Summer is right around the corner, making this a prime time for travel adventures. According to WalletHub, 49% of Americans say they need a vacation more this year than last year, and 56% actually plan on acting on the urge. Whether it’s a simple state-to-state road trip or an international voyage, taking the time to get a bit of relax-relate-release from all the pressures of life is essential for one’s mental health and can strengthen family and friendship bonds.
Anyone who travels knows navigating the trip financially can be a bit challenging without proper research and planning. WalletHub reveals telling facts about this year’s travelers and a few insights into how to circumvent the worries and get to the fun.
7 Money Tips to Slay Your Dream Summer Vacation
- Americans spend more than $245 billion on international travel each year. According to WalletHub, several banks and card issuers offer incentives including travel rewards or cut foreign transaction fees altogether. Some also offer services like insurance for lost luggage, free overnight replacement cards, and courtesy worldwide acceptance. (Check out this list on the most popular credit cards on the market that are travel-friendly for international treks.)
- 47% percent of travelers worry about money, yet 35% of people think travel is worth getting into debt for. Experts say planning makes perfect. Instead of going into debt, try creating a savings plan that you work throughout the year and make realistic goals for a vacation budget. Get realistic about what type of trip you can afford and try cost-saving sites like Groupon.
- Search out cards that offer points for the essential purchases you make daily and you might have enough for that 2019 trek through Europe without spending a dime.
- 40% of travelers have used credit card rewards to pay for at least part of a vacation.
- 50% of travelers worry about a weather issue, 45% about travel delays, 38% about theft and 33% about illness but the good news is that 70% of card issuers offer financial assistance for travel emergencies. Contact your bank or card issuer to find out your options before your trip or check out this list.
- 40% of Americans think about post-vacation credit card bills while on vacay. Why struggle with future worries instead of enjoying the moment? Setting up automatic withdrawals and sticking to a true budget will help with the issue of being overwhelmed when it’s time to return to business as usual. Experts also recommend paying some bills before you leave so that you can put your mind at ease when it’s time to face upcoming ones.