GRAND RAPIDS, MI — Many people in West Michigan are halfway through or soon to be on spring break. Maybe he has already taken a week off and is planning a trip during the warmer months.
No matter how you plan, it's important to be aware of your expenses both before and during your trip.
More than 1 in 10 Americans are planning a spring break trip, according to a survey conducted by financial firm IPX 1031.
Exchange rates, hidden fees, and being prepared for peak travel periods are all things to keep in mind when heading to your holiday destination.
According to the same study, the average person is willing to spend $2,700 on a trip.
Kelly Gilbert, owner of EFG Financial, said it's important to save for travel in advance in a separate account because of the high costs.
And once your trip arrives, be sure to plan for the exchange rate if you're heading out of the country, and don't carry too much cash in case you get pickpocketed.
Additionally, Gilbert says setting a budget that you want to spend while traveling and using credit cards instead of debit cards to avoid fraud are things all travelers should do.
“You can dispute it. ATM or debit card purchases are much harder to dispute and you may lose your money. Rely on credit cards rather than debit cards when traveling . Use your debit card only when you need to withdraw cash from an ATM. Use your credit card instead,” said Kelly Gilbert, owner of EFG Financial.
Gilbert also says that using a room safe to store money, jewelry and passports can cause problems if you forget the combination. He suggests writing the combination somewhere else or bringing a portable travel safe.
