People spend an average of $1,979 annually on summer vacations - here are 4 ways to save money on your next trip

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People spend an average of $1,979 annually on summer vacations - here are 4 ways to save money on your next trip

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  • Americans report spending an average of $1,979 on summer vacations.
  • Depending on which parts of the country you live in, you may be more likely to spend more or less - both the West and East coasts reported spending more on getaways than Midwesterners did.
  • 48% of people won't take a summer vacation, and most of those people report it's due to not being able to afford it.
  • However, there are a few ways to save money on your next trip.
  • Visit Business Insider's homepage for more stories.

Everyone knows that summer vacations can cost you. Between airfare, hotel accommodations, spending money, and other added expenses, you could easily spend thousands on your annual getaway.

Read more: The 3 best places to travel every month of 2019

According to a study by Bankrate, the average amount Americans spend per year on summer vacations is $1,979.

The average amount of money people spend on summer vacations varies by geographical region. Respondents from Western states like California and Washington reported that they expected to spend an average of $2,265 on their vacations. People in the Northeast also expected to pay more than $2,000 on their trip expenses.

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Midwesterners expected to pay the least on their summer vacations. They reported budgeting $1,607 for their summer vacation.

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Costs may be preventing people across the nation from actually taking their summer vacations, however - just 52% of Americans said are planning to take a summer vacation. Of those who responded to Bankrate's survey saying that they weren't planning to travel, 26% said they explicitly weren't planning any summer travel, while 22% said they were still deciding whether they wanted to or not.

The most popular reason (60%) people said they weren't planning a summer vacation was because they couldn't afford it.

If you're worried about the costs associated with your next summer vacation, unsure of whether you can afford to get away, or simply want to know some tips and tricks to save on travel, we've got you covered.

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Here are 4 ways to save on your next vacation:

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1. Make a budget and stick to it

1. Make a budget and stick to it

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.

2. Book your trip well in advance

2. Book your trip well in advance

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.

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3. Start a savings account or "vacation fund"

3. Start a savings account or "vacation fund"

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."

4. Book your flights strategically

4. Book your flights strategically

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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