3 Budget Tips for a New York City Vacation

With summer winding down, individuals and families alike will be thinking about the next place they want to travel to this fall and winter. One of the leading destinations for tourists is New York City and for good reason. As a location that is both well-rounded and bountiful any time of the year, taking a trip to this city is an absolute must for many. Unfortunately, the cost of taking a vacation has risen drastically in recent years which requires learning how to budget for a trip adequately.

How Expensive is a New York City Vacation?

To put into perspective just how expensive vacations have become, looking at the average cost of a New York trip can help. On average, for a two person trip to New York City, the price to expect is around $8,500, which is far higher than the average for other places around the world. While this cost can be lower or higher depending on the type of trip travelers are taking and the activities they are planning on, it’s a good benchmark to keep in mind.

3 Budgeting Tips for an NYC Vacation

Given the high price of taking a trip to New York City, learning how to budget your money properly for such a trip is important. To that end, the following three tips can help:

1. Save money well in advance
   First and foremost, the biggest budgeting tip a person can keep in mind is to simply save up money well in advance of a trip. Aim to set aside a couple percentage points of your paycheck on a monthly basis into a separate account than your normal savings so that you can begin to build a travel fund over time.
2. Set a max spend limit
   All budgets should have a maximum spend limit built in that is not to be exceeded at all costs. To set this amount, take the time to look at your monthly income and see what percentage of that amount can be dedicated to travel each month. Then, multiply this cost by the amount of time leading to your vacation to determine how much can be set aside as a “maximum spend limit” that doesn’t require you dipping into your savings.
3. Stay in alternative accommodations
   As you begin to explore the dynamic location that is New York City, consider staying in alternative accommodations in order to save money. Rather than staying in a hotel, think about booking a vacation rental through a site such as Airbnb or staying in a hostel instead.

Save money on vacation today

While the costs of taking a vacation have risen drastically, that doesn’t mean a trip needs to send you spiraling into debt. By using each of the above three tips, a person can help ensure they have a fun vacation without worrying about money while on the trip. Prices may be high, but with the right steps a person can feel better about getting a trip on the calendar.