It’s nearly summertime, and you know what that means: time to figure out how to pay for next year’s summer vacation! OK, maybe that’s not top of mind, but according to a new NerdWallet survey on summer travel, 26% of 2023 summer travelers will use a credit card to pay for those travel expenses but won’t pay the balance off with the first statement. Additionally, nearly 3 in 5 Americans (58%) aren’t taking a summer vacation at all, some for financial reasons.
If you want to take a trip next summer without taking on credit card debt, it’s a good idea to start planning how you’ll pay for it and how to make it less expensive. Here are four steps to make your 2024 summer vacation a debt-free reality.
1. Start saving now
Saving for a vacation takes the pressure off to either come up with the money all at once, take on debt or forgo a trip altogether. Sinking funds — or savings accounts dedicated to a specific goal — are a great way to save for an upcoming vacation.
This article was written by Erin El Issa and originally published on www.nerdwallet.com