When you go on a holiday after your retirement, you need to take care of several things such as your health, comfort, financial aspects, etc. A mistake can spoil your holiday experience and at the same time also severely impact your finances. So, how to avoid such mistakes? Well, here are some important financial mistakes that you may keep in mind so that you can avoid them easily when going on a holiday trip.

Not Getting The Travel Insurance

Seniors are often at a greater risk related to their health conditions compared to other age group. One of the reasons could be due to climate change or due to travel sickness they may face health-related challenges during their holiday trips. In the absence of travel insurance, if they require a hospitalization, they may need to pay the hospital bill from their pocket. So, when seniors plan for a holiday trip, they must get appropriate travel insurance that can provide them with sufficient risk cover against various uncertainties.

Travel insurance can provide financial cover against risks such as loss of baggage, trip cancellation, missed flight, delay in flight, loss of passport, personal liability, medical evacuation, etc.

Before getting a travel insurance plan, make sure it provides you with adequate protection and choose the product that suits your requirements according to the place where you would be travelling.

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Travelling Without A Plan

Remember, you not only enjoy the travelling or the days spent during the holiday but you also enjoy the period before travel when you make the holiday plan, set the itinerary, choose the hotels, book the activities, etc. If you go on a holiday trip without planning it, you may not only spoil the experience quality but also end up spending much more money than required for it.

Before going on a holiday trip, prepare your plan in detail. Know your budget, find out what you plan to do during your trip and decide the number of days you’ll be spending on your holiday trip. Planning may also include things like hotel booking, travel ticket booking, arranging money, etc.

Not Knowing The Hidden Charges When Choosing The Spending Tool

There are various ways to make payment when you plan to go on a holiday. For example, you can pay in cash, through debit card, credit card in your domestic holidays or use the currency, forex card during your foreign travel. Cash can be easy to use and understand for many seniors but carrying a huge amount could be risky. Debit and credit cards can be another way to make your travel related payments. Before choosing your payment instrument, you should understand their charges as well as the transaction cost. For example, there are many debit and credit cards which are offered for free but at the time of transaction they may cost you heavily. Also, when travelling abroad you must know the instrument’s buying and selling rate apart from their charges.

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Finally

Seniors should plan their holidays well in advance and try to create a fund for them so that they don’t need to borrow money for this purpose. As seniors are susceptible to health risks, they should try to book cancellable tickets and hotel rooms to avoid losses due to unavoidable cancellations.

The author is an independent financial journalist.