Summer officially starts this month! 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 alsoconsider 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 averageprices in the area where you plan to vacation.
Once you set your overall budget, you can break it down intocategories like transportation, accommodations, activities, and meals. Be sureto leave some room for unexpected expenses and add a little padding just so youdon’t feel too restricted. After all, this is a vacation. When you know howmuch 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 aflight tracker notification. Websites and apps like Google Flights andSkyscanner allow you to track airfare prices for specific destinations andnotify you when prices drop. Booking your flight at least a few months inadvance typically results in lower prices, especially when it comes to popularsummer destinations. If you plan ahead, you’ll have more time to jump on dealswhen 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 discountsthrough employee benefits programs that can help you save on your vacation.Many companies provide access to exclusive travel deals, which can includediscounts on hotels, rental cars, restaurant vouchers, and even tickets tolocal attractions.
It may be worth checking with your HR department to see ifany discounts are available to you. These perks are an easy way to cut costswithout sacrificing the quality of your vacation. They could even help youdecide on a vacation destination you might not have considered in the firstplace.
4. Travel During the Offseason or Shoulder Season
Another great way to save on your summer vacation is totravel during the offseason or shoulder season. For example, traveling in earlysummer or late summer (just before or after the peak vacation months) can helpyou avoid high prices and crowds. Various analyses of airfares revealed thatflights during holidays tend to be more expensive compared to other times ofthe year. Additionally, traveling during “off” times can give you a morerelaxed experience without dealing with large crowds. So, if you plan to take asummer 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 loyaltyprograms, summer is a great time to cash in on your points or rewards. Theseprograms can offer significant savings, perks like free upgrades, or evenentirely free flights. If you haven't joined a loyalty program yet, it’s nottoo late to start. Many programs are free to join and offer valuable rewardsthat can help offset travel costs.
Another way you can potentially save is by booking packagedeals. These bundles often include flights, accommodations, and rental cars,which can be more affordable than booking everything separately. While manypeople have been skeptical about travel agencies in the past—feeling likethey’re oversold or even scams—online platforms like Expedia and Kayak can offerpackage deals to reduce both the hassle of planning and the overall cost ofyour vacation.
By following these tips, we hope you enjoy a memorablesummer 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/
