Rethinking rich and rewriting itineraries

Despite airfare spikes and tighter budgets, Americans are still hitting the road—but this summer, many are getting more strategic about how they vacation. According to Schwab’s 2025 Modern Wealth Survey, 63% of Americans say it takes more money to be wealthy today than it did last year, citing inflation, a worsened economy, and higher taxes as the top reasons. On top of that, only one in five Americans say they feel financially comfortable today. 

The study also found that nearly four in ten Americans define wealth in terms of happiness and wellbeing, although money is still a key factor (27%). Travel—whether it’s a quick weekend getaway or a bucket list trip—plays a meaningful role in boosting that sense of wellbeing. Because money feels tighter for many Americans, a growing number of people are choosing smarter ways to plan summer travel, redefining what a “worthwhile” trip looks like with new travel destinations in mind.

According to Bankrate, the average cost of a vacation for Americans is $7,249. That’s not pocket change, so workarounds are on the rise to make the most out of your credit card bill.

Matt Kepnes, author of New York Times Best Seller “How to Travel the World on $75 a Day,” has seen a consistent desire for cost-effective travel over the years among his audience. He recommends having adaptable travel plans to find the best deals.   

“The difference of a day can mean the difference of hundreds of dollars,” says Matt. “If you’re planning to travel to Europe in the summertime, you’re joining everybody else who’s doing the same exact thing. There’s only so many seats on the plane. Being a little flexible, with when you go or where you go, can make a big difference in flight [costs].”

Matt also encouraged travelers to rethink how they stay: Airbnb guest rooms (rather than full houses or apartments), rewards points, and taking public transportation can stretch a summer vacation budget further than you’d think.

Travel enthusiast Conor Graf frames budget travel around personal values: choose what matters most and loosen up on the rest.

“Set one or two non-negotiables,” she recommends. “These are the areas where you won’t compromise, while you can be more flexible with everything else. For example, one of mine is having a social experience. I’ll prioritize staying in a social hostel or joining group tours, even if that means staying a bit outside the city or opting for more budget-friendly meals.”

Conor advises that visiting less popular destinations can cut down on costs while increasing the overall experience. “Destinations like London or Paris are amazing, but they’re rarely cheap and often crowded,” she explains. “Some of the best travel experiences (and best prices!) can be found off the beaten path.”

Overall, she believes finding these workarounds can result in an even greater payoff. 

The Modern Wealth Survey backs this philosophy up, with more than three quarters of Americans (78%) considering themselves wealthy in terms of life experiences like travel. Additionally, 45% of Americans cite happiness as the most important factor in how they define wealth. 

Not every getaway requires a boarding pass to an exotic vacation spot. As prices climb and schedules tighten, more Americans are embracing the idea of spontaneous staycations—rediscovering their cities or nearby small towns with fresh eyes and familiar vibes. It’s a trend driven as much by being financially savvy as it is by a desire for meaningful, low-stress escapes.  

“We often think about travel as getting on a plane and going someplace far away like Spain, but we don’t really think about the places around us,” says Matt. “If you’re conscious of money or time, you should really think about weekends and road trips and even stuff in your hometown. There’s always something somewhere to see no matter where you are in the world.”

Gracyn Carter, a travel enthusiast who recently earned her master’s degree from Loyola University, knew that going back to school would also mean redefining her idea of travel. Instead of booking a flight overseas, she figured out new ways to have meaningful experiences to summer destinations in the USA that don’t empty her wallet. 

“When I have the travel bug, I try to make the most out of places closer to home,” Gracyn says. “I recently drove down to Starved Rock State Park [roughly 90 miles south of Chicago], spent the day hiking, and enjoyed amazing views without having to worry about buying an expensive plane ticket.”

After recently moving to Michigan, Gracyn says she has continued to take smaller summer getaways to state parks to explore new places and enjoy outdoor activities. “It’s relaxing and feels like an escape after a long day of work or a holiday weekend, and it’s totally free.” 

Whether it’s revisiting a local museum, hiking on a fresh trail, or simply enjoying a new café across town, these micro-adventures tap into a larger truth: you don’t have to go far to go somewhere meaningful.

“Cutting back on travel costs seemed like it would be a super big challenge since I love travel so much. But finding ways to be creative, resourceful, and cognizant of the destinations within a short drive has helped me find some of my favorite places,” she explains. “I’m still super excited to embark on some bigger international trips at some point in the future, but I’ve had so much fun exploring my own backyard this year.” 

While the season’s travel trends point to adaptation vs. elimination, more people are committed to finding new ways to keep their summer trips alive—even if it requires some flexibility and last-minute adjustments. Being budget conscious doesn’t rule out taking a meaningful trip. After all, according to Schwab’s Modern Wealth Survey, it’s these experiences that can lead to an increased sense of wealth—even more than money.