Tips to save money when traveling for summer vacation

(CBS, KYMA) - For those with a summer vacation still ahead, it can be crucial to find ways to save money and avoid costly mistakes.

Data from the Labor Department showed gas prices (27.2%) and airfare (26.5%) are both up more than 26% compared to last year.

CBS News Business Analyst Jill Schlesinger recommended getting travel insurance if you or a family members have a medical condition that could cancel the trip.

As for renting a car, skip the insurance there, and to save money, look for deals through your credit cards, memberships like AARP or AAA, and discount retailers such as Costco and B.J.'s.

If you're considering dipping into savings, make sure you can still cover the bills at home.

"If your emergency fund is more than 12 months of your living expenses, yeah you can spend it," Schlesinger shared. "If you've saved money and infested in a big brokerage account, and you're scared to sell because, 'Oh, I don’t want to pay taxes.' Why are you investing if not to enjoy yourself a little bit along the way?"

Schlesinger also recommended asking your bank and credit cards about the fees for exchanging U.S. dollars for international currency, and find out what ATMs are in your network.