NerdWallet: Are you planning FOMO travel that you can’t afford?

by | Aug 16, 2022 | Stock Market

This article is reprinted by permission from NerdWallet.  Views from a tower in Portugal, gondolas in Venice, beaches in the Bahamas — as you scroll through your social media feeds, it seems like everyone you’ve ever met is on a picturesque vacation this summer. Compared to the last two years, 2022 is seeing a steep increase in travel, especially international, and it may feel impossible to keep up.

The number of outbound international U.S. flights increased about 97% year-over-year from April 2021 to April 2022, according to U.S. International Air Travel Statistics. Airbnb data from May 2022 also showed an all-time high in long-term stay bookings, with U.S. travelers gravitating toward Italy, Mexico, Costa Rica and the Bahamas as well as domestic beach destinations. If you’re not planning to travel this year, hearing about other peoples’ vacations might give you a twinge of FOMO: fear of missing out. But don’t let comparisons pressure you into panic-booking a trip that could upend your finances. Even with time and budget constraints, it’s possible to have a fun-filled summer. Related: Do you get financial envy? Don’t be fooled by social media’s money mirage.How are people affording this? For many travelers, this summer is an opportunity to travel for the first time in two years, and the anticipation makes it worth the cost. Some are likely even willing to overextend their budgets or go into debt to be able to take their dream vacation. “It’s pent-up demand,” says George Hobica, founder of “People saved up a lot of money over the past two years and can afford the price increases.” For many, the shift to remote work has also made travel more accessible. Yaslynn Rivera, a Los Angeles-based executive assistant at a video-streaming company, makes the most of working remotely by taking opportunities she would have otherwise been unable to pre-COVID-19. “I have friends from childhood and college who live all over …

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