Summer is here and so are the many jealousy-inducing vacation photos overtaking your Instagram feed. The idea that you, too, could enjoy a magical getaway to Tulum filled with surfing and zen may make you scoff. But we’re happy to prove you wrong. Saving for summer vacation can still be done. There is time!
To give you a little inspiration, we partnered with our parent company John Hancock to poll Americans about their summer travel and savings plans. What we found was noteworthy — let’s review:
Everyday I’m hustlin’
55 percent of respondents noted that yes, they are planning a summer getaway. However, a nearly equal number (51 percent) did not have a savings goal to fund their summer vacations. Instead, 31 percent of respondents would work overtime and 30 percent would start a side hustle just to cover the costs of a summer trip.
Shorter vacations = more destinations
With more employers embracing flex schedules and “Summer Fridays,” taking a long weekend trip during the summer months has never been easier. 54 percent of survey respondents said they prefer shorter, more affordable vacations that allow them to escape reality more frequently.
Money matters (duh)
According to the survey, affordability ranked as a top factor when planning a vacation, exceeding other considerations like getaway activities and family-friendly options.
Pro-tips to saving for summer vacation
51 percent of our respondents said they booked their travel three months or less in advance of their trip. Yet, few said they took the same initiative in saving money before their getaway. 44 percent said they paid for their last vacation with cash from of their checking account.
And we get it. Everyday, you encounter a new opportunity to spend your hard-earned dollars (oh hello, expensive vet bill). The prospect of reserving cash for a vacation goal may seem dubious, but we promise — you’ll get more bang for your proverbial buck the sooner you save.
Whether planning for a weekend getaway or longer trip, you have time to save (without working overtime). Try these tips to save like a genius for your summer adventure:
1. You guessed it: Start a summer vacation goal.
Still unsure when or where you want to go? That’s OK. You can still start — even if it’s just putting aside five dollars to get the ball rolling. In fact, you can start a vacation savings goal with Twine with as little as five dollars.
2. Prioritize your travel expenses.
Most survey respondents said they worry about paying for accommodations or transportation over entertainment or food and drinks. Possibly unsurprising as those can be the most costly. BUT if you’re a fellow foodie looking to consume all the local eats, try anticipating how much to allocate from your larger vacation savings goal for dining out.
3. Embrace life’s trade-offs.
Summer is also trade-off season, meaning it’s prime time to debate what you spend money on as it relates to your other financial goals. What does this mean? Well, if you feel jazzed about saving for summer vacation, that means you may need to consider spending less on Uber or Lyft rides. Or going out less with friends. Instances like these are what we call trade-offs.
So the next time Netflix asks, “Are you still watching?” Say, “NO, Netflix. It’s time we took some time apart.” Then remove yourself from the couch and begin brainstorming your idyllic summer adventure.
Ready to save for your summer getaway? Start your vacation goal with Twine.
Then tag us (@twine) in your epic travel photos on Instagram!
Methodology: This research was conducted by John Hancock between May 29 and June 4, 2018. The responses were generated from a survey Americans 18+ years of age, who have taken a vacation in the last five years.