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Ways You’re Wasting Money on Vacation

Mar 30, 2022

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Lifestyle

Travel is one of life’s greatest luxuries. While it can be nice to treat ourselves to an annual or semi-annual retreat, by saving a few extra bucks here and there you can make sure that there’s less time that passes between this vacation and your next. We all know that the cost of travel goes beyond the price of a flight, or even the cost of our hotel room. It’s all the little details and add ons that can come back and bite us the following month when our credit card bill comes in and our bank account balances are drained. By incorporating just a few of these lesser known ways of saving money, and nipping travel money wasting in the bud, maybe your next vacation will come in under budget. 

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There may be no avoiding splurging during the holidays, but you can at least try to spend your holiday money smarter – and make sure you aren't wasting your money in these ways.
Transcript
Slide 1Overview
Travel is one of life’s greatest luxuries. While it can be nice to treat ourselves to an
annual or semi-annual retreat, by saving a few extra bucks here and there you can
make sure that there’s less time that passes between this vacation and your next.
We all know that the cost of travel goes beyond the price of a flight, or even the
cost of our hotel room. It’s all the little details and add ons that can come back and
bite us the following month when our credit card bill comes in and our bank
account balances are drained.
By incorporating just a few of these lesser known ways of saving money, and
nipping travel money wasting in the bud, maybe your next vacation will come in
under budget.
Eating in
popular
tourist
hotspots
All that sightseeing is hungry work, but savvy travelers avoid the most popular cafes
and restaurants around the main tourist hotspots. Research is key! And spend some
time before your trip finding out where the locals eat and drink, and gathering
information on where to dine without blowing your budget.
Relying On
Roaming
While UK locals were recently freed of roaming charges wherever they travel in the
European Union, the rest of us aren’t so lucky. Before you go on the road, contact
your mobile provider to work out the best rate options for your needs while away,
and also make sure you take the few minutes to hook into the free Wi-fi provided
wherever you go.
Offs
Many major cities offer Uber and other ride sharing programs, which can save you
money, since you know what your trip will cost you in advance. Many tourists are
(and should be) wary of taxi services, since many are known for taking tourists for
the ‘scenic route’ to their hotel and costing them more money. Using maps on your
phone can be a great way to help your cab navigate, or sites like World Taximeter will
provide you with information on how much your trip should cost.
Parking
Premiums
A great hotel rate is one thing, but if you’re paying through the nose to park your
car, the discount isn’t real. A simple call to the hotel in advance (before you book)
to find out about whether parking is included in the cost of your stay can save you
tens to hundreds of dollars from your vacation budget.
Weekend
Travel
Warrior
People want to maximize their vacation days and provide a buffer to get over jet
lag when heading away, which is why Friday, Saturday and Sunday are the most
expensive days to both fly or rent a car.
Uneducated
Currency
Exchange
Doing math on vacation isn’t fun, but neither is getting ripped off on that souvenir
or by waiting until the last minute and exchanging your cash for foreign funds at the
airport. Airports are among the most expensive places to change your money,
usually charging exorbitant commission rates, so search for other options, and even
research what a current standard exchange rate is in the country you’re visiting.
Hidden
Fees
The increased spending when credit cards are used over cash also extends to tipping at
restaurants. With credit cards, customers have been shown to leave tips that are 13%
larger than their counterparts who paid with cash. On top of this many credit card
companies charge around two and a half percent on spending that occurs outside of
your home country.
On A Loan
Particularly this time of year, with the holidays coming and the cold weather upon
us, travel sites offer minimal down vacation deals where you pay later, often at an
interest rate. It’s easy to put down the payment for a flight or an all-inclusive on
your credit card and let it ride a while, but those high interest rates add up quickly.
Rental Car
Add Ons
The cost advertised to rent a car isn’t the cost that most people end up paying.
Travelling with kids? You may want to bring your own car seats, as most rental
agencies charge at least 20 bucks a day to use their seat. It also helps to call your
insurance and credit card provider to check in on your coverage for car rentals. A lot
