NerdWallet: 12 ways to adjust your vacation for inflation

by | Aug 1, 2022 | Stock Market

This article is reprinted by permission from NerdWallet.  It’s still summer, and if you plan to travel soon, be prepared to see inflation at nearly every step along the way. According to a May NerdWallet survey, nearly 7 in 10 Americans planned to travel between Memorial Day and Labor Day, and among them, 81% said inflation would impact their plans. This number spiked for younger adults like millennials (89%) and members of Generation Z (87%).

And they’re right. There’s no getting around inflation this summer. Newly released data for June 2022 puts inflation at a stunning 9.1%, a new 40-year high in the U.S according to the Bureau of Labor Statistics.   The surge in prices since June of last year is staggering. People are not only paying the price at the gas pump (with a national average of $4.65 per gallon) and grocery store (food costs are up 12%), but they’re also spending more for key components of summer travel. Airfare is up almost 34%, restaurant dining is up about 7.7% and hotel stays are up 11.5% compared with this time last year. While inflation at this level is beyond the control of everyday Americans, you can keep your travel plans in place without taking on extra debt by getting your priorities in order and using creative booking strategies to make the most of your trip. Also see: Before you book a flight this summer, here’s the No. 1 complaint against U.S. airlinesAssess your travel savings toolsCount your rewards points and miles About a quarter (24%) of 2022 summer travelers said they planned to lower the costs of travel due to inflation by using their rewards points or miles. You could cover the cost of your entire flight or simply use points to make the costs more manageable. Many people have been accruing these points during the pandemic when travel was restricted. Read: 1 in 3 peo …

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