In response to record-breaking inflation, airline prices have risen by more than 24 percent over the last 12 months. Travel stops and essentials including hotel rooms, rental vehicles, restaurants and leisure activities all saw price increases since this time last year, according to data from the Federal Reserve. And despite rising inflation rates, the travel demand continues to grow.
Saving money while traveling might be challenging, but with smart budgeting and spending planning strategies, financial stress won’t prevent you from taking a well-deserved vacation, whether flying somewhere tropical, backpacking through the mountains or “staycationing” in your locale.
Plus, having Earned Wage Access (EWA) at your side can strengthen your travel budgeting plans. EWA is an on-demand payments solution for people to keep up with their on-demand lives – providing greater liquidity to already earned wages.
Here are a few travel planning savings tips and how EWA can make these even more effective for your upcoming vacation.
Buy when the price is right
According to CBS News, airlines frequently announce airfare deals on Monday evenings, and you’re most likely to find the best deal if you purchase your ticket on a Tuesday around 3 p.m.
Also, keep in mind the day you’re traveling. Wednesday is the least popular day for travel, hence it is also the least expensive day to fly. If possible, you can also consider flying from another nearby airport if the airfare is better.
Don’t wait until the last minute to book your flight and fall prey to inflated airfare. Instead, keep an eye on flights several weeks in advance and purchase when you find the best price. And with EWA at the ready, you’ll have immediate access to your wages and can purchase your ticket when the price is right.
Hit the road
Gas prices in the U.S. are up nearly $2 since this time last year, meaning your road trip plans may have gotten more expensive than you originally thought. But, if you’re planning on heading out of town with friends or family, carpool and split the cost of gas between each road tripper. Not only will this save each of you money, but it’s better for the environment, too.
Another way to save on gas prices is to invest in a Costco membership. A $60 annual membership fee could save you up to $.30 per gallon, depending on your location. Those savings can add up!
And if you’re in the rental car market during your trip, turn to tools like Autoslash, a free aggregator that compiles details of the top rental vehicle offers nearby. Immediately after entering your travel details and preferences, you will get an email with the best rental car offers.
The deals are in the details
When planning summer travels, deals can be found even in the smallest of travel details or logistics. For example, if you’re traveling with your family, remember to bring your own car seat and stroller so you don’t have to rent.
Packing lunch and snack supplies can save money on a few meals that you would have to eat out otherwise, saving funds for fun dinners out. Plus, venturing off the main tourist drag can help you avoid restaurant menu mark-ups targeted at travelers.
Lastly, always double-check your packing list and make sure you have all your essentials to save yourself a pitstop and additional purchases during your vacation.
How EWA aids
The outdated practice of paying employees every two weeks is out of step with nearly every other element of employees’ lives as almost anything can be purchased with a swipe or click, from ridesharing to lunch. Employees who have earned wage access have the option to access and use their money when they need it, like when travel costs are low, rather than having to wait. With the price of flights and rentals fluctuating regularly, an on-demand alternative is helpful.
At QRails, we believe the best value of EWA, like our AnyDay platform, is financial freedom – having access to one’s earned wages or salary when employees want it. Having this liquidity provides the opportunity for more accurate financial planning and greater financial literacy.