How to Stretch Your Travel Budget When Costs Rise in 2019
*By Carlo Versano*
If you're eyeing the coming year for that big vacation you've been meaning to take, gird yourself for higher prices.
Flight and hotel prices are edging up around three percent on average, according to Mark Ellwood of Condé Nast Traveler, due in part to higher fuel and labor costs, more long-haul trips, and good old-fashioned supply and demand.
"When you're booking that big bucket-list trip, you gotta plan ahead," Ellwood told Cheddar.
To save money on flights, Ellwood stands by his favorite booking sites: Airfarewatchdog.comand Scottscheapflights.com, which allow users to plug in routes and timeframes and sit back and wait for alerts about sales. This year, he's also adding nextvacay.com to his recommendations, a relatively new member-only site that allows users to put in their home airport and gets deals to far-flung places.
Those big-ticket vacations are becoming more popular among millennials, who tend to spend money on experiences over products.
When booking hotels, Ellwood said the industry is paying more attention to personalized service ー remembering that you like a room far from the elevator, for instance. That's why he always recommends guests sign up for hotel loyalty programs, even if they don't know if they will ever stay at that hotel again. "It indicates to them that you might be a long-term loyalist, and they'll start learning what you like."
Pilots at American Airlines have voted to authorize a strike, and Southwest Airlines pilots are preparing to join them, as unions put more pressure on the airlines to approve new contracts with hefty pay raises.
Cheddar News takes a look at The Day Ahead as the Federal Reserve's two-day meeting kicks off on Tuesday while earnings season continues with some big-name companies such as Ford, Pfizer, Starbucks and Uber on tap to report quarterly results. The JOLTS report is also due to be released ahead of April job numbers.
Dan Geltrude, managing partner of Geltrude & Co., joined Cheddar News to discuss why it's vital for a college student to begin budget preparations early for college tuition. "It's developing good financial habits," he said. "I'm a strong proponent that in high school, there should be some teaching, some course ... about personal finance."
Brian Vendig, president of MJP Wealth Advisors, joined Cheddar News to discuss the market ahead of the Federal Reserve's meeting on Wednesday and as investors digest JPMorgan's takeover of First Republic Bank, which was recently seized by regulators. A slew of earnings are also slated to be released this week as well.