of the time people end up paying the rental agency for coverage they already have.
Not Cashing In
Travel Miles
Most people collect travel miles but give them no extra thought. Take a few minutes
to understand how your credit card or travel rewards cards work. Sometimes miles
expire, but can be used towards other items, like vouchers for car rentals, local sports
tickets, or gift cards. Set a calendar alert to look in at your travel rewards available
every three months or at the very least when you’re planning your next trip to see if
there’s anything, you’re able to cash in towards your vacation.
Skipping Travel
Insurance
Insurance is something we never hope we need, and sometimes begrudge paying, but it
really is better to be safe than sorry. The good news is travel insurance isn’t as
expensive as you might think, and some providers literally only cost a few dollars a day,
which really isn’t much when you think of the alternative, huge hospital bills thanks to
a ski jump gone wrong, or car accident while travelling.
Regular
Admission For
Hot Spots
It’s simple math, if you want to go and check out specific landmarks while travelling,
complete a little research on the admission costs and see what they add up to.
Providers like City Pass offer admission to top attractions at 12 US cities and one
Canadian city, and often provide front of the line perks that will let you see more
and spend less time waiting.
Not Using A
Site
Most people could be saving between 4% and 12% on the cost of their hotels simply
by using a cashback website. Hotel booking websites like Expedia pay other websites
a commission for customers that they send their way. Rather than keep the
commission, cashback websites like eBates and Topcashback give the cash back to you
in the form of Amazon vouchers or good old-fashioned cash. It’s so easy you’ll wish
you had been doing this all along.
No Hotel
Brand
Loyalty
While we’ve been programmed to believe that price comparison hotel booking sites
are the cheapest way to travel, it can often be cheaper to go directly to the horses, or
hotel’s mouth – particularly if they have vacancies.
Only Checking
For Domestic
Discounts
Most domestic travel discounts (Expedia, Travelocity, Kayak) are a wonderful way to
book travel, but they may not be getting you the best prices available. Sure, you
search, find what you want, pay and then are done, but since their search web is
limited the odds of you getting the absolute best price aren’t great.
Foreign
transaction
fees
Before jetting off, check your debit and credit card provider’s charges for withdrawing
cash and paying for purchases abroad, as foreign usage fees can significantly increase
your costs. 91 percent of bank cards and 57 percent of credit union cards have fees for
transactions made abroad, which typically range from 2 to 3 percent of each purchase.
Before you travel, get a credit card with no foreign transaction fees. Do the same for a
debit card that doesn’t charge extra fees for ATM withdrawals abroad.
Carry-on
100ml
Individual containers for liquids and pastes must hold no more than 3.4 ounces/100
ml. Additionally, bottles must be held in a single transparent, re-sealable quart-size
plastic bag, and only one plastic bag of liquids is allowed per person. So pack that
jumbo bottle of your favorite perfume in your checked bag or leave it at home if you
don’t want it to be confiscated by security.
Excess
baggage
charges
Familiarize yourself with the best tips for packing light for your flight. Then take a
look at your carrier’s luggage allowance rules. Check your airline’s permitted
allowance for both checked baggage and carry-ons before you fly. And if you’re
planning a shopping spree while you’re on vacation, make sure your estimated return
luggage weight takes this into account.
Paying for
medical
treatment
abroad
Always buy travel insurance for a foreign holiday, to protect you against financial
losses uncurred by range of unexpected events, such as illness, injury, theft and loss
of baggage and personal belongings, as well as travel delays and holiday
cancellation. Prices and cover levels vary, so use a comparison website to shop
around for the best deals.
Souvenirs you
don’t use
Sombreros and rubber frogs are fun to pose with while taking a selfie in the gift shop,
but do you really want to spend a chunk of money for things that will clutter a shelf
or get buried in your closet?
Not
attraction
discounts
Museums, tours, and aquariums are great ways to fit a little culture or nature into
your trip. But paying full price for tickets quickly adds up, especially if you have
kids.
restaurants
The average cost of the cheapest chain restaurant in America is $12.17 per person.
Imagine spending that much, or close to it, 21 times during your stay. That’s enough
to make you lose your appetite.
Conclusion
There may be no avoiding splurging during the holidays, but you can at least try to
spend your holiday money smarter – and make sure you aren't wasting your money
in these ways.