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.
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.