It may still be spring, but summer officially starts in two months. If you’re wanting to take a summer vacation, now is the time to start planning! Vacations are a time to relax, but it’s all too easy for the costs to get out of hand. Here are five tips to help you plan a summer vacation without breaking the bank.
1. Set a Realistic Overall Budget
Before you start booking flights and hotels, set a clearvacation budget. This is an important first step that can help you avoid thetemptation to overspend and help minimize the shock of seeing your bank accountbalance drop lower—or your credit card balance rise higher—than you wanted orexpected when you get home. Typically, a family vacation can cost between 5-10%of your total income. For example, if your family earns $40,000 per year, avacation budget of $2,000 to $4,000 might be reasonable. You should also consider the destination you choose. Popular domestic spots—like New York City, Miami,and LA—can vary widely in cost, so do some research on the average prices in the area where you plan to vacation.
Once you set your overall budget, you can break it down into categories like transportation, accommodations, activities, and meals. Be sure to leave some room for unexpected expenses and add a little padding just so you don’t feel too restricted. After all, this is a vacation. When you know how much you can spend, it helps guide your decisions and keeps you on track.
2. Plan Early (Like Now)
Planning early can help you save on deals for flights,hotels, and rental cars. One useful tool to help you with this is setting up a flight tracker notification. Websites and apps like Google Flights andSky scanner allow you to track airfare prices for specific destinations and notify you when prices drop. Booking your flight at least a few months in advance typically results in lower prices, especially when it comes to popular summer destinations. If you plan ahead, you’ll have more time to jump on deals when they’re at their lowest and determine where to spend your time relaxing.
3. Take Advantage of Employer Benefits Programs
You might not realize that your employer may offer discounts through employee benefits programs that can help you save on your vacation.Many companies provide access to exclusive travel deals, which can include discounts on hotels, rental cars, restaurant vouchers, and even tickets to local attractions.
It may be worth checking with your HR department to see if any discounts are available to you. These perks are an easy way to cut costs without sacrificing the quality of your vacation. They could even help you decide on a vacation destination you might not have considered in the first place.
4. Travel During the Offseason or Shoulder Season
Another great way to save on your summer vacation is to travel during the offseason or shoulder season. For example, traveling in early summer or late summer (just before or after the peak vacation months) can help you avoid high prices and crowds. Various analyses of airfares revealed that flights during holidays tend to be more expensive compared to other times of the year. Additionally, traveling during “off” times can give you a more relaxed experience without dealing with large crowds. So, if you plan to take a summer vacation, maybe it’s best you skip 4th of July!
5. Look for Package Deals and Use Loyalty Points
If you're part of airline, hotel, or credit card loyalty programs, summer is a great time to cash in on your points or rewards. These programs can offer significant savings, perks like free upgrades, or even entirely free flights. If you haven't joined a loyalty program yet, it’s not too late to start. Many programs are free to join and offer valuable rewards that can help offset travel costs.
Another way you can potentially save is by booking package deals. These bundles often include flights, accommodations, and rental cars,which can be more affordable than booking everything separately. While many people have been skeptical about travel agencies in the past—feeling like they’re oversold or even scams—online platforms like Expedia and Kayak can offer package deals to reduce both the hassle of planning and the overall cost of your vacation.
By following these tips, we hope you enjoy a memorable summer vacation without the financial stress. Happy travels!
Sources:
https://www.forbes.com/sites/ginnyhogan/2024/05/16/you-need-a-break-five-tricks-for-scheduling-a-summer-vacation/
https://www.nerdwallet.com/article/travel/travel-price-tracker
https://money.usnews.com/money/personal-finance/saving-and-budgeting/articles/ways-to-save-for-vacation
https://www.hyattvacationclub.com/home/travel-inspiration/how-to-plan-a-budget-friendly-vacation/
