Managing the travel cost spike

The standout expense of the moment is travel. You likely feel the squeeze of gas costs in your daily commute, and that will only compound with a long drive “down the shore.” Travel cost has increased 31.4% overall, with gas soaring over 51% and parking increasing by 50% in some shore locations.

What does this mean for your travel situation? Carpooling just became a lot more economical. Try riding along with another family or taking a bus. You can also optimize travel by trying a beach that is closer to your hometown, rather than making a long trek to the place you visited in prior years. Traditions are precious, but trying a new experience could mitigate cost, save you some hassle, and give you an unforgettable adventure.

Planning meals the budget-friendly way

After travel, food and drink saw the largest cost increase by category: 6.74%. This might sound daunting, but it’s important to do your research - a few big-ticket items are driving the spike. The cost of chocolate fudge and saltwater taffy, two sugary boardwalk favorites, have barely changed at all since last year. However, a slice of boardwalk pizza will inflate your bill with a steep price increase compared to last summer.

It’s a good idea to research prices at your favorite dining spots before you visit. See what items remain consistent, and what has increased. Maintaining your budget could look as simple as cooking before heading out for an after-dinner treat. Prioritize what matters the most to your family - an ice cream cone together, a sandwich on the beach - and plan lower-cost alternatives for other meals and snacks.

Building a fun, lower-cost itinerary

Travel, lodgings, and food will most likely cost you more this year than previous shore vacations. However, actually heading to the beach won’t break the bank. There has been a modest increase of 1.79% in the overall price of going to the beach, reversing a 5.33% decrease last year. However, gear like umbrellas, sunblock, and beach chair rentals haven’t changed much in cost.

The real unseen risk comes from added activities. The price of an adult minigolf ticket has risen 5.36%. A child’s ticket has nearly twice that increase at 10%. Families should beware of boardwalk attractions that hit wallets hard.

Spend more time focused on the beach itself. Bring low-cost games, like paddle ball, to keep your family entertained for longer. The beach presents a great opportunity to teach kids a fun skill, like boogie boarding, or bond on a shell-collecting walk. Remember, the most important part of a family vacation is the time you spend together.

The increase in cost at the shore can feel daunting, but breaking it down and planning ahead will help you keep your budget under control. You don’t need to sacrifice a treasured family tradition to keep your finances on track; you just need to determine your top priorities and values.

If you’re struggling with your budget, either on vacation or in your daily life, please reach out to Affinity’s team of Certified Wellbeing Coaches ¹. These free coaches can help you make a plan and improve your financial wellbeing.

This information is for informational purposes only, is intended to provide general guidance, and does not constitute legal, tax, or financial advice. Each person's circumstances differ and may not apply to the specific information provided. You should seek the advice of a financial professional, tax consultant, and legal counsel to discuss your particular needs before making any financial or other commitments regarding the matters related to your condition.

¹ Retrieved from: https://www.affinityfcu.com/financial-wellbeing/certified-wellbeing-coaches