In case you missed it, rising inflation is making spring travel more expensive. Inflation is up 8.5% since last year, and unfortunately for travelers, the costs of hotels, airplane tickets, and car rentals have all jumped over 20% from last year, according to The Balance's analysis of March inflation data from the Bureau of Labor Statistics.
Traveling by car for your spring getaway may give you the most sticker shock: Gasoline has spiked 33%, while car and truck rentals are 23% pricier. Taking a plane will cost you more than it used to, too: Airfare is 24% more expensive than last year.
Traveling by Amtrak train is the only thing that has gotten cheaper, dropping 12% from 2021.
And if you're attending a concert or a sporting event, you may also have to pay more this year for your entertainment. Tickets to a game cost about 9% more, while concert tickets are up 5% since last year. Though movie tickets are also 5% more expensive, at an average of about $10, watching a new flick on the big screen will remain the cheapest entertainment option of the three: sporting events may set you back roughly $100 and a concert ticket could cost you $105.
If you're insistent on getting away this spring, there are ways to save money. Consider planning even further ahead than normal, comparing your options for lodging, and paying with points, miles, or membership programs to reduce costs.
And don't miss The Balance's next Financial Literacy Month Instagram Live series on Tuesday, April 26, at 12 noon Eastern, when I talk with former Wall Street trader Vivian Tu, founder of YourRichBFF, about creating a new revenue stream through investing. Follow The Balance on Instagram to get updates on all of our live events this month!
- Kristin
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