How Much Does an Average Vacation Cost?

Planning for a vacation is different for everybody. Some people would like to go on a 4-day long excursion that includes flights, travel, and restaurants. Or, a weekend getaway to a beach or a campsite. That being said, a price of a vacation can differ from person to person, as different people have different tastes. A person spends about $1,145 for a 4-day long vacation. Which would make a vacation for a family of 4 $4,580. Broken down, that’s about $581 a day.

Key Statistics:

• A typical 4-night vacation in the US can cost about $4,580 for a family of four
• A typical 4-night vacation for one person costs on average $1,145, or $581 a day
• $581 a day broken down is
  • Transportation - $224
  • Food - $155
  • Lodging- $150
  • Entertainment - $52
• Millennials spend on average $1,373 on a vacation
• Gen X's spend twice as much about $2,628
• Boomers spent about $1,865
• The average cost of a domestic round trip flight is $358
• The average price for a domestic hotel is $125.55 a night
• The average cost for a Disney trip for a family of 4 is $6,716
• The average cost for a round trip international flight is $1,368
• The average cost of a Europe vacation is $3,960
• Entertainment on an international trips costs an average of $293
• A week-long Hawaiian vacation can cost an average of $1,899

Vacation Budget

How to Budget for a Vacation

Asking how much someone sets aside for a vacation can be a personal matter. Some people have more ambitious vacations in mind and others like the idea of an impromptu vacation. So a vacation budget can vary from person to person. By choosing a destination and date, you can take advantage of any deals that could be offered for that stay. Then set a savings budget. Also, if you are more of an impromptu vacationer, having a savings account specifically for vacations is always a good idea. Setting aside $165 a month adds up to $2,000 by the end of the year. This way, you can always have money at your disposal in case you have a sudden case of wanderlust.

Budget Tips:

• Choose a destination, set a maximum budget, plan for extra expenses.
• People spend about $27 a day in restaurants.
• Setting aside about $165 a month adds up to $2,000 by the end of the year.

Trip Expenses

How Much Money Should I Bring on a Vacation?

Once you get to your destination, figuring out how much money to carry is another factor one has to consider. Not having enough cash on you could be bad and having too much on you could be dangerous. A reasonable amount to carry is anywhere between $50-$100 a day, depending on what your plans are for the day. Planning ahead and prepaying for certain meals, venues, events, or transportation can help reduce the need the carry cash or worrying about going over your budget for the day.

Key Statistics:

• A reasonable amount to carry is anywhere between $50 - $100 a day
• Research for the ability to prepay for certain meals or events
• Consider gratuities, tips, and street vendors

Conclusion

Vacations vary from person to person. Therefore, everyone's plans, budgets, and experiences would be different. Putting aside a little bit of money each month towards a vacation can help with the expenses. Even if impromtu vacations are your thing, having a little bit of cash eases the burden of credit card debt in the end. Prepaying for meals, entertainment, and transportation is also a great way to stay on budget and not worry about extra expenses that could pop up late.

Sources

• https://www.valuepenguin.com/average-cost-vacation
• https://spendmenot.com/blog/average-cost-of-a-vacation/
• https://www.thethreeyearexperiment.com/spend-on-travel/
• https://www.doughroller.net/smart-spending/budgeting-family-travel/
• https://mint.intuit.com/blog/budgeting/how-to-create-a-budget-planner-for-your-dream-vacation/
• https://www.vacationkids.com/vacations-with-kids/vacations-with-kids/bid/302770/how-much-does-a-family-vacation-cost
• https://www.rd.com/article/how-much-money-should-you-bring-on-vacation/