Personal Finance

Summer Travelers Expected to Spend Upwards of $6,000

It’s not even June yet but the summer travel season is already heating up. With most children out of school and warm weather spreading across the country, summer has always been a preferred time for vacationing. However, according to a new study by WalletHub, 49% of Americans say they feel they need a vacation more this year than last. Additionally the study discovered just how much the average adult traveler would be spending to getaway this summer.

First off, 56% of those surveyed say they plan to travel this summer. Of those traveling, the average amount a U.S. adult will spend on their summer vacation this year is $6,237. That may sound like a lot but it’s also worth noting that 40% of travelers say they’ll be using credit card rewards to cover at least a some of their expenses.

Unfortunately it seems that spending that money doesn’t go down so easily with everyone. In fact 40% of respondents admit that they often think about their post-travel credit cards bills while on vacation. Additionally nearly half say they worry about money during their travels. Yet 35% also said they think traveling is worth going into debt for.

Of course debt and money aren’t the only worries travelers have. Ranking first among travel concerns is weather, which 50% of respondents said was a worry for them. Delays came in third (behind money) with 45% while 38% say they worried about theft. Other top-ranking concerns include illness (33%), terrorism (23%), and sleep (20%).

While there’s little most travelers will be able to do about things like weather, delays, or terrorism, there are a few things that can be done about saving money. First, as the study notes, those traveling abroad may find that using credit cards can help them save money by avoiding transaction fees. Moreover various rewards cards offer savings, cash back, or loyalty points that can add up over the course of a vacation. As a result, nearly one in 10 travelers surveyed say they are “likely” or “very likely” to apply for a new card before setting off on their respective summer journeys.

Aside from credit cards, another way travelers can save money is to actually not travel during the summer. Given the popularity of most destinations during this season, those who can visit during slower times of year can often save a significant amount of money. If that’s not an option, you can still help pad your travel budget by packing light, selecting a hotel near public transit, and purchasing attraction tickets on deal sites like Groupon as well as travel sites such as Expedia or Klook.

Summer travel can be expensive — as evidenced by WalletHub’s latest survey. As a result it’s understandable that so many vacationers would worry about money at a time when they’re supposed to be relaxing. If you’re hoping to get the most out of your summer vacation, it may be worth looking into various travel-friendly credit cards, adopting some money-saving travel tips, and setting a budget ahead of time so you don’t have to fret while away.

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