How to Plan Your Dream Vacation without Ignoring
Your Financial Goals
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Reprinted with permission by the Financial Planning Association, How
to Plan Your Dream Vacation without Ignoring Your Financial Goals,
February 2006.
Source: The Financial Planning Association. (February 2006). How to plan
your dream vacation without ignoring your financial goals. Financial
Planning Perspectives (FPP) newsletter.
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The winter months have a way of making us
all wish we were somewhere else. With Spring approaching,
now is the time to plan a vacation without ignoring your
financial goals. Some ideas:
Weigh the value of driving
vs. flying:
With energy prices where they are,
driving vacations aren't necessarily the cheapest
alternative. If you haven't measured the gas mileage
lately on your car, do so after your next fill-up
and see what it would really cost you to drive to
your desired destination-and don't forget wear and
tear on the car (roughly 10 to 20 cents per mile),
meals or hotels on the road. If you plan significantly
ahead of time, traveling by air might not only get
you there faster-but cheaper. At the same time, if
you fly and need a rental car, don't forget to figure
in that cost.
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Plan on-line:
Calling hotels and airlines to make reservations
will not only put you on hold, they're also likely to cost
you more money. If you're not a regular user of the Internet,
you should know that airlines and hotels particularly have
migrated more of their deals for rooms and meals to their
websites because visitors can complete the whole reservation
process themselves. That saves airlines, hotels and rental
car companies considerable labor cost.
Go for the package deal:
On-line travel sites make it easy to combine
hotel, airfare and rental car at a cheaper rate. And remember
the days and times that are typically cheaper to fly-Tuesdays,
Wednesdays and Saturdays if you're willing to fly early in
the morning or late in the evening.
Know when to use travel agents:
A good travel agent can be a great money saver,
particularly for lengthy or complex trips. It's OK to compare
prices yourself, but consult a travel agent if you are going
to remote destinations-they'll know the territory, and if
you have to make changes, they might be able to help you
do so without paying a lot of extra money. Also, don't forget
to check currency rates.
Check your telecommunications options:
We're not going to do an overview of cell
phone technology here, but if you're planning an overseas
trip, it's best to check with your wireless company first.
Ask if your phone will work overseas and what the potential
costs will be for roaming charges, which can quickly skyrocket.
Also, you might go on-line to see if your overseas airport
rents cell phones at a daily or weekly charge.
Check on car insurance:
We've all heard how buying rental car insurance
is a bad deal, but not so fast. For domestic trips, double
check whether your own car insurance policy is likely to
pick up the bill if you have an accident. For overseas trips,
check with your rental agencies as well as your credit card
company to see what insurance options you have. Don't think
only in terms of accidents. Think about blown transmissions
in small towns with only one mechanic who doesn't speak English.
Also, if you're driving to Canada or Latin America in your
own car, be very sure you have adequate coverage required
in every country. You might have to buy supplemental coverage.
Consider travel insurance:
There is insurance coverage available for
travelers who face sudden cancellations as well as medical
needs. Trip cancellation can reimburse you for non-refundable
costs in the event of things like an illness for you or a
family member that causes you to cancel your trip. Look into
what your current health insurance covers at your destination,
so that you can understand your risk exposure and weigh it
against the cost of supplemental insurance. It's important
to realize that health insurance issues crop up on domestic
trips as well as those overseas - for instance, your health
insurer may not cover claims in other parts of the country.
Always check. Also, if you're on a business trip, make sure
your company health plan will cover you in an emergency.
Prevent theft at home and abroad:
Photocopy your driver's license and passports
and keep the originals with your valuables in the hotel safe.
Also, don't forget to hold your mail and pay all your bills
before leaving town.
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