Many people are hoping to travel for the holidays this year, especially since going on vacation last year was difficult or impossible due to the COVID-19 pandemic.
If you’re thinking about taking a trip over the festive season, it could make sense to book your vacation now. Here are three possible reasons why you should think about getting your plans firmed up.
One email a day could help you save thousands
Tips and tricks from the experts delivered straight to your inbox that could help you save thousands of dollars. Sign up now for free access to our Personal Finance Boot Camp.
By submitting your email address, you consent to us sending you money tips along with products and services that we think might interest you. You can unsubscribe at any time.
Please read our Privacy Statement and Terms & Conditions.
1. You can finalize a price and save for your trip over time
Travel can be expensive, and it’s ideal to save over time rather than borrowing to pay for a vacation. If you book holiday travel now, you can find out exactly how much your trip will cost you. Once you know the price, you’ll have several months to save up the cash you need to cover it.
In most cases, you can make a small deposit now to book travel and pay for the rest as your trip date gets closer. That way you’ll have time to save up and pay in cash. But if you have to pay the full price in advance to pre-book, consider using a 0% APR credit card that offers a special introductory rate on purchases.
You can pay for the trip on your credit card and then repay the balance on a monthly basis between now and your trip without owing any interest. Just be sure you do the math and can work the monthly payments into your budget so it’s paid off before the card’s introductory rate ends.
If you use a travel card, you may even be able to qualify for a new cardmember bonus when you sign up for your 0% APR card that helps you cover the cost of part of the vacation.
2. You can book before popular destinations fill up
If vaccination rates keep increasing and the number of Covid cases starts to fall again, it’s very likely that many people will be traveling this year due to pent-up demand. After all, it’s been a long time since going on vacation seemed safe, meaning a huge number of travelers have been putting off their trips.
Popular destinations could fill up quickly once the pandemic conditions start to improve, and you could miss out on the chance to go to your preferred location if you haven’t booked in advance. Of course, if other variants arise or vaccines don’t ramp up as quickly as expected, your plans could change. So you will want to find out the cancellation policy in case the pandemic conditions deteriorate.
3. You can lock in today’s prices
Right now, inflation is high, and it is very possible that the trend of rising prices will continue. If you wait to book, the cost of your vacation could end up going up. If you book your trip now, though, you should be able to lock in your vacation at today’s prices so you won’t end up having to increase your budget if things become more expensive.
Of course, you do want to make sure you feel safe traveling and are in a good financial position before making any travel plans. But if you’re committed to taking a holiday vacation this year, it can definitely pay to get your trip booked sooner rather than later.