You're Probably Spending Way Too Much on These Vacation Expenses
A vacation can be a time to let loose and have some fun, but too much fun and not enough attention to the cost can lead to regret and possibly put you into a bad financial situation. Even though vacations come with a lot of necessary expenses — you have to eat, of course — sometimes these necessary vacation expenses can add up in unexpected ways.
Here are a few necessary vacation expenses that you’re actually wasting money on and what to do instead.
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Drinks
You have to stay hydrated, but buying sodas and cocktails at meals can add up quickly. According to BinWise, drinks at a bar cost between $5 and $15, and Pour My Beer stated that the markup on beer averages 200% to 300%. If you’re trying to keep vacation expenses down, you can order water at restaurants and buy your drink of choice at a grocery store to keep in your hotel or vacation rental.
Transportation
Calling a ride-share, like Uber or Lyft, can be convenient, but it can also be expensive. In Pittsburgh, taking an Uber for 13 minutes costs anywhere between $19 and $29, but using the public transportation system only costs $2.75 and is good for three hours with unlimited transfers. In New York City, a 15-minute Uber ride can cost between $64 and $92. A trip on the subway will only cost $2.90. Forgoing private transportation in favor of the city’s public system can end up saving you quite a bit on a necessary expense.
Lodging
While hotels may have the amenities you want, like free breakfast or a pool, rates can add up quickly. Rather than heading for the hotel that costs an average of $158.45 per night as of May 2024, according to the J.D. Power 2024 North America Hotel Guest Satisfaction Index (NAGSI) Study, you may want to check out a vacation rental. This is especially true if you’re traveling with a larger group and need two or three rooms. You may even be able to split the cost between families.
Souvenirs
It can be tempting to buy the cute knick-knack or novelty hat, but these items are often priced pretty high and can ding your budget more than you think. If you do decide to go the souvenir route, try to buy something local that you would use on a regular basis either as a practical item or as decor. You can also collect shells, rocks, or other items that you can display in your home or turn into a piece of art later. Another idea is to get free maps or brochures from your destinations and frame them when you get home to create a display of your travels.
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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