Vacations — like everything else — have gotten a lot more expensive. According to a Nerdwallet analysis, vacation costs went up 9% in 2022 and have increased 20% since 2019. As a result, it can be challenging for families like yours to save enough money to fund their annual summer vacations.
Fortunately, with time and planning, the average family vacation remains well within reach. Here’s a look at ten ways to maximize your vacation planning and ensure you can get the most out of your travel plans.
1. Use Private Browsing
A surprising reality about any effort to book a trip online is that travel engines will have access to a variety of your data. These websites can see what pages you have looked at to explore travel destinations. As a result, your prices may increase based on where you have examined trips.
There’s an easy way around this problem: Use your internet browser’s “private browsing” feature. This is sometimes referred to as “incognito mode.” Doing so will block data, cookies, and previous search histories from travel websites.
Alternatively, you can engage in comparison shopping. Run an identical vacation query on a regular browser and one in private mode to see whether your previous data altered the prices you see.
2. Save Early
A theme of many of these entries is to make sure you know what you are doing in advance (with one exception — more on that later). By giving yourself as much time as possible to plan, you can book within your budget and choose the best recreational options for you and your family.
The same strategy applies to saving. With enough research, you should get a general idea of how much your vacation will cost. From there, you can plan ahead and figure out how much money you need to set aside each month to meet your vacation savings goal.
The right financial institution — like Village Bank — should be able to help you meet your savings goals. You may want to explore various options depending on how much money you want to save and your timeframe. This can include setting up a savings account, money market account, or even a short-term Certificate of Deposit. Alternatively, you may want to earmark a certain amount of dollars every year in your checking account.
3. Use Credit Reward Points
If you have a high enough credit score, you should be able to take advantage of certain perks offered by your credit card company. Many credit card companies offer reward points when you make a purchase. You can then use these points to book your hotel, flight, or more. Doing so can save you hundreds of dollars on your final vacation costs.
Like all other saving aspects for your vacation, this requires planning and homework. You’ll need to know if booking your vacation through one of these sites is financially viable. Getting this information is particularly important, given that the reward points you generate with your credit cards could be more viable elsewhere. As such, comparison shopping is key. You can try booking a vacation component through one of these gateways and then compare the expense against another search.
4. Check Out Social Media
These days, any vacation planning should involve social media. Social media can open your eyes to a variety of attractions that you didn’t know existed.
The next time you plan a vacation, search for your destination in your social media network. You may be surprised by the attractions you didn’t know existed.
Social media can serve as a fantastic equalizer. It can open your eyes to smaller, less expensive attractions you didn’t know about. Furthermore, if you look for information on a particular vacation, you may notice that the paid ads you see in your social media feed have changed. You should take advantage of these ads and see what options are available.
5. Book and Travel on the Right Day
Booking your vacation on the correct day can significantly impact your costs. According to Nerdwallet, Tuesday and Wednesday are typically the best days to fly. Sunday is the most expensive day. The website also found no real difference in when you book a flight. As such, you’ll want to stay vigilant and spend some time hunting for the right deals.
6. Reexamine Food Costs
Food is always one of the largest expenses of any vacation. Given that the cost of food has been one of the hardest-hit areas of inflation, it seems clear that it will eat into a significant portion of your budget. As such, you need to check out ways to save money on vacation when buying food. Ways to do this include:
- Plan ahead by checking out websites like Groupon. Doing so may enable you to find a great deal on eating locally.
- Bring snacks or even your own food so you can make your meals whenever possible.
- Book a hotel with a continental breakfast and take advantage of the free meal.
- Browse websites like Raise that let you buy reduced-cost gift cards.
7. Use Public Transportation
There is a reason public transportation is so popular: It is usually safe and affordable. Instead of booking an Uber or Lyft, check out the bus or subway schedule in the areas you visit.
Also, some vacation destinations offer free shuttle services. While these can be less convenient than renting a car, they are always more affordable.
A bonus of using public transportation is that it lets you see the real area you are traveling in. Vacations often provide a sanitized look at a community or region. By using public transportation, you can get a more accurate perspective of what a community is like.
8. Plan Ahead
As a general rule, planning is critical to saving money on your vacation. Ensure you know where you want to go, how much money you want to spend, and how much you will need to save every month. By planning ahead, you can maximize your savings and make sure you have ample time to find the best deals. You can also have the opportunity to do appropriate research into the least expensive trips.
9. Plan at the Last Minute
Wait…what? Sometimes, waiting until the last minute can help you save a lot of money. If a vacation destination has space, it may offer a massive sale, allowing you to vacation in a location that would otherwise be out of your reach.
Major travel websites, such as Expedia and Priceline, offer sections on their website that can help you find these last-minute deals.
Of course, there’s a trade-off here. You may not be able to find a good vacation, and you may not be able to find the deal that you want. However, if you are willing to take the chance and be flexible in your destination, you can have a fantastic family vacation that is otherwise unaffordable.
Check Out Your Financial Options
A vacation is a major financial investment. Fortunately, there are plenty of ways to maximize your budget and take your family on an unforgettable trip. If you are looking for help saving for your vacation — or taking advantage of any number of financial offerings — we’re here to help.
Village Bank offers various personal banking services that can help you and your family protect your financial future. These include reward debit cards and personal banking services that can help you save for a family trip.
Ready to learn more? Contact us today.