Save Money on Holiday Travel
After two tough years of travel bans, restrictions, and lockdowns, travelers are eager to hit the road this holiday season. And despite financial concerns, more people than ever are making travel plans. According to PricewaterhouseCoopers’s (PwC) annual Holiday Outlook 2022 report, 69% of Americans plan to travel this holiday season. Read on to learn how to save money on travel this holiday season.
Plan ahead.
When it comes to holiday travel, the sooner you can book the cheaper it will likely be. So, if you’re traveling over Thanksgiving, Christmas, or New Year, you’ll want to start planning as soon as possible. And lucky for you, US airlines typically open their booking window around 330 days in advance, so you can plan your travel well ahead of time.
Use credit card rewards or points.
To save money on flights or hotels this holiday season, consider using your credit card rewards or points. This may be a good option for the holiday season because airfare and hotels are typically more expensive than usual. A recent Bankrate survey determined that 22% of holiday travelers plan to pay for their travel with rewards points.
Be flexible.
If you’re trying to save money on holiday travel, it’s important to be flexible with your travel plans. Consider flying on off-peak days or times – this could potentially save you a good amount. Typically, the most expensive days to fly are the Sunday after Thanksgiving, the day after Christmas, and New Year’s Day. Of course, pricing will depend on where you’re going and when you book. You’ll find the cheapest options if your travel dates are flexible.
Use credit cards with no foreign transaction fees.
If you plan to travel abroad this holiday season, ensure you have a credit card that doesn’t charge foreign transaction fees. Foreign transaction fees are fees charged by credit card issuers or banks for every transaction made outside of the US. The amount of the fee depends on the credit card or the terms and conditions but usually falls between 1% and 5% of the purchase amount. And these fees can quickly add up! So before traveling abroad, check with your credit card companies to make sure they don’t charge these fees.
Consider a road trip instead.
It’s no surprise that airfare prices are at an all-time high. According to the U.S. Bureau of Labor Statistics’ latest Consumer Price Index, airfare rose 42.9% from September 2021 to September 2022. And we don’t see these prices declining any time soon. So, this holiday season, it may be best to consider a road trip instead. However, you will need to compare flight prices to the price of gas required for a road trip. In many cases, you may find that a road trip is more cost-effective than airfare, especially if you’re paying for multiple family members to travel.
