How to save some money on your family road trip this summer

Americans are planning for summer vacations en masse, with nearly half expecting to take trips requiring flights or hotel stays. However, rising insurance rates and high gas prices may result in increased expenses compared to last year. These financial challenges have prompted many travelers to explore ways to save money.

In light of these concerns, WCNC Charlotte spoke with an expert, Rod Griffin from Experian, who offers useful money-saving tips for the summer travel season. According to the expert, one in five vacationers plans to go into debt to finance their trips, but Griffin advises against such measures.

Griffin indicated that inflation and higher costs have influenced the travel budgets of 71% of those surveyed. He focuses on ways to minimize expenditures, particularly on transportation. People often consider gas costs when organizing trips, but Griffin points out that many disregard the impact of car insurance rate hikes. With car insurance rates increasing more than 20% over the past year due primarily to inflation, reducing these premiums could help save a significant amount (around $800 annually, according to Griffin).

To further save money, Griffin recommends exploring alternatives to conventional accommodations like hotels or motels, such as renting private homes or shared rental properties with family or friends, to save on lodging costs.

Additionally, Griffin encourages using credit cards offering discounts on specific purchases for food expenses at travel destinations.

WCNC Charlotte’s Where’s The Money series is designed to help viewers make more informed financial decisions and avoid being taken advantage of during their travels. For the most up-to-date information, visitors are encouraged to download the WCNC Charlotte mobile app, enable push notifications, and subscribe to the Where’s The Money YouTube channel.

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