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How to Get ‘Home for the Holidays’ on a Budget
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For more information contact:
Kelly Rote (713) 394-3201 |
Release Date: November 16, 2004 |
According to the National Household Travel Survey, November and December are among the busiest times to travel. The 2003 survey conducted by the Bureau of Transportation Statistics found that during the six-day Thanksgiving travel period, the number of long-distance trips increased by 54 percent, and during the December holiday period, the number rose by 23 percent, compared to the average number for the remainder of the year.
The study also found that visiting friends and family is the biggest reason Americans travel during the holidays. While heading home for the holidays can be good for the economy and for your soul, it can be hard on your wallet. AAA estimates that a family of four should budget at least $244 per day for meals, lodging and automobile travel costs. And that figure doesn’t include the other costs associated with holiday travel, such as clothing, gifts and entertainment. As usual, the best way to keep the costs down is to plan ahead and make informed decisions.
With this in mind, the experts at Money Management International offer the following suggestions to make your holiday travel more enjoyable and less draining on your family’s pocketbook:
Schedule your trip— The longer it takes to get there, the more you are likely to overspend. Leaving a day early could save you time and money, as Thanksgiving Day is the most heavily traveled day of the weekend.
Plan for related expenses— Be sure you have budgeted for expenses related to your travel such as car maintenance or rental costs, clothing, pet boarding fees, hotels, etc.
Plan ahead to take advantage of low-cost fares— When possible, book your airline and hotel reservations in advance to take advantage of “early bird” specials and discount rates. Remember though, a fee may be charged if you decide to cancel or change those reservations.
Use credit for convenience— You may want to take a credit card along for safety and convenience. However, it is important that if you do use credit cards for convenience, that you have a plan for payoff.
Finally, when determining your travel budget, be sure that you consider other periodic expenses that may be waiting for you when you return, such as holiday expenses and next year’s taxes.
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Money Management International, is a non-profit community service organization that provides confidential financial guidance, counseling and debt management assistance to consumers. MMI helps consumers trim their expenses, develop a workable budget, lower their debt payments and repay debts. Services are available by phone. To visit with an MMI counselor, call toll-free 1-800-762-2271- 24 hours a day, 7 days a week. Spanish speaking counselors are available. Consumers can also learn more by visiting the MMI home page at www.moneymanagement.org.
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