Hit the road Jack

Welcome to The Money, where we break down financial news and provide the TL;DR version of how decisions by the Federal Reserve, government and companies impact you.

Memorial Day, often seen as the start of summer, is Monday. Nearly 44 million Americans are expected to travel at least 50 miles from home this three-day weekend, with drivers making up a record 38.4 million of those travelers, motor club AAA predicts.

“We haven’t seen Memorial Day weekend travel numbers like these in almost 20 years,” said Paula Twidale, Senior Vice President of AAA Travel.

If you're traveling, don't forget to bring snacks. Krispy Kreme's offering discounted doughnuts for Memorial Day and Wendy's just launched new breakfast options, including combos that start at $3. Finding a Red Lobster to stop at for dinner, though, may be challenging after the chain closed nearly 100 restaurants this week.

Home ownership is so hard

First, mortgage rates and home prices are so high that they're keeping potential home buyers out of the market.

But even if you can afford the home or are lucky enough to already own one, insurance costs are skyrocketing. Homeowners' insurance costs have soared 55% since 2019 and are still climbing as weather-related events increase in number and intensity across the nation and inflation remains high.

And then if you do move, you have to be careful of unscrupulous movers holding your belongings hostage.

Hope for students

Many students may still be undecided about which school to attend, or they may have given up after a botched FAFSA rollout and other problems securing financial aid.

But education experts say don't worry. It isn’t too late to get scholarships or even apply to a school to attend this fall.

📰 More stories you shouldn't miss 📰

• Southwest Airlines joins Google Flights and offers Hawaii visitors a free companion flight upon return
• Streamers revert to old cable-style bundling to help you save money
• Spirit Airlines cancels change and cancellation fees for everyone in time for hectic summer travel
• Will high rents bring down Biden?

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