Finance Globe

U.S. financial and economic topics from several finance writers.
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5 Vacation Planning Mistakes that can cost you Money

With so much to look forward to, planning a vacation can be extremely exciting. From choosing a destination to searching for the best deal, you are going to find yourself making a lot of important decisions along the way.

While most people understand the importance of using the internet to save money, some don’t realize they could still make mistakes that cost them dearly.

Here are five vacation planning mistakes to avoid:

1. Booking too soon or too late. If you book too far in advance – including airline tickets and hotel accommodations – you could find yourself missing out on a great deal down the line. If you wait too long, you could be stuck paying high prices, not to mention issues with a lack of supply.

Tip: once you choose a destination, begin searching for a deal you are comfortable with. When you find what you are looking for, consider the pros and cons of booking at that time.

2. Being inflexible with your travel dates. Did you know you could save a lot of money by simply being flexible with your dates? It may be more convenient to fly on a Friday or Saturday, but if you are open to other days you may find yourself saving hundreds of dollars.

The same holds true with hotels, being that you are likely to pay less for a weekday stay (as opposed to weekends).

3. Forgetting about hidden fees. Do you have to pay to check your bags? Are you going to be hit with a resort fee when you arrive at your destination? Do you have to cover the cost of parking at your hotel?

If you don’t think about these fees upfront, you may find yourself blowing past your budget in no time at all.

When you are aware of these fees, you may be able to make adjustments to your plans as a means of saving money.

4. Sticking with one brand without considering other options. There is nothing wrong with having a favorite airline, hotel, or car rental company. There is something wrong with not considering other options.

Until you experiment with other brands you will never truly know what they have to offer.

5. Funding your trip with a credit card. While there is nothing wrong with using a credit card to pay for your trip, you don’t want to do so unless you are able to pay it off in full when the bill comes due. Not doing so means you will be hit with an interest charge, thus making your trip much more expensive than you thought it would be.

Planning a vacation should be fun, however, a good time can turn sour if you make one or more of the mistakes detailed above.
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Tuesday, 15 October 2019

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