How to vacation without breaking the bank
WalletHub: 65% of travelers think about vacation debt while traveling
(InvestigateTV) — A WalletHub survey found that over one in three people are still paying off credit card debt from their last vacation, and more than half said going into debt for travel is worth it.
WalletHub Managing Editor John Kiernan said because travel is a priority for so many, he wants to help people enjoy their vacations without sinking into debt.
He recommended comparison shopping and researching travel early to set a savings goal from the start.
“Oftentimes you’ll kind of get coaxed into spending more than you would like or you just don’t think through it very well,” he shared. “So, think ahead of time what you want to do on your trip and see how much it’s going to cost, and you can kind of adjust your expectations and your plan accordingly.
Kiernan said once travelers know how much money they will need, they should work backwards to save up enough. Figure out how much to set aside each month.
He suggested opening a dedicated savings account just for your vacation—and setting a daily spending limit to help stay on budget during the trip.
“I think people can kind get caught up in the euphoria of travel and spend more than they want to,” he observed.” But if you have a clear kind of ‘I’m not going to spend more than x amount per day,’ you’ll be able to more effectively make tradeoffs.”
He said these steps can help reduce the stress of mounting bills while traveling, giving vacationers peace of mind knowing they’ve planned and prepared in advance.
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