smart spending

7 tips for a frugal, hassle-free road trip

Finance the trip
Next
2 of 9
Back
text

Riley says you don't have to be debt-free to take a summer road trip.

"It can take four to five years to pay off credit cards, and not taking a break during that time can be tough on your kids," Riley says.

You'll want to start a savings account prior to your planned escape, and when you have the dollar amount you need, use that first. If you received a tax refund, you can include 10 percent of it but don't dedicate all your refund to travel, Riley says.

A prepaid credit card can help to keep you within your budget. Just make sure it doesn't have excessive fees associated with it.

To avoid going into debt, save money with a detailed budget for what you'll spend on lodging, meals, activities and gas. Include about 10 percent over that estimate for unforeseen expenses like car repairs or medical expenses.

"You should also take some cash in case you run into a place that doesn't take credit cards," Riley says.

Another way to save money is to limit your time away to less than 10 days.


 

 

advertisement

Show Bankrate's community sharing policy
          Connect with us
MORTGAGE HOME EQUITY AUTO CDs CREDIT CARDS
Product Rate Change Last week
30 year fixed, 0 point 4.41%  0.03 4.44%
15 year fixed, 0 point 3.33%  0.02 3.31%
5/1 ARM 3.34%  0.21 3.55%
 
View Rates in your area Search
Product Rate Change Last week
30K FICO-based HELOC 4.75% --0.00 4.75%
50K FICO-based HELOC 4.51%  0.01 4.50%
100K FICO-based HELOC 4.24% --0.00 4.24%
 
View Rates in your area Search
Product Rate Change Last week
60 month used car loan 2.86%  0.23 3.09%
48 month used car loan 2.79%  0.42 3.21%
60 month new car loan 2.94%  0.04 2.98%
 
View Rates in your area Search
Product Rate Change Last week
1 Year CD 0.89%  0.01 0.88%
2 Year CD 1.01%  0.02 1.03%
5 Year CD 1.59%  0.01 1.60%
 
View Rates in your area Search
Product Rate Change Last week
Balance Transfer Cards 15.71%  0.01 15.70%
Cash Back Cards 16.36% --0.00 16.36%
Low Interest Cards 10.91% --0.00 10.91%
 
Search
advertisement
FRUGAL NEWSLETTER

Discover new ways to cut costs and save more every day. Reduce your spending, not life’s pleasures. Delivered weekly.

advertisement
Partner Center
advertisement

Connect with us