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  • Writer's pictureLeyder "Aiden" Murillo, MBA

Tips on How to Travel & Save Money During Inflationary Times

Updated: Sep 13, 2023

May 2022 Inflation Insights: The Traveler's Perspective

Where is Inflation is and Isn't Yahoo Finance

Hey, did you catch the latest? Inflation peaked at 8.6% in May 2022, the loftiest since 1981, against an 8.3% projection. Now, with the scent of summer in the air and winter whispers, many of us itch for a vacation, especially after the COVID-induced travel break. With household savings on the upswing, isn't it the perfect time to explore? But here's the catch: Travel, especially the oil price surge, is a significant inflation catalyst. Just a glance at the Bureau of Labor Statistics: In May 2022, gasoline, airfare, transportation, and hotel room prices skyrocketed by 48.7%, 37.8%, 19.4%, and 19.3%, respectively. Inflation is shaking up everyone’s travel budget. But hey, for the love of wanderlust, many still chase after their travel dreams regardless of the cost.


And speaking of dreams, I recently escaped to the enchanting Mayan Riviera. Dive into my Instagram for some vibrant shots of Playa del Carmen & Chichen Itza, and while you’re there, give me a follow for some travel inspo! Pondering about your next travel haven? Trust me; you can never go wrong with the Mayan Riviera.




Mastering Money-Smart Travel in Inflationary Times: 7 Pro Tips

Budgeting Brilliance

A solid budget plan is your safety net in a fluctuating economic landscape. Consider it your roadmap – akin to a teacher’s lesson plan or a pilot's flight blueprint. Your travel financial outline should encompass essentials like airfare, accommodations, meals, excursions, and souvenirs. But remember, surprises happen. Always have a backup strategy in case your expenses overshoot.


My recent tip? Driving to Chichen Itza was way more pocket-friendly than hiring a tour agency. Sure, it's less convenient, but think about the control and savings you regain.


Book Smartly and Ahead

With inflation, prices aren’t shy. Lock in deals by booking domestic flights at least two months in advance and international ones 4-6 months prior. Keep an eye on airlines and third-party platforms for the best deals, but tread cautiously with third-party sites. Their rules can be intricate, and the customer service experience might not always be smooth.


Travel Off-Peak

Sidestep the crowd and embrace the savings by flying on non-peak days or times. Can you swap that pricey Friday flight for a Wednesday one? The savings might surprise you.

Travel Tip Travel When Others Don't Typical Passenger Flights at LAX
Typical Passenger Flights at LAX in 24hrs (Source: Flightradar24)

Discover Hidden Gems

Here's a hack: On Google Flights, input your starting point, keep the destination blank, punch in your dates, and watch the magic unfold. You get a global price map – an excellent kickoff to your destination hunt.

Travel Tip Travel Where Others Aren't Going Use Google Flights
Google Flights Screenshot

Blend Road Trip with Air Travel

Here's a hack: On Google Flights, input your starting point, keep the destination blank, punch in your dates, and watch the magic unfold. You get a global price map – an excellent kickoff to your destination hunt.


Staycation Vibes

Why not bask in the luxuriousness of your hotel? Like my recent all-inclusive Mayan Riviera adventure, sometimes, staying in and soaking up the hotel’s offerings is all the vacation you need.


Harness Exchange Rates

A strong dollar means more purchasing power abroad. But be wise about your currency exchanges – steer clear of airports, and try to spend all the foreign currency to avoid poor conversion rates back home. Trust me; I've got some Indonesian Rupiah souvenirs that I'd rather not have.

Travel Tips Take Advantage of the Exchange Rates Indonesian Rupiah
"Souvenir" Indonesian Rupiah

Your Takeaways

Even with inflation challenges, your dream vacation awaits. All you need is a solid game plan, a sprinkle of flexibility, and a touch of creativity. Whether you choose to explore distant lands or indulge in a local staycation, make every moment count.


So, what's on your travel horizon? Share your plans; I’m all ears (or eyes, since I'll be reading)! Safe travels!

 

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