7 Common Mistakes That Break Summer Vacation Budgets
Being spontaneous with summer travel sounds fun until you see your total expenses.
The problem usually isn’t one huge splurge. It’s the smaller stuff you didn’t think about when you booked the trip or packed your bags that can make a reasonable trip cost a lot more than planned.
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Before you make reservations, learn about these common summer vacation mistakes that can blow your vacation budget.
Booking Reservations on the Wrong Night of the Week
Billy Rhyne, owner of Horseshoe Ridge RV Resort in Wimberley, Texas, said the most expensive mistake isn’t picking the wrong destination. Instead, he said it’s booking the wrong night of the week and paying a premium for it.
“Friday and Saturday nights at most leisure properties cost noticeably more than Sunday through Thursday, often a 30% to 50% premium in peak summer,” he said. “A two-night Friday-Saturday weekend can run higher than a three-night Sunday-Monday-Tuesday at the exact same property.”
Not Packing Everything Needed
Rhyne said that another mistake is showing up unprepared and having to purchase items at convenience-store prices.
“Bring your own coffee, your own bug spray, your own kid snacks,” he suggested. “Front desks have those, marked up to the price of having no other option.”
To avoid purchasing expensive items at your destination, make a checklist in advance of everything you might need for your trip and pack accordingly.
Failing To Ask About Package Deals
Rhyne explained that three-night stays at most resorts in his area come with discounts or perks that no one offers at booking. He said that you must ask to get them.
“Reservation agents are allowed to bundle,” he said. “They just rarely volunteer it.”
It never hurts to ask when booking if there are any discounts or perks available. The worst thing that can happen is that the booking agent says no.
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Booking Flights and Hotels Too Close to Travel Dates
Joe Cronin, president of International Citizens Insurance, said people often make the mistake of failing to lock in their flight or hotel rates early. He explained that, for summer travel, airfare booked within three weeks of departure can run $200-$400 more per person than the same route booked two to three months out.
Skipping Travel Insurance
Cronin said that skipping travel insurance or buying a plan with too little coverage can be another costly mistake.
“I have seen travelers absorb $15,000 to $30,000 in medical bills abroad because their domestic health plan covered nothing outside the U.S. and they assumed it would,” he said.
He added that for a two-week trip, a good travel medical policy runs around $50 to $150.
Using the Wrong Card or ATM Overseas
The credit card you use for travel in the U.S. may not be the right one to use when traveling internationally. Cronin pointed out that currency and foreign transaction fees are the quietest budget-killer of all.
He explained that using the wrong credit card or pulling cash from airport ATMs can cost 3% to 5% on every transaction.
“On a $5,000 trip, that is $150 to $250 disappearing,” he added.
Underestimating Daily Spending
Cronin said that underestimating daily spending in peak-season destinations is a common mistake.
“Food, transportation and activities in cities like Paris or Rome in July routinely run 20% to 30% higher than travelers expect, based on off-season pricing they may have read about,” he said.
To avoid overspending, build a spending cushion into your budget. Cronin recommended budgeting an extra 20% per day.
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This article was provided by MoneyLion.com for informational purposes only and should not be construed as financial, legal or tax advice.
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