9th April 2023 – (New York) With the arrival of spring break, many families are eager to hit the skies and roads for a much-needed vacation. However, this year’s spring break comes with a financial pinch, as flight prices have increased by 20% compared to last year, and hotel prices in the United States have surged to an average of US$316 per night, up 64% from the same period last year, according to travel booking app Hopper. Despite the challenges, families are still keen to travel, with 85% of parents expressing a strong likelihood of traveling with their children in the next year, compared to 70% in 2019, as revealed by a recent study from the nonprofit Family Travel Association. According to a compilation by The New York Times, travel agents, analysts, and bloggers have shared 12 money-saving tips to help families make the most of their vacation budgets:
- Budget for travel: Conscientious spending and prioritising travel in the household budget can help families allocate funds for their vacation plans. Setting aside a portion of the budget, such as 20%, for travel expenses can help families plan and save for their trips.
- Start with flights: Flights are often the biggest travel expense, so experts suggest tackling them first. Using flight search tools and price alerts can help families find affordable flights and take advantage of sales and discounts. Flexibility in travel dates and destinations can also lead to significant savings.
- Find alternative destinations: Being open to alternative destinations can yield cost savings. Considering less popular destinations or visiting popular destinations during their low seasons can result in lower prices for flights, accommodations, and activities.
- Cash in on the dollar’s strength: Taking advantage of favourable exchange rates can stretch a family’s travel budget. Traveling to countries where the U.S. dollar is strong, such as Europe or Asia, can provide more value for money.
- Save on city stays: Opting for budget-friendly accommodations, such as vacation rentals or hotels outside the city center, can help families save on lodging expenses. Researching and booking accommodations in advance can also result in lower prices.
- Be flexible with meals: Dining out can quickly add up, so families can save money by eating at local markets, cooking their meals in vacation rentals, or opting for affordable dining options.
- Look for free or low-cost activities: Many destinations offer free or low-cost activities, such as parks, beaches, museums, and cultural events. Researching and planning these activities in advance can help families save on entertainment expenses.
- Use loyalty programs and rewards: Taking advantage of loyalty programs and rewards offered by airlines, hotels, and credit card companies can result in savings on flights, accommodations, and other travel expenses.
- Pack smart: Packing essential items, snacks, and reusable water bottles can help families save on travel essentials and avoid overpriced items at tourist destinations.
- Consider group travel: Group travel can offer cost savings through shared expenses, such as accommodations, transportation, and meals. Planning and coordinating group travel with friends or family members can result in lower costs for everyone.
- Be mindful of hidden fees: Travellers should be aware of hidden fees, such as baggage fees, resort fees, and taxes, which can add up quickly. Reading the fine print and budgeting for these fees can prevent unexpected expenses.
- Purchase travel insurance: Investing in travel insurance can protect families from unexpected cancellations, delays, or emergencies, which can result in additional expenses. Comparing and purchasing travel insurance in advance can help families find the best coverage at an affordable price.