Summer travel plans can waylay even the most thoughtfully constructed budgets. In fact, 68% of travelers overspend on their vacations, according to a recent survey from Experian. Travelers expect to spend an average of $2,275 vacationing this summer, which many will fund with savings accounts and tax refunds. When there’s a shortfall, credit cards will make up the difference. Survey respondents are willing to charge an average of $1,308 to their credit cards to pay for summer travel. 'People want to come home from vacation with happy memories, not unmanageable credit card bills,' said Guy Abramo, president of consumer business at Experian Consumer Services. 'Racking up excessive credit card debt without a plan to pay it off can put people in a bind that could affect their financial health and credit status for years to come.' Airfare and accommodations make up the largest chunk of vacation spending, so cutting back on those expenses will have the biggest impact on your wallet. Postponing your vacation until mid-August can save up to $250 on airfare, and looking for flights that depart on a Tuesday and return on a Monday can add an extra $40 to those savings. Watch the video for more tips.
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