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Americans Plan to Spend Less This Summer

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Fewer Americans are taking a vacation this summer compared with last year, and we’re making more efforts to save money in general, according to a recent survey.

About 41 percent of Americans are planning to go on vacation this summer compared with 44 percent last year, according to a survey by Chase Card Services.

Of those going on vacation 58 percent plan on staying close to home or staying with friends and family instead of at a hotel room, the survey also found.

More than a third of Americans say they’re planning to spend less on typical summer activities. About 20 percent say they’ll cut back on dining out and about 15 percent plan to cut back on movie theaters outings and other entertainment.

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“This summer, Americans are being more selective in their spending, adjusting their vacation plans, and embracing new types of activities to make the most of their finances.” said Tom O’Donnell, JPMorgan Chase’s general manager of Chase Card Services.

More Americans also plan to cut their gasoline expenditures and other transportation costs by walking or biking as well. About 24 percent plan to use these modes of transportation instead of driving compared with 15 percent who said the same last year.

Americans are also planning to cut their expenses this summer by reducing their air conditioning use to lower electricity bills, doing their own home repairs and cutting back on novelty purchases like grills and pool memberships, Chase reports.

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