Prices for summer travel in the U.S. are climbing. Here are some ways to budget for the rise in cost.
Rental car prices have increased up to 300% in popular domestic destinations, according to AutoSlash, a rental car deals finder. The cost of accommodations is up as well. Vacation rental website HomeToGo has seen a 70% increase in the average price for rental homes being booked between now and September compared with last year., but the combination of a year stuck at home with an “I deserve this” mentality can lead to budget woes later on.
“I think where people run into trouble is when we don’t know what we’re trading off when we make a decision,” said Derek Hagen, a financial behavior specialist and founder of Money Health Solutions. One tactic he recommends is the “overnight test.” The more nights you participate in this test the better. Simply put something in your cart and then come back in a few days and see if the desire still exists. If you still want it , you get to purchase it, said Mr. Hagen.
“Travel points and credit cards can be a very smart strategy. If they can use the point system then go for it,” said Jacquelyn Nasca, a financial adviser at Wilkinson Wealth Management in Virginia. But Ms. Nasca, who is an accredited financial counselor, cautions if a person doesn’t have the money to pay off their trip at the end of the month, all those points won’t be worth it.
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