How to Beat Rising Inflation Costs on Your Next Travel Adventure

• Author: Jacob Greene
• Posted: 2024-03-31

The impacts of inflation are creeping into nearly every facet of life. This means that it is likely that your annual summer vacation or winter getaway is going to cost you significantly more than it did just one year ago. The rising prices stretch across nearly every category of travel, including airline fares, hotel costs, and a boost in prices to access popular attractions.

There is no getting around the fact that the rising cost of travel is something that you will need to consider as you plan your next trip. However, the following tips will help you to mitigate some of the pinch on your wallet.

Pick an Affordable Destination

The number one way to cut costs on your travel expenditures is to pick an affordable destination. Choosing a popular tourist destination will naturally drive up costs as everything will be inflated even more. Instead, focus your trip on destinations that may be off of the beaten path. Picking a trip destination within driving distance can save you loads of money on transportation costs while also ensuring that you are not beholden to the airlines and their struggles lately.

If you are itching for a global trip, there are a number of destinations known for their affordability. Good choices include Thailand and Portugal. Choosing a place where the U.S. dollar is strong is another good strategy for value-driven travel.

Be Flexible

It always pays to be flexible when traveling. This means that you need to be flexible with destination choice, dates, and lodging. Flexibility is particularly important if you are traveling by air. The more that you are willing to compromise on travel times and dates, the better of a price that you will enjoy on your plane tickets. Along that same line of thinking, you may also find good last-minute deals if you can be flexible and spontaneous with your travel plans.

You can also be more flexible when it comes to lodging. Giving up the fancy resort for a condo timeshare is a great way to cut a significant amount of money from your travel budget. Pick a few aspects of your travel experience that are not up for negotiation and then look at ways to cut back on the other elements to save money.

Leverage Credit Card Travel Rewards

As credit card companies continue to fight for your business, you may notice an increase in credit card sign-up offers. Some of these credit cards offer lucrative sign-up bonuses that translate to up to $1,000 in travel value. These bonuses may be enough to earn you a free round-trip ticket to an international destination or a few nights of hotel lodging. If you play the game right, you can earn a significant portion of your trip at no extra cost to you.

Because most of these bonuses require that you spend a set amount of money within a few months, you will want to strategize how you can reach this benchmark. For instance, if you know you have a big expense coming up, it may be worth your time to investigate how you can use a credit card to earn free travel along the way.

Pick Up a Side Hustle

If you are finding that you cannot cut the existing cost of travel expenses, you may need to do the next best thing and simply earn more money to put toward your trip. In today's digital world, it is easier than ever to find a niche that suits your talents and skills. Perhaps you want to tutor students online or put your writing skills to work?

Other good side hustles to consider include being a rideshare driver or opening up an e-commerce site. There is no limit to the ways that you can bring in a little extra income each month to put toward your travel budget this year.

While you cannot completely get around how inflation is impacting travel costs, taking these steps will help you to stretch your travel dollar as far as you can. All of the little cost-cutting measures will surely add up when looking to shave money off of the total cost of your travel adventure.