A recent survey conducted by OnePoll, and commissioned by Credit One Bank, revealed that during vacations, the average American spends an excess of $400 even after budgeting. In addition, the study authors announced that a person could go 21% over budget on weekend gateways.
The study focused on a target population of 2,000 U.S. respondents. About two-thirds of the study group revealed that they at least planned a one-weekend getaway trip after putting their plans on hold for about one year. In addition, a few of the respondents admitted that $1,800 was their budget, but they usually end up spending more than $380.
How respondents used their getaways
The study revealed that respondents utilized their getaways differently, with 42% visiting their families and 33% visiting close friends. This revelation did suggest that personal responsibilities influenced the weekend trips.
The study authors also reported that the average American received one or two wedding invitations this year and planned to go.
Over a quarter of the respondents admit to adding extra days on a memorable trip. Several respondents believe that making time for themselves influences their mental health positively. At the beginning of the year, two-thirds of the respondents plan their next vacation. A few respondents prefer sightseeing, trying out restaurants, and visiting national parks.
How respondents spent extra money on a trip
The study revealed that at least two-thirds of the respondents are more spontaneous and explore places close to where they reside. However, a few respondents choose to spend lavishly on experiences such as entertainment and food, among other items.
One respondent admitted to extending their stay on a trip because they didn’t want to leave, spending more than they had planned. A few remembered spending extra funds on last-minute excursions such as city cruises.
When traveling, 46% of the respondents state that they prefer making payments with their credit cards. However, the participants did admit to forgetting about unseen costs such as impulse buying and parking fees while planning their budget.
According to the Vice President of Product at Credit One Bank, many people are inspired to visit more places than they initially planned when going on a trip. Unfortunately, this can add to their expenses. However, having a good credit card could give rewards on things they are doing to reduce costs.
