Over the years, more and more people are discovering the fun and the stress-relieving benefits of traveling. “You only live once,” as they say and there is nothing wrong with that as long as you don’t ruin your personal finance and spend every cent you have way before the next payday.
To enjoy traveling at its fullest, you should not only consider your itinerary: where to sleep, eat, and enjoy the local. You must also plan your finances. This way, you do not go home feeling guilty about your expenses. Here are top five financial mistakes travelers usually do:
Eating at popular tourist hotspots
Restaurants and cafes in tourist hotspots are often expensive. Overrated food is common tourist traps that will make you spend more than you plan. Before you go on your trip, take some time to find out where the locals eat and drink. Read reviews to find where you can eat your money’s worth.
Not knowing the fare rates
Many would recommend that you use public transport instead of taxis to save money. However, this could backfire if you don’t even know how much you actually have to pay the local transports. There are local drivers who will charge exaggerated fares just because they know you are a tourist. Research on fares. Ask your hotel concierge or homeowner (if you are staying in an Airbnb) on how to get around and how much you have to pay using the local transport.
Keeping valuables in one place
Never put anything too valuable such as your credit and debit cards in your purse as it could get snatched nor in your backpack as it could easily be opened without you noticing. Experienced pickpockets could be anywhere in famous tourist spots. Use a money pouch you can wear around your neck, waist or calf. Separate your cash. Put some in your wallet pouch, perhaps in your socks and bra cups. You can never be too careful when traveling.
Losing track of credit card spending
Whipping out your credit card every time you travel around can get you into a disastrous credit card debt. This can be made worse if you unknowingly maxed out your credit cards since there are additional fees when you spend over your credit limit.
Establish a spending limit and stick with it. If you know you might have impulsive buying tendencies, it will be better to travel with cash. Seeing cash taken away from your hand will remind you of the pain of overspending. Add to that, it will be easier to track your expenses and how much disposable cash is left.
Buying items you should have easily brought from home
Planning your trips must include the things that you have to pack. If you are staying in famous tourist spots, you will be sure that most of the things you’ll need will be readily available at higher prices. Plan your stuff a week before your travel. Do not forget a water bottle. Bottled water can be expensive in some places. Bring a reusable water bottle and just refill in water dispensers in your accommodation. Bring a quick-dry towel since most hotels and accommodations charge for extra towels.
Traveling keep us mentally healthy when we are about to burn up at work. Add to that, we get to make lasting memories with our loved ones. Make it a perfect story to be told for years to come without the risk of overspending.