Travel With Ease This Summer

The sun is shining, birds are chirping, and you’re planning your summer vacation. Nearly half of Americans plan to take a trip this summer that requires a flight or a hotel stay, according to NerdWallet’s annual summer travel survey. The survey found that one in five summer travelers plan to use a credit card to pay for travel expenses with no plan to pay off the balance in a timely manner. Patrick Un, Assistant Vice President and Financial Wellness Coach at Workers Credit Union, has tips to help you save for vacation, so you are prepared to travel confidently and enjoy your trip without going into debt.

Consider Your Monthly Expenses

There may be places where you can cut down on expenses in your budget. Evaluate your subscriptions to streaming services or dining out expenses. By cutting down on unnecessary purchases, you can free more money for your vacation. It’s also a good idea to think of saving for vacation as if it were a monthly bill in your budget. For example, if you have a mortgage and electricity bill, consider your vacation as something else you need to pay for every month by creating a direct deposit into a savings account specifically earmarked for vacation.

Encourage More People to Get Involved

Whether it be friends or family, getting more people involved in your summer travel plans means more people can contribute to make it happen. This could mean splitting the cost of a rental car, Airbnb, hotel rooms and more. There are also sometimes group travel discounts, depending on the size of the group and the location. Traveling with more people can create a better experience for all parties because it can lower the cost per person.

Plan in Advance

If you book your vacation ahead of time, it’s often less expensive. Try to book your flights and hotels as far in advance as possible to save you money. As you book your lodging, compare the cost of hotels to Airbnb or another rental service. Comparison shop to get a good price instead of booking the first hotel website you visit. Patrick worked with a member who wanted to travel to Cambodia to visit her family. He helped her put together a plan, knowing it couldn’t be next month because of the cost. Together, they set a reasonable timeframe and considered the best savings strategy for her.

Sit Down with a Financial Wellness Coach

Financial coaches can help to put together a personalized savings plan according to your goals. They can help you figure out how much money you need for the vacation as well as help you identify a credit card that gives you travel points. It’s important to be honest about what you want to do, so they can best help you save.

Summer is a great time to get away and spend time outdoors. Save confidently in advance of your vacation to best prepare for a positive and rewarding trip.