USA Today: “Don’t go into debt for your dream vacation: How to avoid financial nightmares”
USA Today, September 10, 2023 — “If it seems as if nearly everyone has gone on vacation this summer, you’re right,” writes Eve Chen in today’s article featuring Marguerita Cheng, CFP® Pro. “The average American household is expected to spend $2,830 on summer vacation this year – nearly 40% more than in 2019, according to an Ipsos poll for Allianz Partners USA. And 1 in 5 Americans expect to increase leisure travel spending over the next three months, according to a survey from U.S. Travel Association and Ipsos.”
“I’m actually leaving for Australia tomorrow,” Marguerita Cheng, a certified financial planner and CEO of Blue Ocean Global Wealth, told USA TODAY. “I don’t hold myself as a travel expert, but I do love travel. And I love helping people realize their goals to be able to enjoy travel.”
Of course, she budgeted for her trip way in advance, but not everyone prepares for big expenses. “When people do a lot of holiday shopping, and they charge it and they get the bill, they have what I call holiday hangover,” she said. “They’re still paying that in July.”
There’s no need to go into debt for a vacation. Here’s how to budget for any trip.
