When you are on vacation you want to relax and enjoy new experiences. Unfortunately, that mindset often means you are more susceptible to getting scammed or succumbing to a deal that seems too good to refuse.

The classic tourist trap that could spell financial disaster is signing up for a timeshare without fully thinking through the implications or realizing what you have agreed to. In the cold light of day, there are many who quickly start to ask how do I get out of a timeshare?

Always check the small print when hiring a car

Every tourist destination seems to have its fair share of car hire companies who appear to be intent on ripping you off with sneaky hidden fees and charges.

You might be in a hurry to get on your way and start your holiday but it always pays to scan through the fine print of a rental document to check for any extortionate fees or charges that could send the cost of your car rental soaring.

Be extremely vigilant when it comes to timeshare companies

If you have quickly fallen in love with the area you are vacationing in the temptation is to replicate the experience by signing up for a timeshare deal.

Entering into such an expensive and binding financial agreement while on holiday is a bad idea. You need to check all the terms and conditions carefully. You also need to take your time to see if you still feel the same way about the timeshare once the initial excitement has subsided.

Signing a timeshare contract could quickly became a nightmare. Seek legal help if you get caught and want to know how you can walk away from the deal.

Organize your airport transfer before you travel

Local rogue taxi companies tend to operate in a large number of tourist hotspot.

You could end up paying a lot more than you should to get taken to your hotel from the airport. It is often cheaper and safer to book a transfer using a reputable company that offers a fixed price.

The cost of using your phone abroad can quickly escalate

It is all too easy to rack up a huge bill abroad when you use roaming to make calls and search maps.

Check whether you can switch to an international plan for your trip or whether you can buy extra data and minutes at a fixed price. That is a much better strategy than assuming that your bills won’t be too high when using your phone abroad. Your phone bill could be eye-wateringly high if you don’t sort of a plan before you go.

The cost of cash abroad is often expensive

Using local currency is part of the holiday experience. You might be tempted to go to the nearest ATM abroad and withdraw some cash to spend locally. However, the fees for withdrawing cash can be very high. You might also get a poor exchange rate that ends up costing you more than expected.

It is not uncommon to get charged as much as $10 for taking out $20 from an ATM abroad. Organize your cash before you travel in order to avoid this classic money trap.

If you are vigilant and aware of these classic money traps it should help you avoid spending more money than you needed to.