Summer travel season is here, and while many Americans are looking forward to a little fun in the sun, many of them will end up burning a hole in their pocket.
Three-quarters of Americans will go in the red to afford a vacation
In fact, nearly 75% of Americans have gone into debt to pay for a vacation, according to a recent survey from MarketWatch. The end result is a ton of memories and an average of more than $1,100 in debt.
More than half (55%) of Americans take on vacation debt because they don’t factor travel expenses into their budgets.
When you get into debt because of something like a vacation, you sacrifice other financial priorities like saving for emergencies and retirement.
The key is to figure out your priorities, set goals early and track your spending. If you’re passionate about travel, save for it! Not sure where you’re going on vacation yet? No worries! Check how much you spent last year to get a good idea about your typical trip expenditures so you can plan ahead for next year’s getaway.
Money expert Clark Howard loves to travel, and his strategy has allowed him to visit six of the world’s seven continents. Here’s his advice on how to travel around the world without spending a lot of money.
Clark’s #1 rule for travel
Clark’s #1 rule of cheap travel: Wait for a deal somewhere, buy the deal, and then figure out why you want to go there! If you can be flexible on the destination, you can save big bucks.
Read more: The #1 rule of cheap travel
Remember, buy the deal first and then figure out why you want to go!
More ways to save on travel
- Clark’s secret to finding the cheapest flights possible
- This free email subscription will save you hundreds on flights
- Hotel Booking Guide: Scoring Hotel Deals