Common money mistakes you’re making when traveling

Not having a travel savings plan

Spending money first and paying off credit cards later is both expensive and stressful! Formulate a saving plan for your travel fund that works for you

Exchanging money at the airport

The exchange rates at airport kiosks tend to be quite high. It's best to go to a bank ATM as soon as you arrive at the destination to get some local cash. 

Carrying only one credit card

When it comes to technology, you never know when it's going to give you trouble, and this goes for credit cards. Having a back-up is essential.

Ignoring the need for travel insurance

You never know what might happen on a trip or if you'll need to pay a visit to the hospital. Having travel insurance could end up saving you a small fortune, so don't travel without it. 

Not knowing transport options

Research your transportation options ahead of time. For example, in big cities, you’ll want to avoid cabs and ride-shares that can add up quickly. Public transport can be faster as well as cheaper. 

Traveling without a budget

This is a common travel money mistake that will leave you behind with your finances, paying for the last trip rather than saving for the next one because you've overspent. 

Not informing your bank and credit card company that you'll be traveling

Some banks still require this, some don't. To be on the safe side, make sure that your bank and credit card companies know where you're traveling so that they don't block your card. 

Incurring extra charges for your luggage

The terms and conditions regarding luggage are made very clear when you purchase your flight tickets. Make sure you're aware of them so you don't get stuck with unexpected fees.

Not checking the deals sites

Check out sites that offer great deals in your travel destination. You can find coupons and special deals to save money on local activities.

Neglecting the security of your cash and documents

Your cash and your documents are important. Always keep in mind a safety hierarchy that starts with yourself, your documents, your cash, and your stuff. 

Not understanding the cost of living at your destination

Your travel budget can get hit hard if you don't understand the cost of living at your destination. Research the economy of your destination before you go.

Using a credit card with a foreign transaction fee

Foreign transaction fees can be as high as three percent on everything you buy in a foreign currency. Fortunately, there are cards with no foreign transaction fees. 

Paying too much for airport lounge access

Sure, it's nice to avoid crowds and relax at an airport lounge. But if you haven't racked up sufficient frequent flyer miles to get free lounge access, it can get pricey. 

Overspending on groceries

You might think it will be cheaper to buy groceries and cook at your vacation rental, but that’s not always the case. In some areas, grocery stores may charge a lot for basic items. Meanwhile, some destinations have some great cheap eateries worth testing out.