(WTNH) — Most people are putting themselves into a financial hole to take a break, according to one survey.
A survey by a financial planning firm shows that 74 percent of people go into debt to pay for their vacations.
The survey shows people spend an average of 10 percent of their annual income on vacation! It also found the average vacation costs most people more than their monthly rent on their mortgage.
However, there are some things you can do so you don’t spend too much.
The first tip is to start saving now and to cut out things you really don’t need like stopping for your morning cup of coffee.
Another piece of advice is to plan your vacation down to the last dollar so there are no surprises.
Furthermore, you shouldn’t be dazzled by deals. Although you might find great sales on flights, you shouldn’t spend money you don’t have.
Also, try not to put too much onto a credit card and try to pay off your monthly balance as soon as you can so you don’t drown in interest.