Thinking about travel?

Here’s how it’s changed – and how it might impact your vacation budget

Before you plan your next vacation, here are a few factors that may shape your travel (and financial) decisions:

Quarantine and testing costs

Even if you present a negative test or are vaccinated, some destinations may require you to quarantine or provide additional testing results. These additional requirements can put a dent in your wallet – and the length of your trip. Consider making the quarantine period part of your holiday; some luxury hotel chains and resorts offer luxury quarantine packages.

Watch out for sticker shock

At the height of the pandemic in 2020, rental car companies began selling off large portions of their inventory due to lack of demand. As travel begins to rebound, be prepared for long lines, higher prices or in some cases, no availability at all. Prices for both flights and hotels will increase quickly so be sure to book well in advance if possible.

Travel insurance is more important than ever

Post-pandemic travellers are now looking for security, flexibility and the assurance that bookings will be protected if policies or restrictions change. Most suppliers currently include a greater degree of flexibility as part of their revised terms & conditions, and some even include COVID-19 coverage. There are limitations, so be sure to do some research to find the right plan for your needs.

Have questions about how to work additional travel expenses into your financial plan? Contact us.

80% of Canadians hope to travel in 2021. 59% say they are only planning domestic travel.