Summer is here which means that everyone is eager to hit the road, or the air, and get out of town. In fact, estimates show that nearly half of Americans are planning summer travel in 2023, leading to higher costs and larger crowds. Whether your summer travel plans take you across the country or across the world, here are some financial tips from our expert financial advisors at Morris Financial Concepts that will help you travel in style without breaking the bank this summer.

Set a Budget

As strategic financial advisors at Morris Financial we would be remiss if we didn’t emphasize the importance of having a travel budget for your summer getaway. Vacations are meant for rest and relaxation, not headaches over finances. Everyone’s summer vacation budget will differ depending on income, savings, and destinations. While we can’t give across-the-board advice, we can help you determine exactly what expenses should be factored into your summer vacation budget, and these include:

Travel Costs/Accommodations

Whether flying or driving, one of your most hefty vacation expenses will be travel costs. Do not be surprised if traveling expenses take up a significant portion of your budget. After the cost of travel, your second largest expense will be where you chose to stay, if that means renting a room at a hotel, a unit at an apartment or an entire home. 

Transportation

Consider how you will get around once you have reached your destination. Will you have your own car or a rental that requires money set aside for gas, or will you utilize public transportation such as trains or buses that may require tickets or passes? Remember, public transportation is typically cheaper than renting a car. However, if you opt for a rental, do so in advance to avoid higher fees.

Food and Drinks

If you’re anything like us, one of our favorite aspects of travel is experiencing the local cuisine. Be sure to set aside some money for dining out or any groceries you might like to purchase or take with you. A great way to save is by visiting local markets and purchasing fresh, in-season items, and cooking in your hotel or rental if possible.

Activities

Now for the fun part. You want to make sure that you have money set aside for any activities you hope to do on your trip whether that be adventurous excursions or browsing local museums. We recommend exploring the city and immersing yourself in the culture and avoiding pricey tourist traps. 

Your budget is the cornerstone of your vacation and sticking to it will ensure that you have a stress-free trip that brings you home rested, happy, and fulfilled. It is up to you to determine where and how you would most like to spend your money on your vacation and as you move through your strategic financial planning you may even find room to be more financially flexible but it is always best to start with a plan.

Don’t Forget Travel Insurance 

Always factor travel insurance into your vacation plans if possible. We will touch more on this later.

Use Rewards Cards

We can’t talk about budgeting without talking about payment options. One great way to offset the expenses of a vacation is by using rewards cards such as travel rewards or cashback credit cards. If possible, we recommend paying for your flights, accommodations, and other travel expenses with rewards you may already have stacked up.

We also recommend putting vacation expenses on a rewards card so that you can earn cash back or rewards for your next vacation. It is easy to get carried away while using a card so please remember your budget while you are swiping away. Be sure to notify your credit card company of your upcoming travel plans to ensure you don’t run into any purchase interruptions.

Plan Ahead

At Morris Financial, we know that preparation is the key to success. This holds especially true when it comes to travel, specifically summer travel. When you book your travel and accommodations in advance, you’re often able to find better deals. Flights and accommodation costs can skyrocket in the summer months. Don’t fall victim to this gouging. Start your vacation planning early.

According to Forbes, the best time to purchase flights for the following destinations include:

• Domestic flights: 1 to 2 months in advance
• Mexico and the Caribbean: 1 to 2 months in advance
• International destinations: 2 to 6 months in advance

Additionally, when you book in advance, you are more likely to get the best seats and rooms. This holds especially true if you are traveling as a couple or a group, need specific accommodations, or prefer a seat or room with a view.

Be Flexible

Now that you have set your budget, decided on your payment methods, and begun making all of your plans, everything should be smooth sailing, right? Not so fast. We know that isn’t how it always works. One of the best things you can do to save money on travel is to always be flexible. We recommend:

• Leaving wiggle room in your budget
• Being flexible with your travel dates
• Considering a variety of destinations
• Looking for best-price airlines and accommodations
• Adapting to changes in plans

Don’t pigeonhole yourself into a corner. Always be flexible when it comes to travel because if there is one thing we have learned as strategic financial advisors it is that the only certainty is uncertainty.

Shop Around for Travel Insurance

As we said earlier, the only thing that is certain is uncertainty. We highly recommend shopping around for best-cost travel insurance. Depending on the travel insurance, the following may be covered:

• Trip cancellations or interruptions
• Baggage loss or damage
• Medical expenses
• Emergency medical evacuation
• Travel delays 
• Lost passports or visas
• Accidental death

It is important to note that not all travel insurance is created equal. Some policies may offer more comprehensive coverage than others. It is important to read the fine print of your travel insurance policy carefully before you purchase it to make sure that you are covered for the things you are most concerned about.

Ready to Plan Your Summer Travel?

At Morris Financial Concepts, we value our customers’ happiness. Let us help you plan your summer travel by moving around funds or helping you budget. Contact one of our financial advisors today for more information.