Financial News
How to stay in the driver's seat of your finances this road trip season
(BPT) - Are you planning to hit the road for a memorable family adventure this summer? While road trips can inspire excitement and spontaneity, they also require planning - especially when it comes to finances. And finances can add unexpected bumps to your otherwise smooth road.
A recent Experian survey found that nearly 3 in 4 consumers (71%) feel inflation has impacted their road trip budgets this year. Consumers are concerned about the cost associated with trips, with nearly half (42%) approaching summer road trips with frugality in mind. The majority believe gas, accommodations and food will be their biggest expenses.
Whether you're planning your own road trip this summer or looking ahead for a future excursion, taking steps now can pay dividends down the road.
"Road trips are a quintessential summer experience, but costs add up quickly," said Rod Griffin, senior director of Public Education and Advocacy for Experian. "By taking proactive steps, you can save money and stay within your budget so you don't come home to a financial headache.'
Before packing up the car for your next vacation, here are things you can do to safeguard your finances.
Expect the unexpected
No matter how much planning you do, you might hit a bump in the road during your vacation. Whether you encounter car trouble, miss a reservation or experience a weather delay, unexpected expenses may occur. Make sure you create a budget and account for surprises so they don't sideline your finances.
Shop around for a new auto insurance policy
One major car expense is your insurance premium. If you're unsure whether you have a good rate for your current policy, there's an easy way to find out. With a free Experian membership, you can access Experian's free insurance marketplace to comparison shop and potentially find a better rate on your auto insurance policy - and save on average over $800 per year.*
This Experian service delivers multiple tailored rates from up to 40 top providers, so you can quickly find and purchase the auto insurance coverage plan that meets your needs, while helping you save money in time for your next trip.
Road trips are a quintessential summer experience, but costs add up quickly. Proactive steps can help you save money so you don't come home to a financial headache.
Get more bang for your buck with the right credit card
Whether you're filling your gas tank or grabbing a bite to eat, every pit stop is likely to cost you, and those purchases add up fast. Having the right credit card can help you earn rewards like cashback or travel points, which can cut down on expenses or help fund your next vacay.
Unsure where to look? A free Experian membership also gives you access to Experian's free credit card marketplace, which can help you narrow your options and find the right fit for you.
Fuel your credit score to keep it healthy
When you think "road trip," you might not be thinking about your credit, but a healthy credit score can save you money in many ways. Your credit could affect the price of your auto insurance, what kind of credit cards you qualify for and the terms and rates of loans, to name a few. Keep your credit score healthy by paying bills on time - in full when possible - and avoid taking on too much debt.
Map out your travel budget
It's no fun to hit a financial pothole with overspending. Researching costs before you go and setting a realistic trip budget in advance can help ensure your money lasts the entire vacation. A little planning will keep you on track so you can come home invigorated - plus mentally and financially ready to plan your next adventure.
"There are many expenses to consider when planning a vacation, and every penny counts," said Griffin. "Using free financial tools from Experian can help consumers achieve their financial goals whether that's managing debt, increasing their credit score or saving money for that dream vacation."
While you're fueling up the car, choosing your route and setting your itinerary, remember: Financial preparation is key to ensuring a smooth journey. Using free financial tools can help you stay on the right path and find additional savings now and in the future.
Visit Experian.com to become a member and compare auto insurance rates, explore the best credit card options, check your credit score and more.
* Results will vary and some may not see savings. Average savings of $828 per year for customers who switched and saved with Experian from Jan. 1, 2022 to Mar. 31, 2024. Savings based on customers' self-reported prior premium. Experian offers insurance from a network of top-rated insurance companies through its licensed subsidiary, Gabi Personal Insurance Agency, Inc.
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