While prices for flights, hotels and rental cars are all up across the board, demand for travel isn’t slowing.
A recent survey from pay over time provider, Affirm, revealed that despite record-high costs, the average person plans to take three trips this year and spend over $3,000 on travel. Furthermore, 3 in 4 of Millennial and Gen-Z respondents plan to take up to 6 trips this year, with over half planning to spend up to $5,000 on travel.
Traveling on a budget can help ensure that people are spending responsibly while also providing ways to make their money go further. Affirm SVP and Financial Health Expert, Katrina Holt, participated in a nationwide satellite media tour, offering her top tips for financially-conscious travelers in 2023:
Don’t forget to set a budget.
The recent Affirm survey found that nearly 1 in 5 plan to travel this year without setting a budget beforehand, which can easily lead to overspending.
- When creating a budget, be sure to consider expenses across accommodation, meals, transportation and shopping.
Use a transparent, flexible pay over time option like Affirm to spread out your costs and stick to your budget.
By selecting Affirm at checkout, approved travelers can split travel costs into biweekly or monthly payments.
Travelers will see the total cost of their purchase and will never pay more than they agree to upfront
- Affirm does not charge late or hidden fees.
Watch out for gimmicks that come with travel credit cards.
Early sign up bonuses might be enticing, but can easily lead to overspending as you try to hit the minimum.
- 0% APR credit card promotions can come with deferred interest and surprise you with balloon payments down the line.
A video accompanying this announcement is available at: https://youtu.be/2ZCQtGXL7y8
Affirm is helping travelers by offering a smarter way to pay at some of the largest travel merchants in the US and Canada, including American Airlines, Expedia, Hotels.com, KAYAK, Vrbo, Priceline, and more.
For more information, visit Affirm.com
Katrina Holt is the SVP, Operations and Financial Health Expert at Affirm. Affirm is a new kind of payment network — one based on trust, transparency and putting people first. As a technology and financial services executive, Katrina brings more than 27 years of financial services, operations, and risk management leadership. Prior to Affirm, she was the Chief Compliance Officer at GE Capital Bank and WebBank, respectively. Earlier in her career, Katrina served as the Audit Director for GE Capital, as well as a commissioned bank examiner with the FDIC. She holds an Executive MBA from the University of Utah and a BS in Accounting from Weber State University.