58% of Americans Want to Take a Vacation in the Next 6 Months. Here’s How to Make It Happen

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Lots of people are hoping for a much-needed vacation this year. 

With out-of-control inflation and talk of a recession, 2022 was full of economic uncertainty. Combine that with rising travel costs, and it’d make sense if people were holding off on going anywhere for the time being. But recent research suggests that none of those issues are deterring Americans from traveling.

58% of U.S. adults said they planned to take a vacation in the next six months, according to a December 2022 survey by MMGY Travel Intelligence. Of that group, 25% shared they’re likely to travel internationally. That’s the highest percentage in three years.

For those who weren’t planning to travel in the next six months, the most common reasons were high travel costs and their financial situations. If you’d like to travel, but you’re not sure how to manage it financially, here are a few tips to make it happen.

Make a travel fund

One of, if not the biggest impediment to traveling is money. If you feel like a vacation will do a number on your bank accounts, it’s hard to get excited about going. Taking on debt to travel isn’t great, either, because it costs you money in interest and can hold you back from accomplishing financial goals.

That’s why a travel fund is a must. A travel fund is a bank account reserved for your travel costs. Here’s how to set one up:

Make a bank account specifically for your travel fund. You can open a new account for this. Or, if you already have a savings account you like, many banks will let you set up as many sub-savings accounts as you want.Decide how much you can save each month. It could be $50, $100, $500, or whatever works for you. The key is picking an amount you can afford, so you save consistently.Automate deposits to your travel fund. Set up a recurring transfer for the amount you chose earlier on a date that works for you, like right after you get your paycheck.

Make sure you choose a quality savings account for this. High-yield savings accounts offer much more generous interest rates than the national average, so they’re usually the best option.

Start earning travel rewards

You don’t need to pay for all of your travel expenses out of pocket. With a travel credit card, you can earn rewards on the money you spend, and later redeem those rewards for travel costs, such as airfare and hotels.

If you like to travel, it’s a good idea to have at least one of these credit cards. Here are the types of travel cards to choose from:

Airline credit cards are tied to specific airlines and work well if you’re loyal to one carrier.Hotel credit cards are tied to hotels, so they’re valuable if you have a certain hotel chain you like.Some of the best travel credit cards earn more flexible, transferable points. You can transfer their points to multiple airlines and hotels or redeem them at a fixed, cash rate.There are also basic, no annual fee travel credit cards if you want to keep costs down.

This is a popular type of credit card, so there are lots of options available. Find one you like and start using it for all your expenses — just make sure to pay in full every month to avoid interest charges. The points or miles you earn could cover your biggest travel costs.

Pick a destination and make a plan that fits your budget

There are a couple of things that make all the difference in how much you spend on a trip. The first is where you travel. Some destinations, such as Latin America, Southeast Asia, and even certain parts of Europe, are budget-friendly. Others aren’t. If you’re trying not to spend too much, it’s probably best not to set your sights on, say, Switzerland or the Maldives.

Your travel plans also have a big impact. Anywhere can be expensive if you want to stay in a luxury hotel and dine at the nicest restaurants. On the other hand, even places with an above-average cost of living get more affordable if you’re willing to rent a room or stay in a hostel and focus on low-cost activities.

See if you can work remotely

Travel can be a bit of a double whammy financially. It costs you money to go on vacation, and if you don’t have paid time off, you aren’t making any money while you’re gone. Some people also have limited time off, which makes it hard to fit in a vacation with their work schedules.

Consider seeing if there’s an opportunity to do your job remotely, at least while you’re away. If that’s not an option, but you’d prefer more flexibility, you could also start looking for remote jobs.

Working on vacation may sound sad. If it’s not your thing, by all means, discard this tip. But it doesn’t have to be the worst thing in the world, especially if it allows you to travel more. What if you could add three days to your vacation, but only if you work a few hours here and there? For some people, that’s worth it.

An amazing vacation doesn’t need to be something you put off for years. With a travel fund, a travel credit card, a good plan, and maybe some remote work, you could definitely make it happen in the next six months.

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