to determine a budget and savings goal. Here are a few things to consider:
Distance – How far/where do you want to travel? Local vacations save on transportation, while international travel requires the cost of a plane ticket, rental car, etc.
Must-Haves – What are must-have experiences? Luxury accommodations, guided tours, and unique meals can increase your budget, so making a list and adding up the costs helps to determine your savings goal.
Feeling too expensive? Consider staying in a town that is near your desired location – as hotels in popular destinations can be more expensive. To further cut costs, check out free activities and attractions in the area.
Book Ahead
Booking flights, hotels, and even activities in advance can save you on upcharges due to demand. Here are a few timelines to consider when booking:
Flights – Prices typically spike two to three weeks before departure. Booking ahead can save hundreds of dollars.
Hotels – Book at least seven to 13 days out for domestic travel and 90 days out for international travel, as prices typically spike the closer you get to your stay.
Midweek flights can offer lower rates than weekend flights. And don’t forget to check for flight and hotel package deals, as airlines and hotel chains often run discounted promotional packages.
Budgeting Tips
Budgeting for vacation may sound complicated, but it can be easier than most may think. In fact, it’s possible to save $1,000 in six weeks by setting aside roughly $167 a week. To free up funds and start saving, try these tips:
- Make your own coffee/cook at home
- Cut nonessential purchases with a “no-spend challenge”
- Temporarily cancel/pause streaming services and memberships
- Track daily spending with financial apps
- Open a savings account dedicated for vacation funds
- Automate savings to automatically transfer on payday
Meet the Author
Abby Callahan, BA
Abby Callahan is a graduate of the University of Tennessee at Chattanooga (UTC), where she earned a Bachelor of Arts in English with a minor in Spanish and the distinction of Cum Laude. She also graduated Magna Cum Laude from Chattanooga State Community College, earning honors through the Global Scholars Honors Program. Prior to joining CMC Media & Marketing Group as editor/digital content specialist, Abby successfully fulfilled roles in marketing and event planning, as well as strategic communications and storytelling for a wide variety of initiatives. Today, Abby leads ideation, conceptualization, and development of numerous health, wellness, business, sports, and lifestyle articles published in print and online for HealthScope®, CityScope®, and Choose Chattanooga® magazines – premier publications serving S.E. Tennessee and North Georgia.
