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Spring Break Savings

Springtime is almost here, and in many places around America, the weather is already taking a turn for the warmer. That means that high school and college students will soon be leaving their halls of higher learning, descending on vacation spots around the country and, well, Spring Breaking.

The rite of passage that is Spring Break, is often looked upon with some disdain from the older generation. However, the rowdiness that college students bring in their pursuit of letting their hair down during a little March fun also brings with it a much-needed infusion of tourism dollars to the local hotspots. The hordes of young people who descend upon various exotic locations each year spend a lot of money and, in their own way, can affect the local economies they choose to visit.

Orlando is the top spring break destination for American travelers, according to an analysis by the booking app Hopper. It’s followed by other warm-weather destinations, including Cancún, Mexico; Las Vegas; Miami; and Phoenix. These destinations, like many around the globe, have seen a dip in tourism for the past two years and with pandemic restrictions easing up again, are sure to enjoy the influx of youth — and more importantly, their money.

Even the airlines are preparing for a spike in their bottom line. Airfares are higher than they’ve been since before Covid. Spring break 2022 — defined as Feb. 15 through March 31 — is seeing the average cost of airfares at $292 round-trip. According to Hopper, that’s 20 percent higher than last year, which in turn was 5 percent higher than 2019.

The same applies to accommodations. Per night vacation rentals in Central Florida will cost an average of $257 during spring break, up 22 percent from 2021, according to Hostaway, a vacation rental management platform. Hostaway also reports that this is not a typical spring break. By early November, the company’s Florida vacation rental inventory was already 81 percent booked, compared with just 72 percent in 2019.

Despite the many ways we can let loose on spending habits this spring, there are actually some ways to save. There are some money-conserving strategies that may or may not have occurred to you already — and a variety of ways to be more frugal that will really add up.

For example, a new wardrobe might be an attractive idea, but the price tag on designer clothing from big labels and stores can add up very quickly, especially if it’s paid for with a high-interest credit card. Consider visiting your local thrift store and getting great deals on good-quality items.

If you’re planning a getaway, make sure you use online comparison tools to get the best deal possible on your travel and hotel costs. And while Spring is in the air, that means a new harvest of local produce, and locally grown fruit and vegetables are abundant so you can buy in bulk, saving some money and supporting local farmers at the same time.

 

 

 

 

 

 

IMPORTANT DISCLOSURES

Material contained in this article is provided for information purposes only and is not intended to be used in connection with the evaluation of any investments offered by David Lerner Associates, Inc. This material does not constitute an offer or recommendation to buy or sell securities and should not be considered in connection with the purchase or sale of securities.

To the extent that this material concerns tax matters, it is not intended or written to be used, and cannot be used, by a taxpayer for the purpose of avoiding penalties that may be imposed by law.

Each taxpayer should seek independent advice from a tax professional based on his or her individual circumstances.

These materials are provided for general information and educational purposes based upon publicly available information from sources believed to be reliable– we cannot assure the accuracy or completeness of these materials. The information in these materials may change at any time and without notice.

David Lerner Associates does not provide tax or legal advice. The information presented here is not specific to any individual's personal circumstances.

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