9 Smart Ways to Save Money on Summer Vacation
- UpdatedAug 23, 2024
- Save on summer travel and still have fun.
- Planning ahead for food and shelter can save you a lot.
- Destination bargains abound.
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Vacations can be expensive. They often involve airfare, hotels, and lots of restaurant meals. But getting away doesn’t have to cost an arm and a leg. Here are a few tips to make your next getaway more affordable, whether you’re traveling abroad or staying close to home.
Do your research
Plan in advance and compare prices on airfare and lodging. If you’re flexible with dates, consider flying out mid-week. It can be significantly cheaper than traveling during the weekend. And if you’re a member of a group such as AAA or AARP, you might be eligible for additional discounts, so remember to ask ahead of time.
1. Pack light
Airlines are starting to charge for everything, and if you are bringing two or more bags, expect to pay extra. So if possible, try to pack light and keep it to one piece of luggage per person. It won’t just save you money, it will save your back too.
2. Go grocery shopping
Plan out what you are going to eat before you leave for your trip. It’s fine to dine at a few local restaurants, but if you want to eat on the cheap, visit a grocery store for fast, easy snacks and meals. That way you’ll keep your hunger pangs at bay and keep more money in your wallet.
3. Rent a home
If you’re traveling with friends or family and don’t need daily housekeeping service or other hotel amenities, this can be a great option. Furnished home rentals have become popular in recent years because they’re easy to book and often cost less than hotels on a per-person basis.
4. Know your transportation options
Not every city has public transportation, and even if it does, it’s not always great. Do a little research before your trip to see if it makes more financial sense to rent a car, take a cab, hop on public transit, or use an alternative method of getting around.
5. Download free travel apps
Your smart phone can be a handy money-saving travel buddy. There are apps for everything including guides, maps, phrasebooks, and more. You can get some great ideas for inexpensive things to do, cheap eats, and how to get around affordably—right at your fingertips.
6. Travel off-season
If you want to save money, avoid going to your vacation spot during peak season. For example, if you’re heading to a beach destination, try to go in the late spring or early fall. The prices are lower, the weather is still nice, and there are fewer tourists around.
7. Take a road trip
If you’re looking for a more affordable vacation option, consider skipping flights altogether and reach your destination by car. Pack some food and entertainment, and let the road lead you on your next adventure!
8. Plan a day trip
A getaway doesn’t have to include an overnight stay. You might find nearby attractions that you haven’t visited before. Whatever your interests are, you can still get some well-deserved rest and relaxation without having the additional expense of a hotel.
Even though it’s smart to be frugal, splurging on a restaurant meal or a fun activity can make your vacation extra memorable. Just be sure to check out your options in advance and save up for your trip. With a little bit of planning, you can enjoy an awesome vacation and still stay on budget.
Debt relief by the numbers
We looked at a sample of data from Freedom Debt Relief of people seeking debt relief during July 2024. This data reveals the diversity of individuals seeking help and provides insights into some of their key characteristics.
FICO scores and enrolled debt
Curious about the credit scores of those in debt relief? In July 2024, the average FICO score for people enrolling in a debt settlement program was 581, with an average enrolled debt of $25,115. For different age groups, the FICO scores varied. For instance, those aged 51-65 had an average FICO score of 584 and an enrolled debt of $27,697. The 18-25 age group had an average FICO score of 556 and an enrolled debt of $14,649. No matter your age or debt level, it's reassuring to know you're not alone. Taking the step to seek help can lead you towards a brighter financial future.
Personal loan balances – average debt by selected states
Personal loans are one type of installment loans. Generally you borrow at a fixed rate with a fixed monthly payment.
In July 2024, 45% of the debt relief seekers had a personal loan. The average personal loan was $11,169, and the average monthly payment was $367.
Here's a quick look at the top five states by average personal loan balance.
| State | % with personal loan | Avg personal loan balance | Average personal loan original amount | Avg personal loan monthly payment |
|---|---|---|---|---|
| Connecticut | 44% | $14,232 | $22,030 | $497 |
| Massachusetts | 42% | $14,902 | $21,939 | $500 |
| New York | 38% | $13,803 | $20,758 | $460 |
| New Jersey | 43% | $14,025 | $20,583 | $466 |
| Maryland | 41% | $13,307 | $19,632 | $409 |
Personal loans are an important financial tool. You can use them for debt consolidation. You can also use them to make large purchases, do home improvements, or for other purposes.
Manage Your Finances Better
Understanding your debt situation is crucial. It could be high credit use, many tradelines, or a low FICO score. The right debt relief can help you manage your money. Begin your journey to financial stability by taking the first step.
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