It’s cold. Classes have been dragging on forever. You need a break. A spring break.
And you’re right. You deserve a break and should have some fun and relaxation. However, we want you to do it in a money smart way. So we’ve got some great money-saving tips that won’t ruin your fun—we promise.
When you’re looking out at the gray February weather, it’s easy to convince yourself that putting your spring break trip on a credit card is an okay thing to do.
But it’s not.
If you charge your vacation, you’ll put yourself into debt and end paying for the trip longer after you’ve taken it.
Do yourself a favor and set a budget of what you’re willing to spend. What can you afford? On a typical college student budget, a reasonable number might be around $500 to $600. But your budget might be more or less than that.
Setting a realistic number and taking the necessary steps not to go over is vital in keeping yourself from going into debt over spring break.
If you’re going with a group of friends somewhere, it makes way more financial sense to hop in a car and drive rather than fly.
Even if you have to rent a car, the cost will be significantly less than if each of you pay for round-trip airfare.
Let’s do some number crunching to show you the savings on a fictitious trip to Panama City Beach with friends:
| Number of people | Driving cost/person* | Flying cost/person** |
|---|---|---|
| 1 | $603.26 | $363.00 |
| 2 | $301.63 | $363.00 |
| 3 | $201.63 | $363.00 |
| 4 | $150.82 | $363.00 |
| 5 | $120.65 | $363.00 |
*$334.34 SUV seven-day rental (per Hotwire): 20 mpg for 1,494 miles at $3.60/gallon
**Does not include bag fees
As you can see, unless you’re going by yourself, driving is easily the cheapest mode of transportation. It gets even less expensive if you use a friend’s car (just remember that if a friend volunteers their car, that friend shouldn’t pay for gas).
Sure, you want to stay in the nicest place possible. But remember, you’re on a budget. So focus on getting the most bang for your buck.
Travel sites like Hotwire and Priceline are great places to start. Usually you can get cheaper rooms without sacrificing quality.
Using Hotwire, the best deal we found in Panama City Beach was on a three-star hotel for six nights at $135/night (we did find cheaper places, but we thought we’d choose one that appeared more reputable).
For those six nights, the total would come to $946.57 (includes taxes). Revisiting our chart, here’s the breakdown of the cost per person:
| Number of friends | Hotel/person |
|---|---|
| 1 | $946.57 |
| 2 | $473.29 |
| 3 | $315.52 |
| 4 | $236.64 |
| 5 | $189.31 |
As you can see, it’s still pretty pricey, but not horrible considering that our situation is putting you in Panama City Beach for six nights.
Food costs can really make or break your trip. If you fail to plan and decide to eat and drink out all the time, your spring break costs will skyrocket.
The best plan is to hit up a grocery store as soon as you arrive at your destination and buy the food you’ll need for the week. By not eating out all the time, you’ll cut your food spending at least in half.
Even if you schedule one or two “going out” meals with your friends to make it special, by eating in for most of your seven-day trip you can keep your food budget to about $100 to $125.
Of course, if you need help assessing your financial situation before or after spring break, feel free to contact the MoneySmarts Team to get some help.
