When you travel, you’re bound to be presented with a lot of exciting options to spend your money on. If you’re not careful, you may find yourself making money mistakes that may take you long to recover from. Other than the urge to spend on every interesting stuff that you come across, there are many other instances in which you can end up on the wrong side when it comes to your trip finances. Here are some of the most common money mistakes that travelers commit, and which you would do well to avoid:
Failing to notify your bank that you’re traveling
By forgetting to let your bank know that you’re traveling abroad, you may find yourself unable to access the funds on your debit or credit card in your new destination. This is because banks immediately close your card on detection of fraud-like activities. These of course include sudden use in a foreign location or purchase of more stuff than you’re used to. The notification can easily be done online, saving you frustration and minutes on the phone with the bank’s customer service when you get to your destination and realize you cannot access your money.
Buying your flight ticket late
Booking your flight at the very last minute will have you paying the highest price for the trip. By booking weeks before, you get the lowest price offers on the flight.
Carrying all your funds together
Keeping your debit, credit cards and cash in the same place may set you up for a big loss. This is if, unfortunately, you get mugged. Always ensure to leave some of your financing options at the place you’re staying, and carry with you only what you’ll need for the day. You can store one card in your wallet, another in your carry on, and perhaps keep your cash in the luggage.
Exchanging money informally
There will always be some people trying to make a bit more money than usual off tourists. If you decide to exchange your currency at a street vendor, you might get ripped off, especially if you’re not aware of the exchange rate. Your best bet is doing the exchange at a reliable exchange bureau, for instance at a bank.
Incurring unnecessary transport costs
Cabs seem to be the safest and easiest way to get around a new place. However, depending on your destination, public transport can serve you just fine. In most cities, public transit is way more cheaper than cabs. If it’s well organized, you should consider taking a train or a bus to get to some destinations.
Overspending on hotels
Hotels are not the only accommodation options available during a trip. You could rent an apartment, a house, or find an Airbnb host! A house can especially be much cheaper than hotel rooms if you’re traveling in a group. And, Airbnbs are definitely a lot cheaper than most hotels.
The success of your trip may lie in the kind of financial decisions you make. By taking necessary measures, you will avoid having your fun cut short by avoidable money mistakes.