Traveling this summer? Make these 5 smart money moves

Summer is almost here, and for many people, that means it’s time to travel. In fact, according to a recent survey DeloitteHalf of Americans plan to take a vacation this summer – up from 46% a year ago.

Unfortunately, travel costs are rising. According to Bureau of Labor Statistics, the consumer price index for airfare alone jumped 10% from pre-pandemic levels. In addition, accommodation and hotel expenses Up 3.5% over the past year.

Are you planning a vacation this summer but worried about the financial implications? There are actually several things that travel agents recommend to you to protect your money. Start now by exploring your travel insurance options here.

Smart traveling starts earning money now

Here are five things travelers should do now this summer.

Get travel insurance

Travel insurance Protects the financial investment you make on a trip. It can compensate you for lost luggage, pay for your medical expenses while abroad or even cover the cost of your trip in full if you have to cancel unexpectedly.

For this reason, you definitely want to Travel insurance for International travel — where your health insurance may not work — or on long, extended trips, when you have a lot of money to invest.

According to Kimberly Evans, owner of An Extraordinary Traveler travel agency, investing can often be smart. Travel insurance for a domestic tripvery

“You should never travel without insurance,” says Evans. “Even if you’re traveling domestically, it can be helpful, because not every medical facility accepts every insurance company. So, if you’re out of network, you might be out of luck.”

If you are purchasing Travel insuranceBuy it as soon as you plan the logistics of your trip — when you’re going, where you’ll stay and how you’ll get there.

“Many insurance companies have limits on how close you can shop to the time of travel, so it’s better to think sooner rather than later,” says Claire Riley, owner of Duende Travels travel agency. “Any-reason-cancellation policies are usually purchased within two weeks of the cost of your first non-refundable trip, which is often the flight.”

You can now easily explore multiple travel insurance companies in one place here.

Choose your credit card wisely

Most people use credit cards while booking travel. If you are one of them, make sure you choose wisely, ie Many cards offer additional rewards for travel purchases. This could mean extra airline miles or more cash back in your next statement period. Other cards may offer additional trip protection, such as rental car coverage, for example.

If you use a travel agent for your trip, let them know about any special benefits your card offers.

“When my clients tell me which card gives them five times the points at their hotel and which helps them earn bonus frequent flyer miles, I can make a note of how to use each card in the most effective way,” Riley says.

Check the exchange rate

If you’re going somewhere you’ll need a different currency, get it from your bank before your trip. Exchange kiosks at airports and other locations tend to include markup fees, which can make exchanging money more expensive.

You can also think about the exchange rate between your home currency and the place you are visiting. In some situations, it may be cheaper to prepay for your hotel rather than waiting until you arrive to settle the bill.

“I’ve recently had some clients request that hotels pay in advance rather than upon arrival since the dollar-euro exchange rate is becoming less favorable for Americans,” Riley says. “They probably saved at least a few hundred dollars when they did it instead of waiting.”

Set up a travel fund

Once you know you are traveling, set up a fund and Start saving cash for that trip. You can use these funds specifically for travel expenses — meals, sightseeing tickets, etc.

According to travel agent Hans Mast of Golden Rule Travel, this approach will help you better manage your trip budget.

“Start a savings plan for your trip as soon as possible,” says Mast. “This can help spread the financial burden and make your trip more enjoyable without overspending. Always remember, planning is the key to a successful, stress-free trip.”

Think about the fees

Finally, estimate any fees you may be hit with. These may include foreign transaction fees on your credit or debit card, international calling or messaging fees on your phone, and roaming or data fees.

If your card or phone plan includes such fees, consider changing your plan or adding international features for the duration of your trip.

“Make sure you have an international plan for your cell phone,” says Evans. “I always recommend having an app like WhatsApp on your phone to facilitate communication with people at home.”

You must inform your credit card company and bank where you will be traveling and the exact dates.

Mast explains, “It’s always a good idea to alert your credit card company about your travel plans to prevent your card from being blocked due to suspected fraudulent activity.”

Protect your trip

Shopping at the end of the day a Travel Insurance Policy Travel agents say it’s usually the single best thing you can do to protect your investment.

“Most travelers think about insurance from a medical perspective, but there are many other factors to protect,” says Evans. “Travel isn’t what it used to be pre-Covid. Flight cancellations and delays happen every day. Lost luggage is sadly a big factor in today’s travel climate.”

Start exploring your travel insurance options now and learn more