Experian recently published a survey that reveals some disturbing news about Americans and their spending habits while on vacation. It seems that 68% of vacationers spend more money than expected when traveling, generally relying on credit cards to make up the difference. And young people rank even higher in terms of overspending, with 72% of Millennials admitting to overspending their budgets while on trips.
Making Your Next Trip Budget Friendly
Spending too much on a getaway can eat away at your "regular life" budget and make your day-to-day requirements more challenging to meet. And using a credit card to cover those extraneous costs means paying interest on those charges, making your adventure even more expensive. No one needs that, so follow these tips for your next vacation, and avoid the headache that comes with overextending your budget.
- Implement a "cash only" system. When attempting to not overspend, some people find it helpful to carefully allot a certain amount of cash for certain activities. This provides a very effective visual aid for remembering exactly what your budget will allow.
- Carefully manage your fuel costs. This only applies, of course, if you're traveling to your destination by car. And if you are road tripping for your next vacay, try to stay in a central spot where walking to attractions is an option. This way, you're really only spending gas money during your actual commute. And if you drive a larger car or an SUV, you may want to consider renting a smaller, more fuel efficient vehicle.
- Consider the great outdoors. Skip the pricey hotel room and try camping. Nothing quite compares to enjoying the natural exhilaration that comes with sleeping and cooking outside. You'll save money on accommodations and make your trip more adventurous at the same time.
- Don't assume that you have to dine out. Trying new restaurants while visiting an exotic location is a lot of fun, but it can drain your monetary resources pretty quickly. If possible, choose to stay at a place that offers cooking facilities, and prepare the majority of your meals at your "home away from home." If possible, splurge on just one or two nights of eating out.
- Skip the pricey souvenirs. While it may be tempting to pick up t-shirts and knickknacks from every place that you visit, photographs and memories are better in the long run. They don't take up unnecessary space, they don't need to be dusted, and they're cheaper than tchotchkes.
Another Way to Grow Your Finances
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