Inflation was up about 5% between March 2022 and March 2023, according to Bankrate.com. And while that’s the smallest year-to-year increase seen in almost two years, the damage is done: Higher prices are making many consumers rethink their #summer #travel plans.
While more people are planning to take a #vacation this summer, a NerdWallet survey says that almost all (92%) are trying to save money by picking accommodations based on price instead of amenities (39%) or driving instead of flying (35%).
All is not lost, however. There are ways to economize and still change up the scenery.
For domestic travel, you can adjust your plans to save on hotels, flights and necessities. Check sites such as Kayak.com to compare prices if you have a destination in mind, or use Google Flights “Explore” function if you have dates in mind but are flexible about a destination.
Better still, use any airline miles you banked during COVID. You may be able to get a free flight to a preferred destination, and spend the money you saved on food and lodging once there. For tips on making the most of airline, hotel and credit card loyalty programs, visit The Points Guy.
One relatively inexpensive option is to take a road trip. Whether visiting friends or exploring a new destination, driving can be more economical than flying, especially if you plan on taking the whole family. If you really want to save, avoid hotel costs altogether by going camping for part or all of your time away.
For those whose wanderlust takes them further afield, there’s more good news: The dollar is currently strong against most currencies worldwide. There may never be a better time to visit the seven continents — even many destinations that are usually considered expensive such as London, Iceland and South Africa.
“Right now, everywhere is ‘discounted’ if you’re an American,” says blogger Nomadic Matt. “Your dollars will go much further than in years past, so you should really take advantage of that opportunity, because you don’t really know how long this will last.”
You can economize if you feel the need to get away this summer. Perhaps the worst news is that you won’t be alone — pent-up demand means that flights are crowded and hotels are filling up fast. Plan your #vacation now to keep things as #thrifty as possible!