As travel costs and the price of goods and services remain high, controlling the vacation budget can be challenging.
Boston, MA – June 21, 2023
Americans are gearing up for a busy summer vacation season even as prices for air and rail travel, hotel stays and goods and services remain high.
Sticking to a vacation budget is always a challenge: even more so with elevated costs across the board due to inflation, supply chain issues, staffing shortages and other factors. American Consumer Credit Counseling, Inc (ACCC) is advising its clients and other consumers with strategies to keep their summer fun on budget.
“Summer travel always presents challenges for budgeting and personal finances, but with inflation soaring, and a post-pandemic surge in demand, people are really feeling the strain on their wallets,” said Allen Amadin, President and CEO of American Consumer Credit Counseling. “ACCC continues to be committed to helping Americans stay on top of their finances while not sacrificing the things that matter most to them. There is always a way to enjoy vacation without digging a financial hole.”
According to a recent NerdWallet study, 92 percent of Americans traveling this summer say they are planning to save money on major expenses like flights and hotels. At the same time, 26 percent say that they plan to accrue some credit card debt in order to cover travel costs.
Tips and Tricks for Summer Travel on a Budget:
- Stay close to the ground – Driving has always been less expensive than flying, and that will not change anytime soon. Consider driving to your travel destination if it’s a feasible option. Or build your vacation around the road tripping – with stops or stay-overs at points of interest along the way.
- Be a savvy airline consumer – The closer the travel event, the more expensive flights get. By purchasing tickets in advance, consumers can save significant money. Also, travel and hotel booking services such as Priceline, Hopper, and Expedia can help you zero in on the best deals at any given time when you are booking.
- Explore the outdoors – Camping, hiking, and other outdoor activities are all great ways to limit expenses while enjoying a vacation that brings family together. Like anything else travel related, there are different price points for campgrounds, RV rentals, and other necessities that make an outdoor vacation accessible to all.
- Create a separate travel savings account – Keeping your travel savings separate will help you stay organized while limiting the temptation to dip into savings meant for other major expenses to fund your vacation.
- Stay flexible – Unplanned situations arise frequently, especially when you’re away from home, so try to book a hotel or Airbnb with a free cancellation policy or a flight with a ticket refund option.
- Sign up for ACCC’S new CreditU app. The CreditU mobile app is a next-generation personal finance app that transforms financial management using both AI and human expertise. CreditU offers budget and expense tracking tools, credit score and debt-to-income tracking, financial education resources, debt management, and other tools at a user’s fingertips. Several of the features are ideal for any household that wants to vacation on a reasonable budget. Consumers can join the pre-order waiting list for the CreditU app right now at org.
About American Consumer Credit Counseling, Inc
American Consumer Credit Counseling, Inc is a non-profit 501(c)(3) credit counseling organization that is dedicated to helping consumers achieve financial management through various debt solutions, such as credit counseling, debt management, bankruptcy counseling, housing counseling, student loan counseling, and financial education. With the goal of empowering consumers to reach debt relief, ACCC provides a wide range of free personal finance resources that cover topics such as budgeting, credit, and debt management, student loan assistance, homeownership, identity theft, senior living, and retirement. By using ACCC’s tools, such as worksheets, videos, calculators, and blog articles, consumers can make informed decisions about their financial future. ACCC has an A+ rating with the Better Business Bureau and is a member of the National Foundation for Credit Counseling® (NFCC®). Visit ConsumerCredit.com to access free financial education resources and learn more about ACCC. Additionally, check out ACCC’s YouTube Channel @ConsumerCredit for excellent video content.
