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Family vacations are the stuff memories are made of. Maybe it’s a week spent at a beach an hour from your home, a long weekend at a theme park, or an amazing two-week jaunt around national parks or Europe: No matter what the details, the fact that you and your loved ones are together, amid new surroundings, and perhaps having an adventure can make it worth the time, energy, and money you spend ten times over.

That said, few people have unlimited funds for getaways. And no one wants to rack up a bunch of travel-triggered debt. So here’s a game plan to help you afford a family vacation, including:

•   How to calculate the cost of a family vacation

•   Ways to make a family vacation affordable

•   Tips for avoiding debt from a family vacation

Calculating the Cost of Family Vacations

In one recent survey by the Family Travel Association and NYU’s School of Professional Studies, 85% of American parents said they were planning to take a trip with their kids in the year ahead.

If you’re among their ranks, you know that cost is a big consideration when planning this kind of trip. When calculating the total cost of your next family vacation, make sure to consider the following expenses:

•   Airfare (roundtrip) plus transfers and any train or bus fare

•   Car rental (and/or gas plus taxes and related expenses)

•   Accommodations (including taxes and fees)

•   Food and drinks (whether dining out or meal prepping)

•   Activities, attractions, and entertainment

•   Souvenirs

•   Travel insurance

•   Miscellaneous costs (parking fees, passport fees, currency exchange, etc.)

Additionally, you’ll want to account for expenses incurred at home, such as pet-sitting costs, and lost wages if you don’t have paid time-off available for some or all of your vacation days.

By having the total cost of your family vacation in mind, you can better plan ahead and ensure you budget appropriately to cover all of your costs. Another smart move can be to review the different credit card rewards you’ve accrued and see how those can bring down the price of your vacation (more about this below).

How to Take a Family Vacation on a Budget

Being a frugal traveler with your family in tow is, of course, an added challenge. No one wants to deny the kids that ice cream or souvenir T-shirt, for instance. But there are many ways to make your next vacation more affordable.

1. Have a Strict Budget

After tallying up your essential monthly expenses, such as your rent or mortgage payment, bills, and other household expenses, see how much of your discretionary income is left.

Using that number, break down how much you’re able or willing to allot toward the travel categories listed earlier. Although your budget in each subcategory can be somewhat fluid, make sure your total family travel costs don’t exceed your maximum budget.

2. Keep a Dedicated Vacation Savings Account

An important part of creating a travel fund is ensuring that your vacation savings isn’t accidentally tapped into for anything other than your trip goal. One way to avoid this is by opening a high-yield savings account that holds savings exclusively for your next trip.

Not only will you be stashing money far from your checking account so it doesn’t get spent, you’ll also be earning some interest to pump up your fund. Online banks often offer the best annual percentage yields (APYs).

3. Use Credit Card Bonuses and Miles

If you already use a cash back rewards credit card for many of your day-to-day purchases, applying your earned cash-back rewards and miles toward your trip is a must. This can help shave down your costs, especially if you stash your rewards earnings for a while in preparation for your trip.

As another bonus, your card may offer credit card travel insurance, which can help protect you against any unexpected financial losses when you’re away.

Recommended: Does Applying for a Credit Card Hurt Your Credit Score?

4. Be Flexible With Travel Dates

The travel dates you choose for your trip can greatly affect the total price of your family vacation. If you’re willing to be flexible about when you travel, you might be able to save a chunk of change.

Compare flight costs on weekends versus weekdays to find travel deals. Also consider traveling during the shoulder season or off season, if possible. An example: Heading to London (and the world of Harry Potter) not in the summer, but the spring. This can be more affordable than traveling during peak season when other families are arriving in high volumes. Also, if your kids aren’t yet school age, you can avoid the usual school holiday dates and travel when you please, potentially saving money.

5. Explore All-Inclusive Cruises

Exploring cheap cruises is another way to afford a family vacation. All-inclusive cruises offer families a package deal that generally includes food and non-alcoholic drinks, as well as activities that adults and children can enjoy on board.

Some cruises even offer “kids sail free” promotions that offer a complimentary pass for children under a certain age on specific booking dates. (Taxes and fees will still apply though.)

6. Find Ways to Budget on the Trip

Once your family arrives at your destination, cut costs on variable expenses, like food and beverages, as well as activities. Instead of dining out for every meal, you might assemble sandwiches for lunch while on vacation, or focus on shareable meals, like pizza, that can be split with the family. Packing granola bars or fruit from the supermarket can help you avoid pricey snack stops, too.

Additionally, research free or low-fee activities to do ahead of time. For instance, you could take a free walking tour of the city, visit tourist attractions that offer free children’s or elderly admission, and more.

7. Travel in Groups With Other Families

Coordinating a vacation with other families (or relatives) can be an effective budget travel option. For example, as a group, you might rent a large Airbnb with a pool or one that’s near a theme park. You could then split the cost of food, gas, and accommodations for the trip. If your group is large enough, certain attractions might also offer group discounts for admission.

8. Be Flexible With Your Destination

Perhaps your dream is to spend a week in New York City or at a seaside Maldives resort, but the cost is a real budget-buster. Think about alternatives that give you some of the same vibe (a dynamic city or a chic place by the sea) for a lower price.

Family beach options in Mexico, for example, might be more affordable than a beach trip to the Maldives. And a trip to Philadelphia or Boston (both of which have plenty of history, museums, great food, and more) could help you shave down the price of a big-city getaway.

9. Work a Side Gig for Extra Income

Bringing in supplemental income is another way to afford a family vacation, if you plan ahead of time. Consider your own skills and expertise, such as tutoring, crafting, or freelancing. There are plenty of low-cost side hustles you might pursue.

Offer your services through platforms, like UpWork, or within your local community for a fee. Use the extra money you earn toward your family trip.

10. Leverage the Sharing Economy

Innovative sharing communities are another way that families afford to travel. For example, to save money on hotels, there are also domestic and international house-sitting opportunities that your family can participate in through sites like Nomador and Mind My House.

Are Timeshares Worth it in 2023?

