If you don't have a budget for your yearly expenses, it may be impossible to find money during the summer months to put towards a vacation. By setting your yearly budget early, you can make sure you have enough money set aside by the time June or July rolls around.
Everyone knows that the earlier you book your flight, the better deal you may get on it. Flights get more expensive the closer you get to your travel date, so buying your flights sooner rather than later can save you a lot of money. Booking early also allows you to take that expense off your list to worry about, letting you focus on the other parts of your upcoming vacation.
Set aside a separate savings account just for your vacation. By putting a little money into it throughout the year, you can accumulate a nice chunk of change.
Ted Rossman, an industry analyst at Bankrate, explains that you would need to set aside $38 a week over about a year and a half to come up with the nearly $2,000 average cost of a vacation.
"Call it 'Summer 2020 vacation,'" Rossman tells Bankrate. "Call it, 'Hawaii 2020.' Or wherever you want to go. That has a real psychological impact beyond account number 1234567."
Not only should you try to book your flights well ahead of time, but you should also look at the flight times and airports you'll be traveling through. Major airports tend to offer better deals, so try to fly into or out of one of the major travel hubs. Flights out of major airports can be cheaper during the high-traffic summer months, and even offer better deals on parking. Early morning flights are usually cheaper compared to other times of the day, so try and book those times if you can.
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