How to Budget for a Vacation When Prices Keep Rising

These vacation budgeting tips mean rising costs won't keep you from going on a trip.

Mother And Son Preparing Travel Suitcase On Bed At Home
(Image credit: Getty Images)

Everybody deserves a vacation, but with the eye-popping prices caused by inflation and travel demand, it doesn’t always feel feasible to have one. Fortunately, prices have pulled back a little as the rate of inflation has slowed down. Domestic airfare dropped 5.9% in May 2024, versus May 2023, according to the latest Consumer Price Index data released in May 2024. Car rental prices are also lower — down 8.8% versus May 2023 and hotel prices are relatively flat over the past year according to NerdWallet

Slowing inflation is good news, but it doesn't wipe out the increases that are now baked into prices. However, don't let trip costs make you feel like you have to throw in the towel. There are ways to properly budget for your vacation and go on the trip you’ve been dreaming of. It just requires a little flexibility, some time and a lot of planning.  

Subscribe to Kiplinger’s Personal Finance

Be a smarter, better informed investor.

Save up to 74%
https://cdn.mos.cms.futurecdn.net/hwgJ7osrMtUWhk5koeVme7-200-80.png

Sign up for Kiplinger’s Free E-Newsletters

Profit and prosper with the best of expert advice on investing, taxes, retirement, personal finance and more - straight to your e-mail.

Profit and prosper with the best of expert advice - straight to your e-mail.

Sign up

To continue reading this article
please register for free

This is different from signing in to your print subscription


Why am I seeing this? Find out more here

Becca van Sambeck
Contributing Writer

Becca van Sambeck is a writer and editor with experience in many fields, including travel, entertainment, business, education, and lifestyle. Her work has appeared in outlets like NBC, Oxygen, Bravo, the University of Southern California, Elite Daily, CafeMom, Travel For Teens, and more. She currently resides in New York City.

With contributions from