One option that some families consider for future travel is a timeshare. A timeshare is a vacation property wherein you — and other people — purchase the right to use it at a specific time. Generally, when it comes to budget family travel, timeshares are not the best option.

Although a timeshare simplifies certain aspects of your travel planning, such as deciding on a destination or finding accommodations, it can be restrictive in other ways. For example, your timeshare dates might not align with your available days off or children’s school vacations (when many people want to travel). In addition, timeshares can be difficult to sell when the time comes.

Recommended: How to Avoid Interest On a Credit Card

Tips to Avoid Debt While Going on a Family Vacation

Although you can pay for your family vacation on a rewards credit card and earn credit card points in the process, proceed with caution. Like any large expense put on a credit card, your total debt can balloon if you don’t have the savings or income to pay it back quickly. In that case, you start to rack up interest charges.

As much as possible, avoid putting your next family vacation on your credit card. Instead, give yourself ample time to save up toward your trip. Also, don’t forget to apply any credit card miles or cash back that you’ve earned toward your travel bookings to immediately cut your out-of-pocket travel expenses toward flights, accommodations, or car rentals.

The Takeaway

Creating amazing memories with your family through travel doesn’t mean you have to spend a bundle. By crafting a solid budget and using smart, strategic tips to cut travel costs, like using credit card rewards to travel for less, you can plan a vacation that fits your needs and your financial situation.

SoFi Travel has teamed up with Expedia to bring even more to your one-stop finance app, helping you book reservations — for flights, hotels, car rentals, and more — all in one place. SoFi Members also have exclusive access to premium savings, with 10% or more off on select hotels. Plus, earn unlimited 3%** cash back rewards when you book with your SoFi Unlimited 2% Credit Card through SoFi Travel.

SoFi Travel can take you farther.

FAQ

How do people afford to travel every year?

You can dedicate a portion of your budget each year toward travel. Calculate how much discretionary income is left after you’ve allocated funds toward non-negotiable expenses, like monthly rent and bills. Once you have an approximate number, explore your options based on your budget.

How much does it cost to travel the world with a family?

The cost to travel the world with your loved ones varies greatly. Factors like the number of adults and children in your party, your destination, the duration of your trip, when you travel during the year, and your travel activities will all determine how much you’ll spend.

How much does the average family spend on travel per year?

The average one-week vacation for two people in the U.S.costs about $3,156. Bringing along more family members will of course add to that cost, but how much will depend on variables such as whether the kids stay in the same hotel room as the parents, if you upgrade to a suite, and if many activities and attractions are on your schedule.

How do I get enough money to travel?

Taking on extra shifts at work, selling things you no longer use, earning extra income through a side hustle, and cutting your existing non-essential expenses are all popular ways to save money for travel. However, you’ll need to find a tactic that works for your financial situation and lifestyle.

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Photo credit: iStock/Nutthaseth Vanchaichana

**Terms, and conditions apply: This SoFi member benefit is provided by Expedia, not by SoFi or its affiliates. SoFi may be compensated by the benefit provider. Offers are subject to change and may have restrictions, please review the benefit provider's terms: Travel Services Terms & Conditions.
The SoFi Travel Portal is operated by Expedia. To learn more about Expedia, click https://www.expediagroup.com/home/default.aspx.

When you use your SoFi Credit Card to make a purchase on the SoFi Travel Portal, you will earn a number of SoFi Member Rewards points equal to 3% of the total amount you spend on the SoFi Travel Portal. Members can save up to 10% or more on eligible bookings.

Eligibility: You must be a SoFi registered user.
You must agree to SoFi’s privacy consent agreement.
You must book the travel on SoFi’s Travel Portal reached directly through a link on the SoFi website or mobile application. Travel booked directly on Expedia's website or app, or any other site operated or powered by Expedia is not eligible.
You must pay using your SoFi Credit Card.

SoFi Member Rewards: All terms applicable to the use of SoFi Member Rewards apply. To learn more please see: https://www.sofi.com/rewards/ and Terms applicable to Member Rewards.

Additional Terms: Changes to your bookings will affect the Rewards balance for the purchase. Any canceled bookings or fraud will cause Rewards to be rescinded. Rewards can be delayed by up to 7 business days after a transaction posts on Members’ SoFi Credit Card ledger. SoFi reserves the right to withhold Rewards points for suspected fraud, misuse, or suspicious activities.
©2024 SoFi Bank, N.A. All rights reserved. Member FDIC. Equal Housing Lender. NMLS #696891 (Member FDIC), (www.nmlsconsumeraccess.org).

Financial Tips & Strategies: The tips provided on this website are of a general nature and do not take into account your specific objectives, financial situation, and needs. You should always consider their appropriateness given your own circumstances.

Third-Party Brand Mentions: No brands, products, or companies mentioned are affiliated with SoFi, nor do they endorse or sponsor this article. Third-party trademarks referenced herein are property of their respective owners.

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America’s national parks are legendary: You can probably conjure up images of Old Faithful at Yellowstone, El Capitan at Yosemite, and the Great Smoky Mountains without too much trouble. But what you may not realize is that our country’s network of over 400 national parks can also be a terrific, budget-friendly vacation destination.

Planning a road trip to a national park with the family or your BFFs can be an amazing way to see the natural beauty of the U.S. And it’s a popular idea: In 2022, the parks welcomed 312 million visitors, up 5% from the previous year.

By doing some prep work, you can be among those travelers who revel in the iconic landscapes of the parks while having an environmentally friendly, low-cost adventure. Here, you’ll learn the ropes, from advice on destinations to ideas for keeping expenses down.

Cheap National Parks to Visit

Unlike other standard vacation destinations (theme parks, etc.), most national parks don’t charge an entrance fee. Over two-thirds of these sites, including the Great Smoky Mountains National Park on the border of Tennessee and North Carolina, are free to enter. So the vast majority of these destinations are indeed cheap national parks to visit!

Even if you choose one that does charge, you’ll most likely pay by the carload, like the 7-day pass for your group at Rocky Mountain National Park in Colorado for $35. The ever-popular Yosemite and Acadia National Parks charge the same fee.

If you want to see which parks charge a fee, check out the National Park Service’s website .

