As the current economy is forcing families to rethink everything from grocery shopping to home improvement, the tradition of taking a summer vacation can still take place. With some advance planning and a bit of research, summertime travel can be affordable and not run up a large credit card bill.
“This year, in particular, you can find good deals on travel and hotels,” says Heath Tudor, consumer liaison for RESQDEBT, a Dallas-based financial health management firm. “Many destinations and organizations are offering discounts and special packages to help budget-conscious families enjoy a summer trip. Oftentimes, outings close to home, such as a local sports team or amusement park, can also be the centerpiece for a getaway that won’t break the bank.”
The key, according to Tudor, is to plan your vacation early—decide what you want to do, where you want to go, how you will get there, where you will stay and, most important, how much you have to spend. Tudor offers the following tips:
1. Set a spending limit.
Budgeting is key if you want to control your spending and still focus your attention on where you want to travel and what kind of trip you want to take. This year, even a small budget may go further than you realize; lodging and airfare costs are down 8.5 and 7.7 percent respectively this year, according to March figures from the U.S. Travel Association.
Also, if you know what you want to spend, Tudor suggests saving for your trip now. “Putting aside a small amount each week in a ‘vacation account’ will keep you from going into debt and help you avoid unnecessary credit spending.”
2. Gather information.
Find out everything you can about your travel destination. Many times, vacation destinations will post travel tips for visitors. Other ideas include asking friends who have been to your vacation destination, and searching online for travel blogs that post tips and reviews of travel destinations. Travel planning Web sites such as Frommers, Fodors, and LonelyPlanet are also great resources. Finally, don’t forget to check out Web sites of state tourism bureaus.
3. Know what can you afford.
Your budget will determine your travel plans. If you are working with a larger budget, purchasing a vacation package could be an option; many airlines and hotels are offering special deals. Often times, having flexibility with your travel dates can shave additional dollars off your trip. However, if a smaller budget is what you have, consider a family road trip. Enjoy a camping trip at state or national park, or soak up the sites in a neighboring city that you’ve always wanted to explore. Also popular this summer are “staycations,” enjoying a few days around attractions close to home, such as a major-league sports team or an amusement park.
4. Plan your itinerary carefully.
A budget can be blown quickly without a plan. Decide what you want to see, where you want to eat and how much you want to spend on souvenirs upfront; having—and sticking to—a monetary plan will help you avoid spur of the moment purchases that often wreck your budget.
5. Negotiate for the price you want.
Take advantage of travel sites that allow you to name your price and then take or leave the options presented. There are several popular options such as Priceline, Travelocity, Expedia, Cheap Tickets, and Trip.
6. Cash is king.
Credit is useful when you’re buying a house or car, but for a summer vacation, you can avoid debt by paying cash wherever you can. Use ATMs or purchase traveler’s checks in advance to limit your spending and stay within a pre-set budget.
“You want to come back from summer vacation with fun photos and happy memories—not a load of debt,” says RESQDEBT’s Tudor. “With some advance planning, budget setting and a little dedication, you can do just that.”
