The Fed has been increasing interest rates to reduce inflation for over a year. Although inflation is going down, it is not happening as significantly as hoped. With rising costs, taking a vacation this summer is going to take a bigger bite out of the budget than in previous years. So how do travelers create a budget with prices constantly in flux and often not in the consumer’s favor?
First, look at past trips and spending habits and compare with 2023 plans and prices. Decide if the same type of vacation can be taken or if there need to be downgrades such as renting a car and driving to a destination instead of flying or skipping the five-star hotels and fancy restaurants. Decide what is most important – comfort in flying, lodging accommodation, a particular event, spending time with family and friends – and make that the focus of where your money is spent and cut back on less important items.
Inflation has caused prices to seemingly skyrocket in all categories. With airfare being priced at the highest rate ever in some instances, this is the first place to examine for possible cost cutting. Book flights as early as possible for the best rates. Reward programs such as flying the same airline or credit card deals and point systems are often a cost-saver. The trick is to know where you want to go and plan to get reward points in alignment with that destination. There is the occasional deal to be found, but consumers need to hunt. Apps like hopper, skyscanner and kiwi.com help with finding deals and are also good for hotels and rental cars. Some apps may even offer tips on when costs are going to rise or drop.
Lastly, with prices in the world changing daily, consider purchasing travel insurance to protect your investment. The cost of coverage includes a wide range, from protecting what you spend to unexpected medical reasons for cancelling.
Quick Tips on Cutting Vacation Costs
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