Here’s an important warning, however: During peak times, you may need a reservation simply to drive into a park. You may gain admission if you have another kind of reservation (hotel room, say, or campsite), but double-check. Keep this top of mind if you are thinking you can just cruise on over and take selfies at, say, Half Dome for a day in August. Probably not going to happen without advance planning.

You can also take advantage of fee-free days. The National Park Service selects certain holidays and special occasions each year to offer admission-free entrance to everyone. So, you can visit over 400 sites at no cost in 2023, like on Great American Outdoors Day on August 4.

To find parks conveniently located near you, use the National Park Service’s “Find a Park ” tool online. Then you can compare options and see what type of landscape you’d most like to visit.

Setting a Budget for Visiting National Parks

If you have a vacation in mind, you might have already started budgeting for it. Saving money for a trip is an important step and allows you to explore the world guilt-free. But to make the most out of your visit to a national park, you need to know exactly what type of costs to expect. That way, you never have to worry about not having enough money on hand to enjoy yourself.

Here are some expenses you should account for in your national parks budget.

Food & Drink

Saving money on a road trip is often challenging since you don’t have all your basic necessities ready at your disposal. That includes food and drink, whether your style is more drive-through or sit-down dining or “I’m happy to cook for myself.” You’ll need to factor the cost of meals into your travel budget.

One budget-smart option is to rent a cabin with a kitchen. With that, you can pick up groceries once you arrive and cook your meals instead of ordering out. That’s a big savings right there!

You may not be the type to cook on vacation, though. If not, you can look for affordable options near you for meals. But keep in mind: You’ll need to budget for your three meals a day, plus you’ll probably want some water and a snack here and there, lots of liquids to fuel you on hikes, and perhaps to go out for a beer or two one evening. There will likely be taxes and possibly tips involved. See how it all adds up and what you can afford.

One very dollar-smart move to stay well-fed and not blow your budget: Use a backpack cooler. If you want to spend your days hiking and walking, you’re going to get thirsty and hungry pretty quickly. You can load a cooler up with protein bars, nuts, apples, and granola, preventing you from buying potentially pricey food throughout the day.

Gas & Travel

When it comes to the expense of traveling to national parks, the nice news is that a destination might be closer than you think. Many of us hear the phrase “national park” and think of large, sweeping spots in the West, like the Grand Canyon. But that’s just one iconic site. There are actually hundreds of places in the U.S. under the National Park Service’s care, from historic sites to scenic trails. So you may not have to plan out a cross-country trip to enjoy what this country has to offer.

However, if you have to travel a significant distance, why not whittle your transportation costs? For example, if you need to fly, it can pay to be flexible with your dates and look for the lowest possible fare. Sites like Expedia and Kayak can notify you when prices drop on flights you are interested in. Another smart move is to pack light so you won’t pay those ouch-inducing baggage fees.

Perhaps you’re driving to your destination, though. If you want to improve gas mileage and get the most out of your trip, try to choose a park that isn’t isolated. For example, there are multiple national parks near Las Vegas, such as Death Valley National Park and Zion National Park, which are about two and a quarter hours apart. Once you’re at Zion, you might decide to hop over to Bryce Canyon National Park, barely an hour and a half away, and see the incredible rock formations known as hoodoos.

You’ll be able to visit multiple parks without too much drive time, save money on gas, and see all the more spectacular sights. It may be the best way to travel around America on a budget.

Recommended: Guide to Renting a Car

Lodging

You know the law of supply and demand: When demand is high, supply gets scarce — and potentially pricey. With that in mind, note that the peak season for visiting national parks is summer. Kids are off from school, temperatures are warmer, and international travelers may visit our lovely landscapes. So that means bigger crowds, which impacts local lodging. It will be harder to find accommodations, and their prices will be higher, too.

Because of this, it’s best to book your lodging in advance so you don’t get shut out of affordable rooms. National Parks have a wide range of accommodations; during spring 2023 at Yosemite, for instance, rooms ranged from $101 to $500+ a night. A location farther out from the park will be cheaper as well. Those who accumulate points on a travel credit card or cash back rewards credit card may find lodging nearby at a discount.

Of course, that’s not your only option. You can also rent an RV or stay at a campground. If you choose to camp, check to see if you need a reservation. At national parks, the average price is around $20 per night, though prices can range from $5 to $30 or so. These sites usually offer electricity hookups, water, camp stores, and fire rings. Research what your campground offers to help plan out your packing needs. If you snag one of these spots at a free-admission park and already have tents and other gear on hand, congrats! You may have scored one of the cheapest national park visits to be found.

Activities and Entertainment

If you have never visited a national park before, you might not know what they offer. While part of their appeal is just being in the great outdoors and soaking in the views, you also have activities available to you. There may be anything from guided walks and museums to talks and films, and they all typically come at no extra cost. It can be a great way to learn about local wildlife, fossils, history, and more.

In addition to that, you might seek other activities. For instance, if you are visiting Florida’s Everglades National Park, perhaps you want to go on a kayak adventure with a guide. It can be a terrific way to see the mangroves and sawgrass marshes the area is famous for. That will be an additional cost to keep in mind.

There’s also every chance that you may pass all kinds of mini-golf, waterparks, multiplexes, and other attractions as you explore the area near a national park. If a vacation isn’t a vacation without indulging in these offerings, factor that into your budget, too.

Permits & Passes

Again, most parks are available to the public for free. But if you want to visit multiple national parks, consider opting for a National Park Annual Pass. It typically costs $80 ($20 for seniors) and gives you unlimited entrance to over 2,000 federal recreation areas, such as national parks.

Recommended: How Credit Card Travel Insurance Works

Saving for Your Travel

Saving up for your trip can be pretty straightforward. One way is to set up a dedicated travel fund. Separating your vacation money from your regular savings account will make your progress that much easier to track. You can also maximize your savings by setting up automatic contributions to your travel fund. That way, you never forget to put in a few dollars on payday.

If that sounds appealing, you need to pick the correct type of account. Some options, like a high yield bank account, promise higher interest rates than your standard version. However, your choice will depend on your timeline. For example, someone taking a trip in a year has more time to accrue interest than someone taking a trip within a few months.

