Cuffing season is over; sundress season is in, and we outside. Whether shopping, dining out, booking travel to ESSENCE Festival of Culture, or taking a family cruise, it’s prime time to prepare for the long-awaited summertime shenanigans.
All signs point to a thriving travel season with hotel, airline, and cruise bookings at record highs. Royal Caribbean is recruiting thousands of workers and expanding its reach into new markets to accommodate the spike in demand. And it’s not just cruise lines that are thriving, according to a Deloitte survey, the experience economy is up across all segments. The trends reflect renewed consumer confidence and a growing preference for experiences over things.
However, it’s important to note that the warmer months bring higher expenses, particularly with rising inflation. A MassMutual study revealed over half of Americans—52%—overspend during the season which can mean dire consequences in the fall. To avoid this fate, it’s helpful to anticipate and plan for potential circumstances that may tempt you to exceed your budget.
For essential advice on enjoying the spoils of summer without suffering financial repercussions, ESSENCE enlisted the expertise of money influencer and certified financial planner Jacqueline Schadeck. With over 70k followers across TikTok and Instagram and a soon-to-be-released show on PBS called Money Mentors, Schadeck’s everyday cash-saving tips and practical advice are always on point.
In her own words, here are four easily implemented hacks for enjoying vacation without breaking your pocketbook:
Proactive Planning: Steer Clear of Common Pitfalls
The most common problem I see is people waiting until the last minute to plan their summer vacations. Your best bet is to look at the rest of the year and plan your travel before summer arrives to ensure you get the best deals possible.
Another common mistake is ignoring Currency Exchange Rates. You’ll want to monitor currency exchange rates if you’re traveling internationally. Consider exchanging currency before your trip or using credit cards with low foreign transaction fees to avoid unfavorable exchange rates and fees. These fees can add up quickly.
Smart Travel Apps: Capitalizing on Hidden Gems
Apps such as Hopper, Skyscanner, and Kayak can help you find discounted flights, compare prices, and my personal favorite—set price alerts for specific routes.
I’ve heard a lot of success stories from Going, Delta Vacations, and Funjet. It often pays to have loyalty points and utilize a credit card specific to the airlines or hotels you prefer to frequent. You’ll want to exercise patience here since the first offer isn’t always the best deal. Don’t forget Costco and AAA also sell bundled packages, which can be great too!
Guarding Your Wallet: Strategies for Staying Within Budget While Traveling
If you really struggle with spending money while traveling, it may be best to explore all-inclusive stays and plan to spend the majority of your time on the property so you’re not tempted to spend extra money.
If your travel is abroad and they use a different currency, plan only to use the cash you take and don’t swipe your card.
Thinking Outside the Summer Box: Exploring Off-Peak Destinations for Travel Savings
Of course, summer is a time of high travel here in the US, but I also think it’s the best time to stay put if possible. Try to travel outside of spring and summer and find more activities at home during those months. If you plan your travel during the off-season, it can save you thousands of dollars.
There are also some hidden gems of places that are not the most popular but equally beautiful. For example, try Puerto Vallarta instead of the crowded Tulum or Cancun. If you’re headed to Europe, opt for places outside the major cities like Cinque Terre or Bari in Italy. I’ve visited both and was able to take advantage of many affordable accommodations.
I hope these tips bring you plenty of happy travels for yourself and your pocketbook!
Quotes have been slightly edited for brevity and clarity.