Bankrate has found that Americans are typically choosing to spend money on travel, even when their emergency fund is low.
, according to a separate June 2023 Bankrate survey. That includes 22 percent of people who have no emergency savings at all.
Crowds aren’t the only headache travelers are facing — they’re facing sticker shock, too. Inflation has impacted the cost of, gasoline, food and other common travel expenses, and 53 percent of those who have already traveled in 2023 are seeing higher prices than they’re used to, according to Bankrate.
Younger Americans are less likely to spend as much on travel. Only 31 percent of Gen Z travelers plan to spend at least $1,000 on travel this year, the smallest percentage of any generation. “I don’t want to tell people they can’t have any fun, but it is worth pointing out that the average credit card rates are much higher than most other financial products. Financing a vacation with a credit card is a risky and expensive proposition,” Rossman said.
—Start ahead of time. The sooner you make a budget for your trip, the better prepared you’ll be. Start looking for travel dates a few months in advance to make it easier to ask for time off work and begin keeping an eye out for deals. Popular budgeting apps like Expensify and PocketGuard can help you make a travel budget before your trip. If you feel like you can’t make a trip work this summer, start brainstorming plans for later this year — or even next year’s summer vacation.
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