As the weather starts to get warmer and more families start to consider what their family vacation will look like, the biggest question of all will arise: where is the best vacation destination to travel to? To answer this question requires looking at the average cost of a modern vacation and finding ways to budget for a trip so that you can determine which locations around the world you can afford. From there, all families should look at the core factors for whether or not a vacation destination lines up with the activities each family member wants to do.
The Rebound of Tourism in 2023
Tourism in the United States took a heavy hit following the Covid-19 pandemic, with roughly 73% fewer international arrivals following the onset of the pandemic. During the course of a normal year, the United States can expect around 70 million international visitors, yet this value dropped to 18 million and 21 million, respectively, during the peak years of the pandemic. However, with the pandemic now over, more people are considering taking a vacation during the summer months.
What is the Average Cost of a Modern Vacation?
The increased demand for a vacation coupled with naturally rising prices has caused the average cost for a vacation to rise drastically in recent years. In fact, the cost of a one-week vacation for a single person is now over $1,500 on average, meaning families should expect to pay at least $5,000 for a classic vacation. Considering this high price, it’s important to take the time to budget properly for a vacation so that you don’t accidentally put yourself into debt planning your trip.
Budgeting 101: 4 Tips to Afford a Vacation
Exploring the great outdoors in the United States or going for a more urban feel to discover the hidden gems of San Antonio or other cities around the country are possible on a budget. Each of the following four tips can help anybody save some money for their trip:
Create A Dedicated Savings Account In Advance
One of the best ways to save money for a vacation is to simply set up a separate savings account that is to be used solely for the purpose of collecting travel funds. On a monthly basis, deposit small amounts of money into this account after funds have been put into your normal savings account so that it slowly builds up over time. By the time your trip comes around, you will have an excellent nest egg gathered up.
Pre-Book All Activities Before Your Journey
A unique way to save some money on an upcoming trip is to simply book activities well in advance of the trip itself during the off-season. Most event coordinators for activities offer discounts if the event is booked far enough in advance, especially if it’s booked during the off-season, which makes it a great way to save money.
Consider Vacation Rentals Instead Of Hotels
Most families consider staying in a hotel when they plan their vacation, but one of the best accommodation options is actually a vacation rental.
This is due to the fact that by renting out a home for the vacation, a family can cook their own meals instead of ordering out each evening. This can save hundreds, if not thousands, of dollars on a vacation.
Use Credit Card Reward Points For Activity Costs
Finally, all families should consider using credit card rewards points to cut down on their costs on vacation. Many credit card issuers offer redemption options towards points when booked directly through their portal. However, they also offer cash-back redemption options, which can be used to redeem points.
How To Decide On Your Next Vacation Spot
Beyond all of the above budgeting tips, there are four main strategies all families should use to decide upon what their next vacation spot will be:
Let Your Budget Guide You, Not the Other Way Around
Once you have built your budget above, you will be able to determine a bottom line that you can afford for your vacation. This value should be used to determine where you can go, as opposed to choosing a destination and then building a budget around it after the fact.
Consider Whether You Want a Leisure or Activity-based Vacation
One of the biggest considerations all families need to keep in mind when choosing a vacation destination is whether they are seeking a leisurely vacation or an activity-based vacation.
Activity vacations will be far more expensive and less budget-friendly, but they may provide more fun than a leisure vacation. Take this into account when considering different locations.
Think About the Places You’ve Already Been
Sometimes, revisiting a location is not a bad choice, especially if you weren’t able to do everything you wanted when you visited the first time. For example, New York City is a massive metropolitan hub that offers countless activities, meaning multiple trips may be warranted. Consider looking into visiting a spot you already know and love for your summer vacation.
Look Up the Current Hot Spots
Finally, reach out to friends, family, coworkers, and anyone else who is an avid traveler. They can likely give excellent advice on where you should be traveling as the weather warms. At the very least, they can provide recommendations for places you may not enjoy based on their descriptions.
Build A Vacation The Entire Family Will Love
With travel back on the rise like never before following the end of the Covid-19 pandemic, it’s only natural to want to learn how to find the best spot to travel to. To do so, take the average cost of a modern vacation into account and start by determining whether that price is something you are willing to pay. From there, focus on building out your budget based on your personal monthly financials to see what you can afford, followed by booking activities that meet that budget.
