Rethinking Rich and Rewriting Itineraries

Despite higher airfare and tighter budgets, Americans are still taking trips. This summer, many are getting more strategic about how—and where—they vacation. According to Schwab's 2025 Modern Wealth Survey, 63% of Americans reported it takes more money to be wealthy today than it did a year ago, citing inflation, a weaker economy, and higher interest rates as the top reasons. Only one in five said they feel financially comfortable.

The way people define wealth is shifting too. While money still matters, an increasing number of Americans—roughly four in 10—now equate wealth with happiness and physical health.

Travel—whether it's a quick weekend getaway or a bucket-list trip—is one way people build that sense of well-being. As budgets tighten, more Americans are finding ways to keep those experiences in their lives.

Rather than cut travel altogether, many are planning more intentionally—rethinking what makes a trip feel worthwhile and where they choose to go.

According to NerdWallet, nearly half of Americans (45%) plan to take a vacation this summer that requires a flight and/or paid lodging, and they expect to spend $3,940 on average on those travel costs. That's not pocket change, so travelers are looking for ways to make the most of their money.

Matt Kepnes, author of The New York Times bestseller How to Travel the World on $75 a Day, has seen steady demand for cost-effective travel among his audience over the years. He recommends having adaptable travel plans to find better deals.

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

Kepnes also encourages travelers to rethink where they stay and how they get around: Airbnb guest rooms (rather than full houses or apartments), rewards points, and public transportation can stretch a summer vacation budget further than many travelers expect.

Travel enthusiast Conor Graf frames budget travel around personal values—decide what matters most and loosen up on the rest: "Set one or two non-negotiables. 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."

Graf advises that visiting less popular destinations can cut costs while enhancing the overall experience: "Destinations like London or Paris are amazing, but they're rarely cheap and often crowded. Some of the best travel experiences—and best prices—can be found off the beaten path."

Overall, she believes finding these trade-offs can result in an even greater payoff: "In many ways, I've come to view wealth not as just what's in your bank account, but as the experiences you collect and the worldview you carry."

The Modern Wealth Survey backs this up: While 44% of Americans say wealth is measured by the amount of money they have, 45% point to happiness and 24% to life experiences, suggesting a broader, more personal way of thinking about wealth today.

Not every getaway requires a boarding pass to an exotic vacation spot. As prices climb and schedules tighten, more Americans are embracing spontaneous staycations—rediscovering their home cities or nearby small towns with fresh eyes. It's a trend that reflects both financial savvy and 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," Kepnes said. "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 Chicago, knew going back to school would also mean redefining her idea of travel. Instead of booking a flight overseas, she found ways to have meaningful summer experiences in U.S. destinations that didn't drain her wallet:

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

Since moving to Michigan, Carter 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, discovering a trail to hike, 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," Carter explained. "I'm still super excited to embark on some bigger international trips at some point, but I've had so much fun exploring my own backyard this year."

As summer trends point to travelers adapting versus going without, many people are committed to finding new ways to keep their 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.