How to Vacation without Going into Debt!

Vacations are necessary for our well-being but often add to stress. Vacations account for 10% of the average American’s income, but 55% of Americans don’t factor vacations into their budget. This results in about 20% of a typical $3,000 vacation becoming high-interest credit card debt.

Vacations are necessary, but they don’t have to be expensive. Try these helpful planning and budgeting tips:

  • Budget and save monthly (allocate automatic transfers to a vacation account)

  • Don’t charge vacations you can’t pay off before the next vacation

  • Use a travel agent or plan well in advance to get the best fares and deals

  • Travel during off-peak seasons

  • Use timeshares (planned in advance)

  • Use current technology (Airbnb, Groupon, etc.)

  • Plan a staycation near home (most people don’t know what their area offers)

  • Visit national parks for an inexpensive all-day or multi-day experience

  • Day trip—and picnic rather than eating out

  • Stay with friends and family

Vacationing doesn’t necessarily mean expensive flights to exotic locations. The point of a vacation is to get away and recharge. This can be accomplished with local travel too, which allows you to budget for a more extravagant vacation every couple of years instead of burdening yourself with an annual expense. Watch the episode to learn about local options!

Fitting a vacation into an already tight budget is no small feat. Affordable Benefits Solutions can help with comprehensive financial planning that lets you enjoy the present (including vacations) while planning for a comfortable financial future.

Watch the episode here: