How to save money on summer travel with rewards and budgeting

(InvestigateTV) — According to a new survey from Bank of America, 77 percent of people are planning to hit the road this summer.

Mary Hines Droesch, head of consumer and small business products for Bank of America, said to offset those costs many Americans are making trade-offs and leaning on rewards points.

She said many younger Americans are also travel stacking right now, which just means adding a few fun days onto a trip you already have to take.

“So, they’re making the most of when they are traveling anyway. So, if they have to go to a wedding, well you’ve already bought the airfare or driven there, extending that to see the sites in the area. Or if you have a business trip you tag on a long weekend to explore a new spot you’ve never been to before,” Droesch said.

Bank of America also found 46 percent plan to redeem rewards points this summer to help offset the cost of hotels or flights.

Droesch said there are many other little things to do to save money.

“Well then, you go to maybe instead of a four-star hotel, a three star,” Droesch said. Or cut back on an excursion. Cook in your hotel instead of going out every night. Other ways to really manage your budget and prioritize the things that are most meaningful to you,”

When budgeting, she recommends using the 50/30/20 rule.

50 percent of your take home pay goes toward needs, things like housing, groceries and utilities. 20 percent goes into savings, and 30 percent is for wants, like that vacation.