When
budgeting for a trip, we often list the big-ticket items -- airfare,
hotel, lodging, car rental, attraction tickets -- add them altogether
and call it the final price. But the trickle of funds to other costs
starts almost as soon as we start moving: gas to and from the
airport, tolls, airport parking, overpriced bottles of water in the
airport and more.
That
trickle doesn't stop when you arrive at your destination; think cell
phone charges, bank fees, hotel Wi-Fi and housekeeping tips, to name
a few. To avoid spending more than you have to, check out these 10
money mistakes to avoid while traveling.
1.
Don't forget to let your bank know you will be traveling.
Forgetting
to call your bank before traveling abroad is a common error that even
frequent international travelers make; it slips your mind until the
plane touches down, and by then it's often too late. These days banks
have almost zero lag time in noticing a debit or credit card being
used abroad, so you will get shut down on pretty much your first
swipe in a foreign country.
As
banks have gotten more sophisticated about tracking card use
locations, this can be important even important for domestic travel,
and most banks recommend that you let them know about those
closer-to-home trips as well. Fraud detectors can be tripped if
you're suddenly using your card across the country, making more or
different purchases than you usually do or charging unexpectedly
large amounts (such as a weeklong hotel stay).
Note
that this applies to debit cards as well as credit cards, and you
sometimes need to talk to more than one department even inside the
same bank to get them all approved for travel.
2.
Don't overlook bank and ATM fees.
While
traveling internationally, each time you go get cash you will likely
incur a fee of some kind. These can vary a lot depending on whether
the ATM is run by a large bank or not, if the bank is on your card's
network and more. Keep in mind that fees can change from year to
year, so it's worth checking before every trip.
3.
Don't fail to make a plan for getting to your hotel from the airport.
That
first taxi ride from the airport may be your most financially
vulnerable moment of any trip -- the time when you have no idea how
far it is, what a fair price is for the ride, whether you have
lower-cost alternatives such as a train or bus, or even whether your
hotel has a free shuttle. It is best to figure all of this out before
your trip; when you arrive you are tired, often without much cash and
carrying a ton of luggage. You don't want to be fumbling around
trying to figure all this out on the airport curb.
4.
Don't underestimate your cell phone bill.
How
much could a few texts, a bit of mapping, a few email checks and a
batch of social media updates cost per day? Plenty, it turns out.
Even if you purchase an international roaming plan, these often have
pretty aggressive data caps, and your data allowances can disappear
quickly.
5.
Don't forget to research the local exchange rate.
Especially
in the first several hours at your destination, having done a little
research on the local exchange rate against your home currency can
make a huge difference. Often it takes a couple of days really to
have a handle on how much things cost, but this can take even longer
if you are traveling in an area where prices may not be so fixed as
they are at home. Knowing the exchange rate cold so you can do the
math quickly in your head will help considerably.
6.
Don't bring traveler's checks.
Barely
anyone accepts them anymore, they're not cheap, you have to invest a
fair amount of time in obtaining and purchasing them, and credit
cards give you a far better rate of exchange in most parts of the
world. Skip 'em.
Make morning time your activity time. The weather will probably be friendlier, your energy levels higher and your agenda emptier than later in the day.