Let’s say you don’t have much time, though. Even if you can’t build much in the way of interest, you can still find extra cash in your life. You might need to budget a bit differently. For example, if you have a streaming service membership, you can cancel that for a while. Or perhaps you can pick up a side hustle on the weekends, whether that means driving for a rideshare service or walking dogs.

The Takeaway

Vacations are a time to relax, enjoy yourself, and make memories with your loved ones. The last thing you need is for that time away to leave you deeply in debt and saddled with stress. That’s why a trip to a national park can be such a terrific destination: You’ll explore the great outdoors but can do so without breaking the bank, thanks to low fees, free activities, and the smart saving advice you learned here.

SoFi Travel has teamed up with Expedia to bring even more to your one-stop finance app, helping you book reservations — for flights, hotels, car rentals, and more — all in one place. SoFi Members also have exclusive access to premium savings, with 10% or more off on select hotels. Plus, earn unlimited 3%** cash back rewards when you book with your SoFi Unlimited 2% Credit Card through SoFi Travel.

SoFi, your one-stop shop for travel.

FAQ

Is it expensive to visit national parks?

In many cases, it’s a more affordable vacation than other options. Over two-thirds of national parks offer free admission year-round. Plus, there are many throughout the country, meaning you can pick one that’s close and may not have to spend much on travel costs. The main expenses will come from your lodging, food, and additional activities.

How many days should you spend at a national park?

The length of your stay should depend on the type of itinerary you want to build and the size of the park you are visiting. There are many itineraries for Yosemite online that involve staying three to five days, but you could certainly spend much longer or shorter periods of time. Worth noting: Some smaller parks and historic sites may not be open every day. Larger parks may close due to weather events. Always check in with a park (either online or by calling) beforehand.

How much does it cost on average to visit a national park?

Most national parks are free. The National Park Service allows you to see the entrance rates for each fee-charging national park. Use their listings to see if the park you want to visit charges an entrance fee. The per-vehicle prices are often between $20 to $35 for seven days.

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Photo credit: iStock/MargaretW
**Terms, and conditions apply: This SoFi member benefit is provided by Expedia, not by SoFi or its affiliates. SoFi may be compensated by the benefit provider. Offers are subject to change and may have restrictions, please review the benefit provider's terms: Travel Services Terms & Conditions.
The SoFi Travel Portal is operated by Expedia. To learn more about Expedia, click https://www.expediagroup.com/home/default.aspx.

When you use your SoFi Credit Card to make a purchase on the SoFi Travel Portal, you will earn a number of SoFi Member Rewards points equal to 3% of the total amount you spend on the SoFi Travel Portal. Members can save up to 10% or more on eligible bookings.

Eligibility: You must be a SoFi registered user.
You must agree to SoFi’s privacy consent agreement.
You must book the travel on SoFi’s Travel Portal reached directly through a link on the SoFi website or mobile application. Travel booked directly on Expedia's website or app, or any other site operated or powered by Expedia is not eligible.
You must pay using your SoFi Credit Card.

SoFi Member Rewards: All terms applicable to the use of SoFi Member Rewards apply. To learn more please see: https://www.sofi.com/rewards/ and Terms applicable to Member Rewards.

Additional Terms: Changes to your bookings will affect the Rewards balance for the purchase. Any canceled bookings or fraud will cause Rewards to be rescinded. Rewards can be delayed by up to 7 business days after a transaction posts on Members’ SoFi Credit Card ledger. SoFi reserves the right to withhold Rewards points for suspected fraud, misuse, or suspicious activities.
©2024 SoFi Bank, N.A. All rights reserved. Member FDIC. Equal Housing Lender. NMLS #696891 (Member FDIC), (www.nmlsconsumeraccess.org).

Financial Tips & Strategies: The tips provided on this website are of a general nature and do not take into account your specific objectives, financial situation, and needs. You should always consider their appropriateness given your own circumstances.

Third-Party Brand Mentions: No brands, products, or companies mentioned are affiliated with SoFi, nor do they endorse or sponsor this article. Third-party trademarks referenced herein are property of their respective owners.

External Websites: The information and analysis provided through hyperlinks to third-party websites, while believed to be accurate, cannot be guaranteed by SoFi. Links are provided for informational purposes and should not be viewed as an endorsement.
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If you like to travel and appreciate the finer things in life, you might dream of a posh vacation. Maybe your fantasy is staying at a sprawling resort by the sea or an urban boutique hotel with a spectacular rooftop bar. Or perhaps you dream of immersive experiences, liking a private cooking class with a local chef or a wine-tasting tour through Napa Valley.

But then reality kicks in. You look at your actual budget and realize you probably can’t make that fantasy a reality.

Or could you? It just so happens there are a few ways to snag luxury travel for less. Learn more here, including:

•   Which destinations can help you afford luxury travel

•   Tips for traveling posh for less

Average Cost of an Affordable Luxury Vacation

It’s hard to give just one number here, since costs will vary depending on the number of travelers, your destination, and how long you plan to stay. But expect to pay a few thousand dollars.

Recent surveys indicate that the cost strictly for travel (airline tickets, parking, car rental) for a family of four on a four-day domestic trip can easily nudge close to $2,000. And that’s not including lodging or food, let alone expenses for attractions and entertainment, which can easily add another $1,000 to that sum.

So make sure to decide where to keep a travel fund and nurture it, and then work to keep your vacation’s price tag from busting your budget.

Destinations Where You Get More for Less

According to crowd-sourced travel expense site Budget Your Trip, here are a few places where you can get more bang for your buck. The average prices listed below are for two people for a week on a high-end trip. Your cost may vary, but this should give you an idea of destinations where you can travel luxuriously for less than you might think.

•   Thailand $4,675

•   Mexico $4,091

•   Portugal $3,807

•   Slovakia $3,311

•   Costa Rica $3,098

•   Vietnam $2,077

•   Morocco $1,475

Obviously, if you are traveling domestically, you’ll save money by avoiding air travel. If you can drive to a nearby city or resort, you can reallocate dollars to lodging or entertainment.

