6 Things Retirees Shouldn’t Spend Big Money on While Traveling Abroad

One of the most incredible things about getting older or settling into retirement is that you may finally have the time to travel abroad.

Whether you have scrimped and saved for years or have factored traveling into your retirement, the ability to fly overseas is remarkable. Unfortunately, it can also be expensive. Even if you have budgeted for every possible expense, you can still end up getting caught spending more than you anticipated.

However, there are tips and tricks to prevent costly mistakes. Many mishaps can be avoided with a bit of extra planning and a clear understanding of markups.

Here are six things boomers and retirees shouldn’t spend big money on while traveling abroad.

Any savvy traveler knows that what you buy abroad must be brought home. Those who aren’t as savvy may find their suitcases overstuffed with souvenirs and overweight at the airport.

To avoid costly baggage fees, you will want to forego the large souvenirs. Luckily, you can find treasures that don’t cost a fortune at almost any destination.

According to Drift Travel Magazine, it is best to run a quick need vs. want analysis before purchasing anything while on vacation. You should not only consider the cost but also whether it will fit in your luggage and if it will survive the return trip.

Another way to save money is by staying away from tourist traps.

In heavily traveled areas, prices increase significantly. Everything from your meal to your lodging will cost more.

By staying slightly off the beaten path, you can score huge discounts and deals. As an added bonus, you won’t have to deal with as many other tourists.

While it can be tempting to live in luxury on vacation, it can also leave you in large amounts of debt when you return home. Book a room within your budget and stick to it.

As you think about your accommodations, consider where you are vacationing. Is it somewhere that you will be out and about sightseeing for most of the day, or is it a winter getaway that could leave you cabin-bound for most of the trip?

In many instances, you will only spend a few hours each day awake in your lodging. Most of the time you will be enjoying your destination, whether it is on the beach or walking along cobblestone streets.

Read the reviews of the hotel to make sure the room has a decent bed and is in a safe area. Then, you can probably skip the pricey upgrade for the in-room hot tub. 

Too often, vacationers end up paying exorbitant ATM fees. These can often be avoided by planning ahead.

Travelers can search for an in-network ATM that is supported by their bank and won’t cost them fees, or they can ensure they have enough money to travel with and avoid the ATMs altogether.

It is important to note that if you want to exchange currency, you might want to avoid doing it at the airport. You will end up paying substantially more.

Another option is to use a credit card that won’t charge you for spending overseas. Many credit card companies are expanding their area to ensure a worldwide reach for their customers.

You can save significantly and stack up the rewards by using your credit card instead of hitting the ATM.

Unless the meals at your hotel are included in your stay, it may be best to find alternative dining.

While hotel meals are the peak of convenience, they are also pricey. From overpriced buffets to coffees with jaw-dropping price tags, these hotel meals could send you over budget.

By stepping beyond your hotel, you’ll be able to find food at much cheaper prices. You can also consider stopping at a local grocery store to pick up a few in-room snacks.

One of the best things about traveling abroad is that many countries have public transportation systems that rival any city stateside.

For pennies on the dollar, you can get from point A to point B. Skipping the car rental will save you money and a headache if you are unfamiliar with the local roads.

Consider seeing your destination by bus, train or boat instead of paying full price for a rental car.