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Budgeting for Summer Vacation

What is the average cost of summer vacation?

For trips within the United States, the average cost can range from $500 to $1,500 per person for about a week, including accommodations, food, and transportation. If you’re visiting national parks or camping, costs can be lower, while visiting major cities like New York or San Francisco can be higher due to pricier accommodations and dining.

Traveling abroad will cost more ranging from $3,000 to $5,000 per person for a week depending on the destination. 

For a family of four, costs can accumulate quickly. For a typical one-week vacation within the U.S., families might spend between $2,000 to $5,000 total, depending on travel style and activities. International trips can exceed $10,000 for the whole family.

These can be a more economical option, if you are camping or staying in budget accommodations. Gas, food, and camping or motel fees might run between $100 to $200 per day for a family, totaling around $700 to $1,400 for a week.

For those looking at high-end hotels or resorts, daily rates can easily range from $300 to over $1,000 per night. Adding other premium experiences could easily exceed $10,000 per week for a couple.

Saving For A Summer Vacation

A great way to ensure you can enjoy your time off without financial stress. Here are some practical tips to help you budget and save up for your upcoming vacation:

Set a Budget: First, determine how much your vacation will cost. Include all potential expenses such as travel, accommodations, food, activities, and a little extra for unforeseen costs. 

Start Early: Begin saving as far in advance as possible. The more time you have to save, the less financial pressure you’ll feel as the vacation approaches.

Automatic Transfers: Set up an automatic transfer to your vacation savings account right after each payday. 

Cut Back on Non-Essential Spending: Review your monthly expenses and identify areas where you can cut back. 

Use Windfalls Wisely: If you receive unexpected money, such as a tax refund, bonus, or gift, consider putting some or all of it towards your vacation fund.

Earn Extra Money: If possible, look for ways to earn additional income. 

Monitor Your Progress: Regularly check your savings progress and adjust your budget if needed. 

Look for travel deals, discounts, and reward programs that can help reduce the overall cost of your vacation. 

Be Flexible: If saving enough money by your desired vacation date becomes challenging, consider adjusting your plans. This might mean choosing a less expensive destination, traveling during the off-season when prices are generally lower.

By planning ahead and saving diligently, you can enjoy your summer vacation to the fullest without the worry of overspending or accumulating debt.

Now summer starts June 20, 2024. 

It’s April 16th so we have 68 days or 9 weeks until June 20.

How to get $500 to $1500 within 9 weeks? 

$60 per week total is $540

$80 per week total is $720

$120 per week total is $1080

$156 per week total is $1,404

$170 per week total is $1,530

$240 per week total is $2,160

$335 per week total is $3,015

$570 per week total is $5,130

$1140 per week total is $10,260