Travel has joined the growing list of industries—including food, housing, and gasoline—that now costs Americans more than in previous years due to inflation.
A new report by The Ascent reveals the average Personal Capital user in May disbursed $1,304 on travel — up a robust 42% from May of 2021.
The Ascent finding came after it was reported in June that market research firm Adobe Digital Insights disclosed airline fares have soared 47% since January and still are higher than before the COVID-19 pandemic struck. The firm added U.S. flights booked dropped 2.3% in May from April. Yet, the “value of those sales” jumped 6%, to $8.3 billion, due to price hikes.
Now, many Americans are anxious to travel after not being able or willing to do so because of the pandemic. There is concern that they might be ringing up large credit card bills.
Here are six ways travelers can save money and avoid debt.
Book as far in advance as possible
If you are considering public transportation by flight or train, book as far in advance as you can. You may do well with this approach as it often allows the airline or rail company to help you get seats to your designation at a certain price, offering the potential to save money. This site offers details for air travelers.
Carpool instead of taking a plane
It is no secret gas prices are costly. Another option to consider is traveling with a group by carpooling. Be mindful too that airline cancellations typically rise during the summer. Another potential benefit is you won’t have to rent a car once you reach your site. Download apps like GasBuddy and AAA Gas Prices to help find less costly gas stations where you are.
Use credit cards that offer perks
The Ascent reports some credit cards offer rewards for flights, hotel stays, meals, and more. See if your credit cards have travel rewards programs. If not, it might be worth it to pay for a travel rewards credit card. Some cards even offer perks that could bring savings like free checked baggage.
Spot the best time to travel during summer
Although many people like to travel during the peak of summer, postponing your trip can save you money. It’s been revealed that in the last two weeks of August prices decline greatly. Part of the reason is because kids go back to school nationwide, decreasing the number of families traveling.
Try to identify free tourist attractions
Why pay to sightsee if you can do it without spending money? For instance, personal finance company Nerd Wallet reports there are many things you can do at Disney World at no cost. It reports travelers can find free walking tours in large cities but should be prepared tip guides. In major cities, do some research to learn what attractions offer freebies.