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Budget-Saving Holiday Travel

Americans usually travel during the holidays and it can be expensive. Here’s how to save money on the ground and in the air.

ROAD TRIP

Gasoline costs often rise during the holidays, so look for savings. Some wholesale buying clubs sell gasoline at discounts. You can also look for apps that alert you to the lowest gas prices wherever you travel.

If you expect to travel for hours, pack sandwiches, snacks, and games to keep the kids content. If you need lodging, use rewards cards if the establishment offers lower prices for members. Also, look for coupons for your favorite hotel when using rest stops on major highways and interstates.

BY AIR

Look to fly during off-peak hours, including on the holiday itself, for some of the lowest airline fares. Check the airline website’s baggage guidelines to avoid unexpected fees at check-in, which is usually more expensive than booking ahead of time.

COMBO

Enlist family and friends to pick you up from the airport, if possible. If you have to rent a car at your destination, don’t buy insurance if your auto insurer already provides rental coverage.

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May 2023 Client Profile

The Sunbelt Company is revising its travel policy for employees who must travel for company business. Management is considering whether to adopt a per diem policy or stick with their current one, which covers employees’ actual expenses. Why should we change to a per diem policy?

Per diem expense policies provide employees with a fixed daily rate to cover most travel expenses. These types of policies allow for easier recordkeeping and budgeting. It lets employees avoid collecting stacks of receipts and eliminates variability in trip expenses. As long as your company policy conforms to the IRS per diem rules, your traveling employees won’t have to provide a record of every meal they purchased.

Alternatively, companies can offer a hybrid approach, using a per diem rate for typical travel. Perhaps when an employee is traveling to a high-cost location or meeting with a valuable customer or supplier, you could allow employees to charge their actual expenses.

Client Profile is based on a hypothetical situation. The solutions discussed may or may not be appropriate for you.