Hitting the Road This Summer? MMI Warns Consumers 'Don't Get Burned by High Fuel Prices'

HOUSTON--May 3, 20051, 2005--Memorial Day weekend officially kicked off the summer travel season. According to the Travel Industry Association, one-third (33%) of all trips are taken during the summer months. While more than 80 percent of Americans typically choose to drive on vacation, soaring gas prices may make this summer's last-minute, carefree road trips not only less realistic, but for some, no longer a choice.

Fuel prices broke the previous all-time high last month as they skyrocketed to $2.266 per gallon, according to AAA's daily, online Fuel Gauge Report. To make matters worse, newer cars, trucks and SUVs average just 21 miles per gallon.

"While it may seem to be the best option at the time, planning to pay by credit card is definitely not a wise financial move," said Cate Williams, vice president of financial literacy for Money Management International (MMI). "Gas cards typically have higher than average interest rates than other credit cards."

Before you give up on your dreams of a family vacation, take the time to sit down and develop a plan. The experts at MMI offer the following suggestions to make this summer's vacations more enjoyable and less draining on the family pocket books:

-- Create a budget. If you know you will be paying more for gas, seek other areas to cut expenses. For example, consider packing food for the drive rather than purchasing it along the way. Skip the costly premium gas unless your car actually needs it; it will not get you better mileage or more power.

-- Plan out your trip. Gas prices vary quite a bit from one city to another. Plan out your route so that you don't get stuck paying extra for gas because you have no choice. Visit www.gaspricewatch.com to compare gas prices.

-- Schedule a tune-up. Fueleconomy.gov says fixing a car's engine that is out of tune or has failed an emissions test can improve its gas mileage by an average of 4.1 percent. Replacing a clogged air filter, low tire pressure and motor oil grade also affect your gas mileage, which could be costing you at the pump. As always, make sure to have your vehicle serviced immediately if a "check engine" light appears on the dashboard.

-- Drive sensibly. Excessive speed and a lot of accelerating and breaking can waste gas. According to the Environmental Protection Agency (EPA), you can improve your gas mileage by about 15 percent by driving at 55 mph rather than 65 mph. Also, using your cruise control is one good way to regulate your speed. Finally, reduce drag by placing items inside the car or trunk rather than on the roof.

-- Look into alternatives. Research other methods of transportation including traveling by bus or train. Not only could you save some money, but also the trip could be considered an adventure in and of itself.

Finally, if you cannot afford the rising cost of transportation, MMI suggests you explore your own state. Visit the local Chamber of Commerce or Visitor's Bureau to find out about free or low-cost entertainment and activities. You may be surprised to discover local parks, playgrounds, museums, community concerts, annual festivals, art exhibits, fairs and craft shows to enhance your summer without breaking your budget.