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Financial analysts provide money-saving tips for holiday travelers

Cost of airfare up 42% compared to last year, according to Bankrate.com
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Posted at 2:15 PM, Dec 13, 2022

WEST PALM BEACH, Fla. — As holiday travelers feel the pinch of 40-year high inflation, financial analysts are offering some money-saving tips for the holiday season.

Holiday travel is already underway at Palm Beach International Airport.

"[I'm] very excited [to be here] because where I live right now it's 20 degrees," Shanice Fraser, who's visiting family in West Palm Beach, said. "I'm here to spend time with family. I just started working, out of college, so I'm just coming back home."

While people like Fraser are coming home, others are traveling out of South Florida to spend time with family.

Shanice Fraser is in South Florida to visit family members for the holidays.
Shanice Fraser is in South Florida to visit family members for the holidays.

"[I'm] going back to Jersey right now to visit my mom," Ari Goldberger told WPTV.

With inflation at a 40-year high, many holiday travelers are feeling the pinch right now.

According to Bankrate.com, airfare is up 42%, gas is up 17% and transportation services are up 15% from last year.

"Time is obviously of the essence when it comes to travel. Booking early is good," Nathan Grant, a senior finance industry analyst with Money Tips, said.

If you're flying somewhere for the holidays, you've probably already booked your flight.

But once you're on the ground, Grant told WPTV there are some things you can do to save yourself a few bucks.

Nathan Grant shares some ways that travelers can save a few bucks during the holiday season.
Nathan Grant shares some ways that travelers can save a few bucks during the holiday season.

"If you're not flying, do the math and see if renting a car is cheaper than ride-share services," Grant said. "A lot of times it might be like, 'Well, we're not going too far, so we'll just Uber around when we get to our destination.' Or it might be like, 'Well, the cost of renting a car might be worth it.'"

Grant also suggests using credit cards with reward benefits while you're traveling to save you some money in other areas of your life.

"The last thing you want to do is get future you in trouble because you're not thinking ahead, thinking of where you can save," Grant said.

It's a strategy important to some, but other travelers told WPTV it's not top of mind this holiday season.

"[I'm] probably going to try to eat at home instead of going out to eat," Fraser said.

"I think inflation is going to cool down," Goldberger said. "It hasn't really freaked me out."

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