Recommended: Where to Find Book Now, Pay Later Vacations

7 Tips for Traveling Posh

If you want to travel in luxury on a budget, here are a few tips to keep in mind.

1. Visit Off-Season

It’s generally true that if you want to visit a popular destination at the same time that everyone else wants to go there, you’re likely to pay more. If your summer travel takes you to a popular beach destination, you’ll pay more than if you visit it in the off season. A week of shopping and cafe hopping in Paris may be pricey in July, but what if you went in March or November? You might be able to afford a junior suite at the hotel you’ve been eyeing vs. a standard room. The more flexible that you can be with your travel dates or destination, the more likely you’re able to travel in luxury at a reduced cost.

One way that families afford to travel is by traveling during the off season or shoulder season, which is the bridge between high season, when everyone wants to go, and the low season, where demand is much diminished.

Book a (Semi-) Private Plane

Some ultra-glamorous experiences have a surprisingly manageable price. An example: With the rising cost of airfare, you may be able to fly a semi-private jet for not much more than flying commercial. While booking a private plane will likely cost more than flying with a traditional airline (especially if you usually travel basic economy), the added cost may be worth the trade off for the extra luxury and convenience. Plus, you get bragging rights to drop the phrase “private jet” into your conversation.

With a semi-private flight, 15 to 30 passengers fly on a predetermined route and schedule. Carriers include Aero, Blade, Surf Air, and Set Jet. Typical flights go from California to Mexican getaway destinations, or New York to vacation islands off the Eastern seaboard.

Prices can be similar to first-class flights: $200 and up for a short hop; into four figures for ones that are longer flights. Bonuses include avoiding the draining experience of going through long security lines at major airports, as these carriers often use smaller private terminals.

You may also be able to use credit card rewards to help defray some of the costs.

Book New Hotels

If you’re wondering how to save money on hotels and travel in luxury for less, look into booking a brand new hotel. Sometimes new hotels will offer discounts when they first open. They might not have all the kinks worked out yet, plus they need to start building a clientele.

Just make sure that you stay flexible with your plans, since hotels don’t always open on time — consider booking your stay with a travel credit card that offers trip insurance if your hotel is still under construction.

Recommended: How Does Credit Card Travel Insurance Work?

Skip the Hotel

Another luxury travel tip is to consider alternative forms of lodging. Rather than stay in a chain hotel, you might be able to find an alternate vacation rental that gives you a more elegant and authentic experience at a similar price point.

For instance, instead of booking into a small and expensive Los Angeles hotel room, you might stay in an Airbnb or VRBO apartment in a cool neighborhood. Having, say, a whole one-bedroom to yourself can make for a stay that’s more posh and memorable.

If you are traveling with pets, you may be able to find a place that is more pet-friendly and allows you to skip hotel pet fees.

Use a Travel Agent

If you prefer elegant travel, consider using a travel agent that specializes in luxury travel. Many travel agents have access to special deals or know of ways to travel in luxury on a budget. It’s possible to come out ahead even after paying the agent their commission.

Redeem Your Rewards

Another way to travel in luxury for less is to consider using your credit card miles or credit card cash back to travel. As one example, many airlines allow you to redeem miles for business class flights, often at very reasonable rates. Or if you don’t have enough miles for a free ticket, you could buy an economy class ticket and use your rewards to bump up to business class.

Either way, when you arrive at your destination relaxed and rested after using your miles to fly business class at a fraction of the cash cost, you’ll definitely feel like you’ve traveled in style.

You may also get other bonuses. Some hotel rewards programs will offer a free night when you book three, free breakfast, and other perks for being a member. Working those freebies and discounts can really pay off.

Also, you may have points from renting a car from the same agency every time. That can give you an affordable set of wheels for the weekend so you and your bff can stay at a posh spa together.

Plan a High-Low Trip

Another way to travel posh is to prioritize what’s important to you and allocate more of your travel budget there. For instance, if you want to go to London for the theater and high tea, you can fly economy and stay in a basic hotel so you can enjoy those luxurious experiences.

Or if it’s your dream to spend a week somewhere near Cancun or Tulum and snorkel every day, make that snorkel time your top priority, budget for it, and then find a small, relaxed hotel versus one of the mega-resorts to save on your lodging bill.

The Takeaway

A luxury trip doesn’t always have to break the bank. Instead, set a budget and decide beforehand what types of lodging, experiences, and activities are most important to you. If you have the money set aside for it, don’t be afraid to splurge on something that is meaningful to you. Often those types of experiences can make memories that stay with you forever. Remember, not every aspect of a trip needs to be five-star in order for you to savor a posh getaway.

SoFi Travel has teamed up with Expedia to bring even more to your one-stop finance app, helping you book reservations — for flights, hotels, car rentals, and more — all in one place. SoFi Members also have exclusive access to premium savings, with 10% or more off on select hotels. Plus, earn unlimited 3%** cash back rewards when you book with your SoFi Unlimited 2% Credit Card through SoFi Travel.

SoFi Travel can take you farther.

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**Terms, and conditions apply: This SoFi member benefit is provided by Expedia, not by SoFi or its affiliates. SoFi may be compensated by the benefit provider. Offers are subject to change and may have restrictions, please review the benefit provider's terms: Travel Services Terms & Conditions.
The SoFi Travel Portal is operated by Expedia. To learn more about Expedia, click https://www.expediagroup.com/home/default.aspx.

When you use your SoFi Credit Card to make a purchase on the SoFi Travel Portal, you will earn a number of SoFi Member Rewards points equal to 3% of the total amount you spend on the SoFi Travel Portal. Members can save up to 10% or more on eligible bookings.

Eligibility: You must be a SoFi registered user.
You must agree to SoFi’s privacy consent agreement.
You must book the travel on SoFi’s Travel Portal reached directly through a link on the SoFi website or mobile application. Travel booked directly on Expedia's website or app, or any other site operated or powered by Expedia is not eligible.
You must pay using your SoFi Credit Card.

SoFi Member Rewards: All terms applicable to the use of SoFi Member Rewards apply. To learn more please see: https://www.sofi.com/rewards/ and Terms applicable to Member Rewards.

