SACRAMENTO, Calif. — Spring break season is here and it’s not too late to plan a getaway, but is this the year to splurge or pull back?
ABC10 spoke with a financial planner about where your money will go the furthest and where you could bust your budget if you’re not careful.
“A lot of families are wanting to make sure that they're not overstretching their budgets and making sure that they are taking advantage of any travel deals,” said Pamela Rodriguez.
Rodriguez, the owner of Golden Wealth Capital, says many families are still recovering from the pandemic and high inflation.
“It is a time where people unfortunately don't have a lot of cash to spare, so they are turning to credit cards, they are turning to all paid vacations where they can make payments,” she said.
Research shows many people are feeling more optimistic this year. A survey from Nationwide Travel Insurance shows 40% of U.S. consumers are planning to travel more than they did last year.
The current gas prices are your friend, both at the pump and for airfare. However, the cost of food is influencing accommodations.
“I am seeing most families go the Airbnb route and that's mainly because food has been such a high expense given inflation,” said Rodriguez.
Eating out can easily double travel expenses.
“We're seeing a lot of families trying to either go with another family and split costs that way, or making sure that they are cooking in the Airbnb,” she said.
Even if you’re trying to save money by cooking at the hotel, vacation rental or ordering through an app, pay attention to the costs.
“Right now, DoorDash is one of the biggest expenses,” said Rodriguez.
And, as always, watch out for deals that seem too good to be true. In 2022, the Better Business Bureau scam tracker found U.S. consumers lost an average of $620 per scam.
The Federal Trade Commission says travel-related fraud cost U.S. consumers more than $105 million in losses and accounted for 16% of all fraud to the agency in 2022.
Now is a good time to get spring break plans in place if they aren’t already. Anytime between one to two months prior to the trip is a good time to book.
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