According to a 2018 study from Expedia, 74 percent of Americans say they prioritize experiences over products or things, and 57 percent are saving money specifically for vacation. Plus, how people travel is evolving. A growing number of individuals are vacationing solo, while 23 percent of Americans planned on taking a multigenerational trip in the next year or so.

Here are some simple tips to know around the financial aspects of traveling with others, so you can make the most of your time away.

Find vacation options that work for the group 

Keep the budget of every traveler in mind, even from the earliest phases of planning. Consider offering a range of vacation ideas at different price points (for example, camping vs. renting a beach house vs. a resort), giving everyone a chance to weigh in.

If you’re concerned about splitting the cost of every meal or activity, you might consider an all-inclusive package, like a cruise or resort, to help manage budgeting upfront and minimize money matters during the trip. Different room levels or cabin types can also be a way to solve for a range of budgets within the group.

Know how your vacation finances differ from at-home finances

Some people may follow the same financial practices on vacation as they do at home, while others may see vacation as the time to splurge. This means that no matter how well you know your family members’ or friends’ typical financial habits, it’s still important to understand your particular approach to finances on vacation.

Discuss what you want to prioritize spending vacation money on: activities, accommodations, entertainment, etc. Similarly, be willing to speak up if you feel the need to adjust your budget once you’re on vacation, or if you’d like to plan to spend occasional time apart for cases where your approaches to vacation finances don’t align.

Determine how you will manage expenses

Discuss in advance your plan for dividing expenses. For instance, if the trip is intended to serve as a gift or celebration for a particular friend or family member, determine if everyone else is onboard with paying a share of that person’s travel expenses. Or, if one person has a lower budget, consider if the group might be comfortable with them helping out in non-monetary ways.

Next, set up a structure for how your group can track and reimburse costs. For instance:

Will the group use Zelle® or another payment application to quickly pay one another for each purchase? Will each person track individually with receipts, and then reimburse one another for everything at the end of the trip? If you choose to settle everything at once, it tends to be best to do so right away, and not let unpaid costs sit too long after the trip.

Considerations when traveling alone

If you choose to travel on your own, do your research to find the right accommodations for you: this is particularly important when considering vacation packages that might be quoted as double-occupancy rates, while individual travelers may have a different rate. Some travel providers may also offer special discounts for single travelers, so take the time to shop around for deals that work for you.

Just as you may negotiate budgeting when traveling with a group, it’s important to consider your own personal travel budget and priorities. This will help you determine how much your overall trip will cost and how much to save in advance for your trip.

Before you go

Whether traveling with a group or by yourself, remember to let your financial institution know in advance of your travel plans. The fraud monitoring procedures of certain financial institutions mean they may flag usage of your accounts outside your usual location as fraudulent use. To help avoid the risk that your account is flagged and transactions are blocked, consider notifying your bank before you go. You can notify Wells Fargo of your travel plans online.

Regardless of your situation, the keys to making the most of your travels are proactive planning, strong financial management, and flexibility around plans and decisions. For more insights, explore Wells Fargo’s Travel Tips and Tools


Keep the budget of every traveler in mind, even from the earliest phases of planning.

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