What to know
- Pay in local currency at ATMs and shops to avoid hidden markups of 3–12 per cent and get a better exchange rate.
- Always book hotel rooms with free cancellation, so you can rebook if prices drop and potentially save 60–120 per booking.
- Buy travel insurance within two weeks of booking, especially if you have pre-existing conditions, to ensure full medical coverage during your trip.
- Use cash for small, daily purchases to help stick to your budget and avoid overspending; experts say this can save you up to 10 per cent of your daily travel funds.
Planning to travel this Thanksgiving weekend? This personal finance company shares five travel tips to help you save money.
Travel can be expensive. And during holidays like Thanksgiving, you can expect to pay even more premium rates. So, digital personal finance company Achieve shared five tips to help your wallet.
Pay in local currency
Paying in local currency can help you save at the ATM. Instead of paying a three-to-twelve per cent markup by paying in Canadian dollars, paying in local currency can help you avoid those high markups and receive a better exchange rate.
“Your own bank converts at a better rate than the shop terminal. The same screen will be at the ATM, and your answer should be the same,” a financial expert from Achieve said in a press release. “The dollar figure looks helpful, and around 60 per cent of customers choose it, but also lose money because of this.”
Book a room you can cancel for free to check price changes
By booking a room you can cancel for free, you can check price changes without losing any money. At best, you can rebook and save. An Achieve financial expert says you can save $60-120 per booking.
Beyond saving money, you can also get your money back if you need to cancel due to an emergency.
Buy insurance within two weeks after the booking
Experts recommend buying insurance within two weeks of booking, especially if you have a pre-existing condition — meaning the potential financial loss drops by $20,000 to $200,000.
“Timing actually changes what you’re buying, and if a traveller has a pre-existing condition, it’s covered only if the insurance was bought within 14- 21 days of the first deposit. Check the policy for the phrase ‘time-sensitive period’ and its exact day count, so you’re not missing out on medical coverage.”
Spend cash on small purchases
Experts recommend spending cash only on small purchases to make the money feel more real, rather than continuously spending on a card and seeing a large bill later.
“The ‘Cashless effect’ makes people spend more, and a traveller can save nine to 10 per cent of the daily budget with cash,” an expert explained.
By setting a daily allowance for food, drinks, and daily extras, tracking your spending with cash can make the full trip more affordable.
Book a university room
Book a trip that brings you back to your university days — with cheaper accommodation than a hotel room. By booking a university room when there are no students (sometimes during the Thanksgiving break, reading week, summer, or when there are spare rooms), you can save hundreds, costing $25 to $75 per night.
Plus, many stays include breakfast or dining hall access.
