Don’t Break the Bank: Tips for Planning Your Family Summer Vacation

Now is the time to plan and save for a family summer vacation. If you wait too much longer, you’ll be too late.

This is because Americans are still feeling the need for pent-up “revenge” travel following the pandemic – even with inflation.

According to Forbes, “The U.S. Travel Foundation is forecasting an increase in travel spending in 2023 compared to 2022 (or 2019, for that matter).”¹

Summer vacation prices shot up last summer (2022), but they haven’t come down. 

NerdWallet found, “Overall trip prices remained 15% higher in January 2023 compared with January 2020, before travel plummeted because of the pandemic. It looks like prices could remain high through the summer.”²

Given this is the case, families won’t be able to hop in the car and drive on a whim.

To stay within budget, it’s important to plan and save for a family summer vacation.

Keep reading for tips covering all areas of travel to help you plan and save for a family summer vacation.

Budget, Budget, Budget

Unfortunately, many Americans go into debt over summer vacations.

Credit Karma reports, “About half of millennials (51%) and Gen Z (49%) have gone into debt for summer travel.”³

As much fun as vacations are, you don’t want to find yourself struggling to pay off vacation debt all year long, which will make it even more difficult to take a vacation the next summer.

So, before you start planning a family vacation, you need to know what you are willing and able to spend.

Look over your savings and income, and determine how much you can spend on a family vacation. Make sure you factor in all the vacation costs (hotel, transportation, excursions, food, etc.).

Here are some tips to plan and save for a family summer vacation without taking on debt. 

Where to Go

Where you go on vacation will make a huge difference in how much you spend.

Think carefully about where you want to go, keeping your budget in mind. 

When to Go

A major part of the decision as you plan and save for a family summer vacation comes down to when you choose to go.

Holiday weekends, such as the 4th of July, will be much more expensive than other times. 

Where to Stay

There are many ways to save money on where you stay. Ultimately, it comes down to doing some research.

How to Travel

Decide how you plan to get to your destination according to your budget.

What to Eat

Food is one of the fastest ways to blow your vacation budget. Here are some tips to help you stay on track.

What to Do

Another area where families tend to overspend on vacation is entertainment.

Vacations are an ideal time to splurge and have some fun, but you shouldn’t go into debt to do so. 

What to Buy

If your kids are like every other kid on vacation, they want to buy all the souvenirs. Here are some tips for dealing with overspending on souvenirs.

How to Pack

Luggage fees continue to increase, and you can find yourself paying a good bit extra just for luggage on a family vacation.

Avoid paying for extra luggage with these tips. 

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