Summer is just around the corner. Vacationing on a shoestring can be a challenge, but with preparation and planning it’s not impossible. Our Certified Financial Planner Denisa Tova has some travel savings tips.
Compare ALL airline fees
The Web site NerdWallet.com has added an airline fee search and comparison tool to help you compare additional airline fees – like luggage fees. There are many websites that allow you to compare airfare but they neglect to alert you about all those extra fees. NerdWallet.com is pulling this info into one central location.
Avoid foreign transaction fees
Foreign transaction fees used to be a nasty surprise for international travelers but since the passage of the “Credit Card Act”, credit card providers have to clearly disclose all the fees. Some credit card issuers charge a flat fee per transaction and some a percentage (usually btwn 1-3%) of the purchase.
If you travel overseas often, find a card without a foreign transaction fee. Make sure you read the fine print because they often come with annual fees and other restrictions. Other option is to use your debit card more or an ATM, if they have lower fees. On the other hand, credit cards offer better identity theft protection than debit cards, and may be worth the extra fee.
Is travel insurance worth the money??
It can keep the costs down if you have the right plan. Technically, it’s supposed to cover you for trip cancellation, medical emergency and loss of your luggage, and even reimburses you if your travel operator goes bankrupt.
Here are a few tips to find the right one:
Shop around for the best deal. Know exactly what the plan covers. Understand how to put your plan to work and get your money back.
Knowing all of this ahead of time, will help you avoid costly surprises and allow you to budget better for your travels.