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Vacation Tips for 2022

MoneyWise

Christian talk radio with Rob West

April 1, 2022

Businesses are learning to cope with COVID as an ongoing part of life. But how will you business plans be impacted this summer? Today on MoneyWise, we’ll talk about the impacts of the continued pandemic on your travel and lodging this summer. After grappling with two years of government restrictions and cancellations, the industry is projecting that travel and tourism this year will reach pre-pandemic levels and pump nearly $2 trillion into the U. S. economy. Governments here and abroad are lessening restrictions, and tourist-related businesses like airlines and hotels are learning to accommodate those that remain. SUMMER TRAVEL Let’s start with air travel. You can expect to have more people flying this summer with a lot more destinations than the last two years. As for cost, rising inflation so far doesn’t seem to be a factor. Right now, fares are actually about 18 percent lower than in 2019. If you’re driving, the news isn't so good. Due largely to the Russian invasion of Ukraine and the federal government’s increased restrictions on domestic oil drilling, gas prices are expected to continue rising. GasBuddy is projecting that the national average price of gasoline will remain well above $4 per gallon through October. Even if you’re not planning a long vacation drive this summer, you’ll want to start using an app to find the cheapest gas in your area. GasBuddy, Waze, and GetUpside can help you do that. If you’re planning on renting a car for your summer vacation, you’d better book it now. Rental cars have become incredibly scarce and prices are high. That’s due to slowdowns in automotive manufacturing because of chip shortages. Kayak is reporting that the current national average for a rental car is around $66. That’s nearly 30-percent higher than last year at this time, and 40-percent higher than before the pandemic. One-way rentals have all but disappeared as local rental branches are not about to let their cars drive away without returning. All of this has led more folks to turn to person to person rentals. You can check out car sharing sites like Turo and Kyte. They’re cleaning up these days due to the car rental crunch. WHAT ABOUT LODGING? Once you get there, you’ll need a hotel room. You’ll want to book as early as possible. Availability won’t be a problem, but pricing could be. CoStar is reporting that the national average price of a night’s stay in a hotel is rising steadily and is now $144. EDUCATIONAL TRAVEL After two years of school closures and zoom classes, more parents are getting involved in their kids’ education. The result is an increased demand for educational destinations. The site Road Scholar says enrollments for family-learning itineraries are on the rise. Destinations include options to learn about history, geography, and even a new language for international travelers. Prices start at $450 for children, $700 for adults. SETTING SAIL Our summer vacation tips wouldn’t be complete without a word about cruises. Omicron has hit the cruise industry hard, but demand for cruises is bouncing back. Right now, the industry reports that about 75% of cruise ships are back in service and that’s expected to increase to 100% by the end of the summer. Right now, the average cruise price is $215 per person per day, according to CruseHive.com. LISTENER QUESTIONS On today’s program, Rob also answers listener questions: ●How can you accelerate progress on paying off a credit card? ●Should you tithe on social security benefits? ●Would a prepaid legal service through your employer make sense? ●When does it make sense to reduce contributions to a 401k? ●Can you invest in both a 401k and a Roth IRA? RESOURCES MENTIONED ●Christian Credit Counselors ●Find a Certified Kingdom Advisor ●Betterment ●Wealthfront ●Schwab Intelligent Portfolios ●Vanguard digital adviser

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