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Russian (RU) According to Squaremouth, a travel insurance comparison service, the average cost of a summer trip, especially to Europe, is expected to increase by 38% this year to $10,346.1
Instead of scrambling to reduce costs while traveling or dipping too deeply into savings, some financial prep now can allow travelers to enjoy the summer travel season without regret.
Here are five money moves to prepare your finances for the summer travel season.
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It helps to define what matters most during one’s summer travel plans before allocating money or making travel decisions.
“Before you book anything, ask yourself what you want from this trip,” said Stoy Hall, CEO and founder of the financial planning firm Black Mammoth.2 “Is it relaxation, family bonding, exploration, self-reflection? That answer drives your budget and priorities.”
Hall explained, “You don’t need a five-star hotel to make memories. You need presence, peace of mind and maybe a little paella.”
Once travelers set an intention, they should brainstorm their top three desired experiences for the trip.
“Not destinations or things to buy, but emotions or outcomes,” Hall said. “Then allocate your budget toward those. Want more quality time with your kids? Spend on a spacious Airbnb, not theme park merch. Want cultural immersion? Skip the resort. Book a cooking class or local guide.”
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Before summer travel begins, it’s important to establish a clear spending framework that outlines how much will be used and when. A defined pre-trip budget helps maintain financial control, prevent overspending and preserve a post-vacation savings buffer.
“Evaluate your finances and make sure that going on a vacation is the right move for you at this point in time and how much you have to allocate toward the trip,” said Adem Selita, co-founder of The Debt Relief Company.3
Selita explained, “Set a realistic budget by accounting for almost everything you’ll do throughout the course of the trip. Although it’s next to impossible to account for everything, we can at least try to estimate how much money we’ll spend on food and daytime activities.”
Relocating funds with intention can ease the strain of higher seasonal summer expenses. Whether it’s setting aside money regularly or shifting money from discretionary, a proactive approach helps ensure that resources are available for summer travel.
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