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Inflation impact on travel and how to prepare

By: One Nevada Credit Union / 22 Jul 2022
Inflation impact on travel and how to prepare

We're pretty sure you already know this, but prices for everything have gone up. As of May, inflation rose to 8.6%. That's one of the biggest increases since 1981, and it means we're all paying more for just about everything, especially travel. 

That said, rising prices haven't stopped millions of families from making travel plans. Need proof? CBS News found that we collectively spent $8 billion on domestic flights in May. That's a big increase over the prior month. Those numbers are expected to be even higher in the months ahead.

Top Tips to Cope with Price Hikes
Bottom line: Your travel plans will cost you more this year than they ever have. Here are some ways to minimize the impact on your wallet.

  • Don't Delay: The pandemic taught all of us to move fast with reservations and purchases. Remember, you're not alone out there. Millions of other families like to adventure too. As flights fill up and hotels reach capacity, prices will rise. It's all supply and demand. The sooner you book your travel plans, the less you'll pay overall.
  • Consider Costs (not destinations): At one time, families would decide where and when they wanted to go on vacation and plan accordingly. Now, it's best to find the most affordable places to go and book your days off around availability.
  • Monitor Prices: There are plenty of online price-monitoring sites, including Google Flights, Kayak, Skyscanner, and Airfare Watchdog. Put one to work and find airfare options to fit your budget.
  • Work While You Play: If you were able to telecommute during the pandemic, you might be able to work while on vacation. This is quickly becoming a popular way for families to go on an adventure while still earning income to offset costs. Try working half-days while you're out of town so you can still enjoy the time away.

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