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Lesko Financial: Some Skipping Vacations to Save Money

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VESTAL, N.Y. -

Transcript of Thursday's May 9, 2019 Lesko Financial segment that aired on Fox 40 News at 6.

Bri:

Credit card debt is increasing, and some workers are even ditching their yearly getaway to save money.
Greg Lesko of Lesko Financial explains.
Greg…  

Greg:

Thanks, Bri.
Four in ten American households carry some sort of credit card debt.
In the first quarter of this year, Americans’ collective debt—including credit cards—jumped past 4-trillion dollars for the first time.
But some workers with heavy debt are looking to save by sacrificing something that was once an untouchable staple of the American dream—the yearly vacation. In a recent survey, six out of ten people said they’ll forgo the vacation this year because they simply can’t afford it.  

Bri:

Is debt a factor in their decision?  

Greg:

It’s one reason-- and it’s good that more people seem unwilling to throw caution to the wind and put it all on the card.
But also, the costs of travel, dining out, entertainment and lodging are up, due, in part to higher fuel prices and higher restaurant and hotel taxes.
The average vacation in this country costs about $1100 per person or $4500 for a family of four.

Bri:

Any advice for those who want to vacation without busting the budget?  

Greg:

First, it’s a good idea to not take on more credit card debt for the yearly getaway.
The best idea is to save up for it over time and pay cash.
That may mean sacrificing something else, like weekly dining out or cutting the entertainment costs the rest of the year.
Other ways to save are: book during the off season, be alert for last minute deals, and maybe even take a stay-cation--exploring fun attractions close to home.

Bri:

With summer around the corner, this advice is golden.. Thanks Greg.. And that's Greg Lesko with Lesko Financial.