Many families take an annual summer vacation to get away for a week or two. In some cases it’s just a quick trip up to the lake, while others make it a cross-country adventure. Whatever the vacation, it costs money. If you drive, it’s gas and maybe a rental car. If you fly, you obviously have airfare. And unless you own the place you’re staying or will be staying with relatives you have to worry about lodging costs and of course food.
So, with the typical expense of a family vacation and trying to dig out of this recession, are people scaling back on vacation plans this year? I talked a little bit about staycations earlier this year as I think a lot of people are looking for ways to save money, but I wonder how accurate that is. Some people seem to go on vacation whether they can afford to or not. Not the best financial move, but I can understand why some people feel they have to get away no matter what.
We don’t have a regular vacation routine or anything, but we did go to Florida this spring, but that was mainly for business. We did set a little time aside to see some sights, but the weather wasn’t very good. Other than that, we’ll probably head out to Kansas City this summer to visit my parents who recently moved out there and we’ve never been, so it should be fun. Plus it’s free lodging, so it’s frugal! But with a one-year old and another on the way it isn’t like we’re going to be up for any big adventures anyway.
What are your vacation plans this year and how have they changed, if at all, thanks to the economy?
Author: Jeremy Vohwinkle
My name is Jeremy Vohwinkle, and I’ve spent a number of years working in the finance industry providing financial advice to regular investors and those participating in employer-sponsored retirement plans.