Additional Terms: Changes to your bookings will affect the Rewards balance for the purchase. Any canceled bookings or fraud will cause Rewards to be rescinded. Rewards can be delayed by up to 7 business days after a transaction posts on Members’ SoFi Credit Card ledger. SoFi reserves the right to withhold Rewards points for suspected fraud, misuse, or suspicious activities.
©2024 SoFi Bank, N.A. All rights reserved. Member FDIC. Equal Housing Lender. NMLS #696891 (Member FDIC), (www.nmlsconsumeraccess.org).

¹See Rewards Details at SoFi.com/card/rewards.

Financial Tips & Strategies: The tips provided on this website are of a general nature and do not take into account your specific objectives, financial situation, and needs. You should always consider their appropriateness given your own circumstances.


SoFi Credit Cards are issued by SoFi Bank, N.A. pursuant to license by Mastercard® International Incorporated and can be used everywhere Mastercard is accepted. Mastercard is a registered trademark, and the circles design is a trademark of Mastercard International Incorporated.

Third-Party Brand Mentions: No brands, products, or companies mentioned are affiliated with SoFi, nor do they endorse or sponsor this article. Third-party trademarks referenced herein are property of their respective owners.

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Sometimes, travel involves more paperwork than just your passport and boarding pass. Travel visas are documents that grant you the privilege to travel to a given country. Depending on where you’re coming from, where you’re headed, and why, you may or may not need a visa to get there — but it’s important to find out whether you do as part of your travel planning.

If you need a visa, you’ll have to apply for one with the country you’re planning to visit. What’s more, the application will likely come with a fee.

To help you figure out the wide world of visa requirements, read on, and learn:

•   What the different types of travel visas are

•   Which travel destinations require a visa

•   How to get a visa

•   How long it takes to get a visa

Types of Travel Visas

While there are dozens of visas available for different purposes, they can be broken down into four categories: tourist, immigrant, student, and work.

•   Tourist visas are for travelers visiting a country for a short time. This is most likely what you’re looking for if you’re planning a vacation. Some countries don’t require United States citizens to apply for this type of visa ahead of time, but there may still be restrictions that apply to your travel.

For example, as long as you have a valid U.S. Passport, you can travel to most parts of Europe without applying for a visa beforehand. But you can only stay within the borders of the Schengen Zone for 90 out of 180 consecutive days. The passport stamp you receive on arrival is your visa. (The Schengen Zone encompasses most of the EU countries, some Scandinavian ones, and a few others.)

•   Immigrant visas are for people who are hoping to establish permanent residence in their destination country. Applying for this type of visa can be a lengthy, multi-step process, and getting a visa doesn’t guarantee you’ll be granted citizenship. Still, it’s an important first step toward emigrating to a different country.

•   Student visas are for those studying in a foreign country. To apply for one, you’ll need to prove that you’re enrolled in a legitimate, qualified school in the destination country.

•   Work visas allow their holders to accept employment in a country outside of their citizenship. These visas are usually temporary but can be renewed if the employment continues.

Many visas can be applied for online; these are known as e-visas. Increasingly, many countries are moving toward online visa applications. Exceptions are made for those who can’t apply online due to a disability or other extenuating circumstance.

Recommended: Guide to Saving Money on Hotels

How to Apply for a Travel Visa

If you are planning a trip and realize you need a travel visa, here’s how to spring into action. You’ll want to apply for it with your destination country’s government travel agency. During the application process, you’ll be asked to provide basic identifying information and, if applying online, you may be asked to upload a photo of your passport. The U.S. Department of State is a great resource for up-to-date information on which countries require a visa and how to apply for them.

Seems simple, right? It is, but with a couple important caveats when contemplating how to get a visa.

•   Having a valid passport isn’t always enough to enable travel. Many countries require your passport to have at least six months left before the expiration date at the time of your trip.

•   Applying for a passport in the first place can be a somewhat lengthy process; it may take as long as 11 weeks to get your passport in the mail after you apply. Even expedited processing, which comes with an additional fee, starts at five weeks of lead time. All of which is to say, make sure you have your passport ducks in a row well before you’re getting ready to actually apply for your visa.

Which Countries Require a Visa for U.S. Citizens?

Visa requirements change regularly. A case in point: The United Kingdom, which has long allowed U.S. citizens to travel without a visa, will soon require visitors to go through an online application system.

For the most up-to-date information — and before you lock in flights for a family vacation — check with the U.S. Department of State or your destination country’s travel agency to make sure you have everything set up for success before you head to the airport. At that time, you can also find out how long it will take to receive your visa. For e-visas, it may take just a couple of days.

That said, here are a few popular travel destinations that do require visas for U.S. travelers, along with notes to help you plan.

Country	Application Process	Fee	Duration of Visit
Australia	Apply online with the Australian Department of Home Affairs	AUD20 processing fee	Up to 3 months at a time over 12 months
China	China requires U.S. citizens to apply for a visa ahead of travel. Regular processing takes 4 days, and express service takes 3. You must have at least 6 months of validity on your passport and may need to meet other requirements, such as providing proof of round-trip air travel.	$140	Single, double, and multi-entry visas are available over the course of 6 months, and 12 months or more
India	You can apply for a visa online; processing may take 5 business days or longer	$25-$80, depending on visa duration	Not more than 180 days of any calendar year
Kenya	E-visa required, along with proof of yellow fever vaccination	$51	Visa is valid for three months from the date of issue and may be extended for 90 days
Russia	The U.S. Embassy calls Russia’s visa program “restrictive and complicated,” and it can take up to 20 days to get an exit visa if your visa expires during your visit. Still, it’s possible to apply for a visa ahead of time if you have your heart set on a visit, though the process will take research, time investment, and several steps.	$160	90 days in any 180-day period
United Kingdom	As mentioned above, the U.K. will soon require an Electronic Travel Authorization (ETA) of U.S. travelers. This is different from, but similar to, a visa. Processing will take a few days, but the application only takes a few minutes.	Free	180 days
Vietnam	You must apply for an e-visa online before arrival. Urgent processing is available, but normally processing takes 2 business days.	$17-$65 depending on visa duration	One-month single and multiple entry, and 3-month single and multiple entry visas available

Visa-Free Places for U.S. Passport Holders

To repeat the caveat again: The best way to know for sure if a visa is required is to research your specific destination ahead of time. That said, here are some popular destinations that are currently visa-free for U.S. passport holders. Note: This list is not exhaustive, and time restrictions may still hold.

