How to Travel With Family on a Budget During High Inflation
3 Tips for Families Traveling Internationally During High Inflation
Exploring African safaris. Visiting the Eiffel Tower. Sunbathing in Turks and Caicos.
These trips are ones none of you will ever forget, but they carry even more meaning when you’re with family. Few experiences match globetrotting with your nearest and dearest, but those excursions come with a hefty price tag — especially when high inflation rears its head.
Gas becomes more expensive, airfare skyrockets, and suddenly that once-in-a-lifetime family excursion forces you to revisit your budget, as well as the trip’s overall feasibility. According to a 2022 CNBC and Acorns Invest in You survey, 40% of Americans say they would cancel trips if consumer prices keep rising.
Is this a decision you’re also struggling with? Join the club! But while inflation sits and stays for a while, inexpensive international travel with the family is still possible. Before you and your loved ones decide to stamp another page in your passports, remember these three tips when traveling on a budget:
1. Check your calendar. It’s easy to get starry-eyed about international travel. The prospect of pulling up a map, picking a place to go, and then seeing how it fits into your schedule or budget is exciting. But that can be a dangerous game to play, especially if you’re financially responsible for yourself and one or more relatives.
Bring prices down by starting with a flexible range of dates for your trip. Begin with a month or two-week period, then see what prices look like during that window. Travel booking tools, such as Google Flights and Scott’s Cheap Flights, will assign prices to locations, allowing you to pick a destination that’s both cost-effective and conveniently within your family’s budget.
2. Remain aware of foreign exchange rates. Money goes a longer (or shorter) way when traveling internationally. Before you and yours pack up for an international adventure, check out the exchange rates wherever you’re going. Is your group headed to Italy, France, or Germany? See how the euro is holding up. Are you on your way to the Outback? Assess how strong the Australian dollar currently is.
Then, look at your budget for the trip and see if it’s still in good shape. Plug that number into Xchange of America’s real-time exchange tracker to see how far your money will go in your intended destination. Our quick and convenient delivery model can have local currency on your doorstep with next-day shipping options so your family can be ready to spend responsibly upon arrival.
3. Consider your transportation requirements. How do you plan to get around when you and your family arrive? Walking everywhere can be the physically taxing — albeit frugal — option, but if you decide to drive or ride-share, rising gas prices become a factor.
A recent survey finds that 6 in 10 travelers say increasing fuel prices will weigh into their upcoming travel plans. No matter how you plan to travel within your destination, be mindful of how gas and other transportation-related spending impacts your budget.
Determining how to travel with a family on a budget is tricky enough when staying stateside — leaving the country presents a more significant challenge. Adopting a flexible and proactive planning approach allows your family to take in the world’s sites, smells, and sounds without breaking the bank.
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