CHARLOTTE, N.C. — School is out for the summer, which means more time for family trips!
According to NerdWallet, nearly half of Americans plan to take a trip that requires a flight or hotel stay this summer.
However, experts warn those who plan to hit the road instead of flying that rising insurance rates and high gas prices will likely result in higher expenses than last year.
WCNC Charlotte spoke with an expert who breaks down some of the biggest expenses and some tips to bring those costs down so you’re not left asking, "Where's the money?"
The study shows that one in five summer travelers plan to go into debt for vacation, but WCNC Charlotte spoke with an expert who shares some money-saving tips so you don’t have to go into debt.
Experian's Rod Griffin said a recent survey found 71% of people surveyed said inflation and higher costs have affected their travel budget.
WCNC Charlotte is always asking "where's the money?" If you need help, reach out to WCNC Charlotte by emailing money@wcnc.com.
"They're looking at how they can travel for less, and where they can travel to and manage those expenses," Griffin said.
People often consider how much gas will cost when planning a trip, but Griffin said one thing many people overlook is their car insurance. Rising rates are taking a toll on drivers.
"The insurance rates have increased more than 20% over the last year largely due to inflation," he said. "And if you can reduce those insurance rates, your monthly premium, you can save money that would help you get on the road more efficiently."
How much can people save on average? Griffin said about $800 a year.
"That goes directly to that bottom line and maybe being able to put a little more gas in the car to get a little further away from home," Griffin said.
Griffin said the money-saving tips don’t just stop at your car. There are plenty of ways to save money once you reach your destination as well.
"We know that hotel and motel costs have gone up," he said. "But there are alternatives to where you stay in things like renting a private home or sharing a rental property with others in your family or friends can save money."
Griffin also suggests paying for things like food with credit cards that offer discounts on qualifying purchases.
WCNC Charlotte's Where's The Money series is all about leveling the playing field in the Carolinas by helping others and breaking down barriers. WCNC Charlotte doesn't want our viewers to be taken advantage of, so we’re here to help. Watch previous stories where we ask the question “Where’s the Money” in the YouTube playlist below and subscribe to get updated when new videos are uploaded.