|DON'T LET VACATION ZAP YOUR BUDGET|
|Posted on: Jul. 03, 2017 in Money, Debt|
Are you taking a summer vacation this year? For many, this is the only time of year that travel is even an option because of school schedules and the like. No matter what time of year you choose to get away, getting out of town can be very expensive.
According to the 2017 LearnVest Money Habits and Confessions Survey, “74% of people say they’ve gone into debt to pay for a vacation, to the tune of $1,108, on average.” This number includes people who haven’t gone on their trips yet, but are already planning and have made credit card purchases toward them.
How much do people spend? LearnVest found that Americans spend an average of 10% of their annual budget on vacations and that 25% of the survey’s respondents spend as much as 15%. Unfortunately for many, this is too much of the annual budget spent on a leisure activity and more than many can afford. Considering some financial experts say 10% of your take home pay is the most you should spend on entertainment, spending that entire amount on one vacation should leave you never eating out, going to the movies, or doing anything fun for the rest of the year.
So how can you get away without racking up the debt? Here are some tips:
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