Taking a summer vacation is one of life's simplest pleasures. Whether your travels take you to places foreign and exotic or domestic and serene, it is important to set a budget for yourself before you go, and check in with it from time to time. Knowing where you stand can help take the sting out of summer spending while on the go. With travelers anticipating spending on average of $2,275 on their getaways, discover where people are planning to use credit, and how well they're able to stick to their budgets.
"People want to come home from vacation with happy memories, not unmanageable credit card bills," said Guy Abramo, president of consumer business at Experian Consumer Services. "Racking up excessive credit card debt without a plan to pay it off can put people in a bind that could affect their financial health and credit status for years to come."
Learn why this year travelers expect to charge more than half of their overall vacation budget (57 percent), when over one third (35 percent) of vacationers haven't been saving up for their travel in advance.
For more details from the survey including complete methodology, review the findings available in the SlideShare presentation below.
Key findings from the recent survey include:
- 72 percent of all responders say they spend more than expected during summer travels
- More than half of millennials sampled (52 percent) say they've overspent and contributed to their credit card debt while on vacation
- 90 percent of millennials plan to spend money on vacation this summer, an average of $1,989
Before you re-stock on sunscreen and aspirin, look over things to make sure your plans fit within your budget. Once you've got a workable plan, share it with someone who can help keep you accountable so your summer spending doesn't turn into a spree.
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This article was originally published on June 16, 2015, and has been updated.