Even the most experienced travelers can make costly mistakes when it comes to managing money on the go. While you may have budgeted for big-ticket expenses like flights and hotels, it’s easy to overlook smaller costs like public transport, tolls, and unexpected fees.
To keep your travel budget in check and avoid unnecessary spending, let’s look at the most common travel money mistakes—and how you can dodge them!
1. Traveling Without a Budget
Ever found yourself stressed about money mid-trip or, worse, running out of cash before your vacation ends? Even if you’re generally good with money, a travel budget is a game-changer. It helps you plan realistically, set savings goals, and ensure a stress-free holiday.
A solid budget prevents overspending and helps you make the best financial decisions while traveling. Start creating your travel budget today and make your money work smarter for you!
2. Exchanging Money at the Airport
Need foreign currency? Whatever you do, don’t exchange your money at the airport! Airport currency exchange kiosks charge ridiculously high fees—sometimes up to 15% more than what you'd pay elsewhere.
A smarter alternative? Withdraw cash from a local ATM or visit a reputable bank for much better exchange rates. Check out our tips on getting the best currency exchange rates when traveling.
3. Skipping Travel Insurance
Trying to save money by skipping travel insurance? That’s a risky move. One unexpected event—a canceled flight, lost baggage, or a medical emergency—could cost you far more than the price of insurance.
Some countries require travelers to have insurance, but even if it’s not mandatory, it’s worth the investment. If you travel often, an annual travel insurance plan might be the most cost-effective option. Learn how to pick the best travel insurance for your needs.
4. Using Public Wi-Fi for Financial Transactions
Free Wi-Fi at airports, cafés, and public spaces may be tempting, but it can also put your sensitive information at risk. Hackers love public networks, and your banking details could be exposed without you even realizing it.
How to stay safe:
✅ Use mobile data instead of public Wi-Fi whenever possible.
✅ If you must use public Wi-Fi, avoid logging into financial accounts.
✅ Use a VPN for added security.
✅ Turn off automatic Wi-Fi connections on your phone.
5. Paying High Fees for ATM Withdrawals
While withdrawing cash from a local ATM is usually better than exchanging money at the airport, you still need to be careful of excessive fees. Some banks charge hefty international withdrawal fees that can eat into your travel budget.
The solution? Get a travel-friendly debit or credit card that offers free ATM withdrawals abroad. Cards from Revolut, N26, TransferWise, or Starling Bank are great options, allowing you to avoid extra charges and manage transactions through their mobile apps.
Bonus Tip: Stay on Top of Your Travel Expenses
It’s easy to get carried away when you’re having fun on vacation. A budgeting app like Wallet can help you stay in control of your finances. Sync your bank accounts, set spending limits, and get real-time reports to track your travel expenses.
What’s Your Biggest Travel Money Mistake?
Have you made any of these money mistakes while traveling? Or do you have your own tips for saving money on the go? Share your experiences in the comments below!