GOLDEN VALLEY, Minn. — Summer is fast approaching and for many that means it is vacation time. Vacations are great, however, most Americans don't actively save for their summer trips. Nearly 75% have gone into debt to finance a vacation, according to financial-planning platform LearnVest. And on average, they've accrued $1,108 of debt in the process.
Prosperwell financial advisor Nicole Middendorff joined us on KARE News@4 to offer some suggestions for making your vacation happen this summer.
- First, figure out when you want to get away and how much your trip will cost. Then, see how much you'll need to save each month.
- Where will that money come from each month? Consider cutting back on dining out, downgrading or canceling your cable or gym memberships and spend more time outdoors.
- Consider getting a part-time job to add to the savings. It could be something as easy as housesitting/petsitting or maybe freelancing in your current field. Working a few more hours each week to avoid going into debt is well worth it.