Light at the End of the Tunnel? Your Jersey Shore Vacation Should Feel Less Impacted by Inflation This Year
May 23, 2023
According to research by Affinity Federal Credit Union, the cost of a day at the Jersey Shore has increased by 4% from last year to this year due to inflated prices of goods and services. Although this is a much less severe jump than the 16% increase we saw between the summers of 2021 and 2022,1 consumers will still likely feel the pinch in their wallets.
Notably, the price of gasoline has decreased by 23%,2 which takes some of the financial burden off vacationers. On the other hand, food and drink, beach services and other activities have all seen modest increases since last summer. With inflation still a very real — although fortunately less severe — concern for consumers, there are actionable steps you can take to prioritize your mental and emotional wellbeing while still being fiscally responsible.
How can vacationers prepare?
Due to significant price increases over the last two years, it is important to be smart when it comes to spending. Budget any vacations and trips you take before, during and after the vacation is over. This way, you can visualize the money that you need to spend, make sure you are allocating your funds appropriately in real time, and reevaluate your financial situation post-vacation to ensure you stay on track toward your goals.
While on vacation, the temptation to go over your budget may be difficult to resist, but overextending your funds can put you at risk for coming home with additional debt. This will cause your vacation to cost even more in the long run, as interest rates on debt continue to rise as well. Additionally, accumulating debt increases stress levels and will set you back when it comes to achieving financial wellbeing.
Tips for staying on budget
If you are worried that a trip to the Jersey Shore — or any of your favorite destinations — may be a bit out of your budget this summer, there are plenty of ways to make memories with your family and friends for a lower price tag, or even none at all!
- Check out the state’s variety of free beaches and public parks.
- Head to a local pool or create a “backyard beach.”
- Lay out a blanket and watch fireworks on the 4th of July.
- Set up a tent and get some marshmallows to camp out in the backyard.
- Support local small businesses by going out for ice cream.
Although we have seen another year of rising costs for goods and services, we can still appreciate the positives in the situation. The current increase is significantly less than what we saw last year, which offers hope for a fun and more affordable summer ahead. Additionally, the high cost of gasoline was one of the most significant inflationary factors from 2021-2022, but the notable decrease in gas prices3 since then should be a very welcome change for travelers to the Jersey Shore this summer.
In the end, taking a much-needed break from everyday life and prioritizing your overall wellbeing is extremely important. Keep in mind that while doing so, it is not necessary to sacrifice your financial wellbeing by throwing your plan off track. Keeping your long-term financial goals in mind while having a fun-filled summer will leave you feeling satisfied, proud and hopefully stress-free!
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 are different and may not apply to the specific information provided. You should seek the advice of a financial professional, tax consultant, and/or legal counsel to discuss your specific needs before making any financial or other commitments regarding the matters related to your condition.
- Retrieved from: https://www.affinityfcu.com/financial-wellbeing/blog/financial-wellbeing/what-to-do-about-vacation-inflation
- Retrieved from: https://gasprices.aaa.com/?state=NJ
- Retrieved from: https://gasprices.aaa.com/?state=NJ