Team Clark is adamant that we will never write content influenced by or paid for by an advertiser. To support our work, we do make money from some links to companies and deals on our site. Learn more about our guarantee here.
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.
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.
Read more: The #1 way to stop living paycheck to paycheck
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 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
To find the best deals, check out sites like Kayak Explore and Google Flights. These travel services show you the big picture and allow you to track fares so you know the best time to buy.
Remember, buy the deal first and then figure out why you want to go!
This post was last modified on January 30, 2019 8:28 am
If you've been considering signing up for one of the Chase Sapphire credit cards, now…
The costs associated with owning a home go way beyond the amount on the mortgage. …
Inflation hits people on a fixed income the hardest. Say you're retired. You're living off…
Deciding to save and invest are great habits. But once you check that box, your…
If you're considering subscribing to Fubo, you need to be comfortable missing out on some…
Are you looking for a way to earn 2% back on every purchase you make…