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Taking a Summer Vacation? Don’t Be Among 68% Who Will Overspend

June 23rd, 2015 · No Comments · Credit Repair

by Staff

Taking a Summer Vacation? Don’t Be Among 68% Who Will Overspend

Most summer vacationers start out with the best of intentions, with strict budgets and money saved up. But as revealed in a study by credit reporting bureau Experian, the vast majority of vacationers end up overspending anyway.

A whopping 68 percent of vacationers spend more than they plan to on their summer trips.

That’s despite 55 percent of vacationers starting out with strict travel budgets they plan on sticking to.

While 65 percent of them can rely on money they have saved up, it doesn’t always cover the cost of everything. As a result, 46 percent put travel expenses on their credit cards when cash runs out.

In fact, the average total spend on a summer vacation is $2,275. Of that, vacationers charge $1,308 to their credit cards. And that’s how 49 percent of summer vacationers end up accumulating new credit card debt while on vacation.

How to Stick to Your Summer Vacation Budget

Get everyone on board.

This involves more than simply agreeing to an overall cash allotment for the trip. You’re going to have to get specific, making sure everyone knows what the dollar amount can afford in terms of your destination, accommodations, food, and entertainment.

Do your research.

The more you know about what everything you want to do is going to cost, the more certain you can be about your budget. This goes beyond the cost of plane tickets, hotel stay, and meals. Research thoroughly all of the to-do’s and attractions, make note of what everything costs, and know ahead of time what you can actually afford.

Change your plans, need be.

If the plans your budget can afford fall short of what you and your family had in mind, be open to change. You’re not alone, as 37 percent of summer vacationers have cancelled their plans due to budget issues. That’s not to say you shouldn’t take a summer vacation at all. Why not consider changing your destination or opting for a staycation instead?

How do you like to save on summer travel?

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