•   American Samoa

•   Antigua and Barbuda

•   Argentina

•   Aruba

•   Belize

•   Bermuda

•   Brazil

•   Botswana

•   Canada

•   Chile

•   Colombia

•   Costa Rica

•   Curacao

•   Ecuador

•   Europe: Much of Europe allows visa-free entry for up to 90 days

•   Dominican Republic

•   Haiti

•   Honduras

•   Jamaica

•   Japan

•   Mexico

•   Morocco

•   Namibia

•   Nicaragua

•   Panama

•   Peru

•   Puerto Rico

•   Philippines

•   Scandinavia: Sweden, Denmark, Finland, Iceland, and Norway don’t require visas for stays of 90 days or less

•   Singapore

•   Senegal

•   South Africa

•   Thailand

•   Trinidad and Tobago.

Recommended: Where to Keep Your Travel Fund

Tips to Help Your Travel Plans Run Smoothly

Making sure you have the visa you need is only one part of travel planning. While you’re getting organized, here are a few more things to think about:

•   See if your furbaby needs a visa. Those traveling with pets may need to bring certain documentation in order to get their crate past customs. Otherwise, you might be unpleasantly surprised by a lengthy quarantine requirement.

•   Make sure your money is ready to travel, too. For international travel, it’s pretty key to have a travel credit card or cash back rewards credit card that doesn’t charge foreign transaction fees.

•   Get rewarded for air travel. If you usually fly with a specific airline, applying for an airline credit card could help you stack miles — and fly further for less.

•   Find ways to save. No matter how you slice it, international travel is expensive. Fortunately, there are plenty of ways to save on everything from lodging to rental cars — so you don’t eat through your travel fund all in one go.

The Takeaway

U.S. nationals are lucky to have a long list of countries that don’t require a visa for them to visit. However, some countries do (including popular destinations), so it’s important to research requirements. Find out if you need a visa for your trip well before your travel dates so you don’t run into unexpected delays.

SoFi Travel is a new service exclusively for SoFi members. Through a partnership with Expedia, we make it easy to find the lowest rates and book your reservations — for flights, hotel rooms, car rentals, and more — all in one place. Earn 2x rewards when booking with your SoFi Mastercard or debit card. And when you redeem your SoFi rewards for travel, you get a 25% bonus: $100 of reward points are worth $125.

Wherever you’re going, get there with SoFi Travel.

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Photo credit: iStock/minemero

¹See Rewards Details at SoFi.com/card/rewards.

**Terms, and conditions apply: This SoFi member benefit is provided by Expedia, not by SoFi or its affiliates. SoFi may be compensated by the benefit provider. Offers are subject to change and may have restrictions, please review the benefit provider's terms: Travel Services Terms & Conditions.
The SoFi Travel Portal is operated by Expedia. To learn more about Expedia, click https://www.expediagroup.com/home/default.aspx.

When you use your SoFi Credit Card to make a purchase on the SoFi Travel Portal, you will earn a number of SoFi Member Rewards points equal to 3% of the total amount you spend on the SoFi Travel Portal. Members can save up to 10% or more on eligible bookings.

Eligibility: You must be a SoFi registered user.
You must agree to SoFi’s privacy consent agreement.
You must book the travel on SoFi’s Travel Portal reached directly through a link on the SoFi website or mobile application. Travel booked directly on Expedia's website or app, or any other site operated or powered by Expedia is not eligible.
You must pay using your SoFi Credit Card.

SoFi Member Rewards: All terms applicable to the use of SoFi Member Rewards apply. To learn more please see: https://www.sofi.com/rewards/ and Terms applicable to Member Rewards.

Additional Terms: Changes to your bookings will affect the Rewards balance for the purchase. Any canceled bookings or fraud will cause Rewards to be rescinded. Rewards can be delayed by up to 7 business days after a transaction posts on Members’ SoFi Credit Card ledger. SoFi reserves the right to withhold Rewards points for suspected fraud, misuse, or suspicious activities.
©2024 SoFi Bank, N.A. All rights reserved. Member FDIC. Equal Housing Lender. NMLS #696891 (Member FDIC), (www.nmlsconsumeraccess.org).

Financial Tips & Strategies: The tips provided on this website are of a general nature and do not take into account your specific objectives, financial situation, and needs. You should always consider their appropriateness given your own circumstances.


SoFi Credit Cards are issued by SoFi Bank, N.A. pursuant to license by Mastercard® International Incorporated and can be used everywhere Mastercard is accepted. Mastercard is a registered trademark, and the circles design is a trademark of Mastercard International Incorporated.

Third-Party Brand Mentions: No brands, products, or companies mentioned are affiliated with SoFi, nor do they endorse or sponsor this article. Third-party trademarks referenced herein are property of their respective owners.

This article is not intended to be legal advice. Please consult an attorney for advice.

External Websites: The information and analysis provided through hyperlinks to third-party websites, while believed to be accurate, cannot be guaranteed by SoFi. Links are provided for informational purposes and should not be viewed as an endorsement.
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Despite the Fair Housing Act of 1968 and other federal laws, a large race gap in homeownership continues to exist across the United States. The Black homeownership rate in the fourth quarter of 2022 stood at 44.9%, compared with 74.5% for non-Hispanic whites, according to the U.S. Census Bureau.

The Black-white race gap in homeownership rates widened as the Federal Reserve attempted to bring inflation under control — going from 29.3 percentage points in the first quarter of 2022 to 29.6 percentage points in Q4. Average mortgage interest rates generally increased in 2022 after the Fed implemented a series of rate hikes.

These racial disparities are not new. Historical records confirm a large race gap in homeownership rates has existed since the abolition of slavery. Below we further examine the race gap in homeownership and identify possible solutions.

