Travel planning experts advise against hoarding points and debunk two other travel myths.

While planning a vacation can be thrilling, it's common to overspend. In fact, a survey by Bankrate in April revealed that over a third of Americans planning a summer vacation planned to use debt to finance their trip.

When planning a large dream trip, it's crucial to consider the cost and think ahead, as advised by Yanely Espinal, director of educational outreach at Next Gen Personal Finance, during a Your Money event on Oct. 24.

Numerous resources exist for money-saving advice, including personal blogs and professional travel agents. However, certain tips may not be applicable to you or may not be accurate.

Three travel planning myths you can disregard, according to Espinal and Cameron Sperance, senior hotels reporter at The Points Guy.

Myth No. 1: You should budget for every little thing

While you can accurately budget for flights and accommodations, you may not have a precise estimate of your expenses on shopping, food, and activities upon arrival.

When planning for your next trip, remember to set aside extra funds for unforeseen expenses.

When traveling, it's important to consider the challenges of currency conversions and the various transportation options available.

Espinal advised planning generally, but acknowledged that some variations may occur.

Booking flights on a specific day does not necessarily result in saving money.

Numerous experienced travelers believe that there is a secret to obtaining the cheapest flight deals, including booking two to eight months ahead and purchasing airfare on a specific day of the week. Nevertheless, there is typically no specific date that guarantees the lowest price.

Sperance stated at the event that he had inquired with every airline and booking platform regarding the matter, yet he had not received a consistent response from any of them.

To track flight prices, you can use Google Flights or your preferred travel booking site. However, Sperance advised booking with flexibility.

"Cancel any reservation with cancellation fees and monitor for cheaper deals. If you find a better option, cancel and rebook for maximum peace of mind."

Myth No. 3: It pays off to hoard credit card points

Sperance stated that for many credit card users, earning points or miles for future travel is a significant advantage. However, it may take time to accumulate enough points to cover the entire cost of a flight or hotel, which could decrease the value of the points.

Regularly, airlines, hotels, and credit card companies modify their rewards structures, sometimes without prior notice. As a result, if this occurs while you are accumulating your points, the value of your rewards may be lost.

"Sperance advised against hoarding points and miles, suggesting that they should be used as soon as possible, even for just a small part of the vacation, rather than thinking that they would be used for the entirety. He warned that there was a high chance that those points might not be worth what they were even a couple of months ago."

Avoid accumulating credit card debt that you can't afford to pay off, as interest charges can quickly erase any savings and negatively impact your credit score if your credit utilization rate becomes too high.

Espinal stated that if your utilization is currently high and you're unable to reduce it to less than 10%, it may not be the appropriate time to add more charges.

Earn more money at work by taking CNBC's online course on negotiating a higher salary. Expert instructors will teach you the necessary skills to increase your paycheck, including how to prepare, build confidence, communicate effectively, and craft a counteroffer. Start now and use the coupon code EARLYBIRD for a 50% discount through November 26, 2024.

Sign up for CNBC Make It's newsletter to receive expert advice on work, money, and life.