Nearly half of Americans plan to take a summer vacation. These expert tips will help you get more value for your money.
CHARLOTTE, N.C. — School is out for the summer, which means more time for family trips!
According to NerdWallet, Nearly half of Americans plan to take a trip requiring a flight or hotel stay this summer.
However, experts warn those considering hitting the road instead of flying that rising insurance rates and high gas prices will likely result in higher expenses than last year.
WCNC Charlotte spoke with an expert who breaks down some of the biggest expenses and some tips for cutting those costs so you don't have to wonder:Where is the money?”
The study shows that one in five summer travelers is considering going into debt for their vacation, but WCNC Charlotte spoke with an expert who shares some tips for saving money so you don't have to get you into debt.
Experian's Rod Griffin said a recent survey found 71% of respondents said inflation and rising costs had affected their travel budget.
WCNC Charlotte always asks “where's the money?” If you need assistance, contact WCNC Charlotte by email money@wcnc.com.
“They're looking at how to travel inexpensively, where they can go and manage those expenses,” Griffin said.
People often think about the price of gas when planning a trip, but Griffin said many people neglect their car insurance. The increase in fares weighs heavily on drivers.
“Insurance rates have increased more than 20 percent in the last year, largely due to inflation,” he said. “And if you can lower those insurance rates, your monthly premium, you can save money that will help you get on the road more efficiently.”
How much can people save on average? Griffin talked about $800 a year.
“It directly impacts the bottom line and maybe being able to put a little more gas in the car to get away from home a little bit,” Griffin said.
Griffin said money-saving tips don't just stop at your car. There are also plenty of ways to save money once you arrive at your destination.
“We know hotel and motel prices have gone up,” he said. “But there are alternatives to where to stay, such as renting a private home or sharing a rental property with other family members or friends, that can save money.”
Griffin also suggests paying for things like food with credit cards that offer discounts on eligible purchases.
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