History of Racial Housing Disparities

The United States has a long history of systemic racism that presents itself in a number of ways, including housing disparities. In January 2022, the National Community Reinvestment Coalition released its home mortgage report examining racial disparities in homeownership from 1900 to 2020.

The NCRC found the gap in homeownership rates between Black and white families reached its lowest level of 23 percentage points in 1980 and its highest level of 30 percentage points in 2015.

In the fourth quarter of 2021, the Black-white race gap in homeownership rates exceeded 31 percentage points. This gap narrowed to 29.6 percentage points in the fourth quarter of 2022, according to data released by the U.S. Census Bureau.

The homeownership rate as of Q4 2022 stood at 74.5% for non-Hispanic white households; 61.9% for Asian, Native Hawaiian, and Pacific Islander families; 48.5% for Hispanic families of any race; and 44.9% among Black households, according to the Census data.

A number of factors have contributed to the race gap in homeownership, including the legacy of race-based discrimination in the housing market.

Lasting Effects of Redlining

Redlining, the discriminatory practice of denying home loans and other credit services to ethnically diverse neighborhoods based on the race, color, or national origin of the residents of those neighborhoods, is one of the factors explaining America’s long-standing race gap in homeownership.

The federal government institutionalized redlining in the 1930s when a now-defunct federal agency, the Home Owners’ Loan Corp., created “residential security maps” in dozens of cities across the country to systematically deny mortgages in neighborhoods of color.

HOLC ceased to exist in 1951, and Congress later outlawed redlining with the Fair Housing Act of 1968, but lending discrimination in the housing market has persisted.

An article published in the journal SSM-Population Health in June 2021 found that “redlining has continued to influence racialized perceptions of neighborhood value and practices that have perpetuated racial inequities in lending.”

“Decades of racism in the housing market,” the article adds, “have prevented people of color, particularly Black Americans, equal access to capital, low-cost loans, and homeownership.”

The Department of Justice continues to enforce the Fair Housing Act to address ongoing allegations of modern-day redlining.

Current Black Homeownership Gap

As mentioned, the current race gap in homeownership rates between Black and white families is 29.6 percentage points as of Q4 2022. The vast majority of white families own residential property, while the majority of Black families do not, data shows.

Homeownership is often regarded as the American dream, but not everyone who wants to buy a house is able to get financing. The overall denial rate for home-purchase loans among all applicants in 2021 stood at 8.3%, according to the Consumer Financial Protection Bureau.

Bureau data shows that 15.3% of Black applicants had their mortgage loan requests denied in 2021, compared with 6.3% of non-Hispanic white applicants.

This first-time homebuyer guide recommends downloading your credit reports before submitting any applications for home loans. Creditworthy applicants who have home loan applications denied may be victims of discrimination. You can get free credit reports at AnnualCreditReport.com and can check your credit scores in several ways.

Homeownership by Race

The below table highlights homeownership data by race as of Q4 2022

Race	Homeownership rate
Non-Hispanic white alone	74.5%
Asian, Native Hawaiian, and Pacific Islander	61.9%
Hispanic (of any race)	48.5%
Black alone	44.9%
Other (including mixed races)	58.7%
All (nationwide population)	65.9%

Fixing the Black Homeownership Gap

The Urban Institute, a nonprofit research organization, has a five-point framework aimed at reducing the Black homeownership gap. Here are the five points:

1. Advance Local Policy Solutions

Local policy reforms, including the removal of any discriminatory terms in homeowner and condominium associations and possible property tax relief for low-income and moderate-income taxpayers, can help reduce the Black homeownership gap.

Expanding small-dollar mortgages could also make a difference.

2. Tackle Housing Supply Constraints and Affordability

Promoting affordable housing nationwide, including new investments in historically segregated and devalued neighborhoods, may help reduce the Black homeownership gap.

Public policy leaders could also review the viability of lease-to-own programs as a pathway to homeownership.

3. Promote an Equitable and Accessible Housing Finance System

Greater access to down payment assistance programs for economically disadvantaged consumers may reduce the Black homeownership gap.

This online mortgage calculator shows how home loan seekers can lower their monthly mortgage payments and total interest charges by making a larger down payment on a home.

Recommended: Do You Still Need to Put a 20% Down Payment On a House?

4. Accelerate Outreach for Mortgage-Ready Millennials

Reaching out to mortgage-ready millennials and improving tax credit incentives for renters to become homeowners may help reduce the Black homeownership gap.

Public-private partnerships can scale up additional programs aimed at bolstering homeownership among low-income people.

5. Focus on Sustainable Homeownership and Preservation

Funded programs that prevent foreclosures in the United States may particularly help Black homeowners maintain their wealth.

Providing homeowners of color with financial literacy may also help preserve homeownership among Black families.

The Takeaway

Racial housing disparities persist, despite federal laws designed to equal the playing field. The effects of redlining echo today, when 74.5% of white families own residential property and just 44.9% of Black families do. Solving this social inequity may require significant action and reform. See how employers can help first-time homebuyers.

If you’re looking for a mortgage lender, SoFi can help you achieve the American dream. Qualified first-time homebuyers can put as little as 3% down.

Explore SoFi fixed-rate mortgage options and view your rate in minutes.

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Terms, conditions, and state restrictions apply. Not all products are available in all states. See SoFi.com/eligibility-criteria for more information.

Financial Tips & Strategies: The tips provided on this website are of a general nature and do not take into account your specific objectives, financial situation, and needs. You should always consider their appropriateness given your own circumstances.

Third-Party Brand Mentions: No brands, products, or companies mentioned are affiliated with SoFi, nor do they endorse or sponsor this article. Third-party trademarks referenced herein are property of their respective owners.

Disclaimer: Many factors affect your credit scores and the interest rates you may receive. SoFi is not a Credit Repair Organization as defined under federal or state law, including the Credit Repair Organizations Act. SoFi does not provide “credit repair” services or advice or assistance regarding “rebuilding” or “improving” your credit record, credit history, or credit rating. For details, see the FTC’s website .

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