There are numerous aspects from the best deals on flights to the perfect stay that need to be considered before planning a short or long term trip. However, one main aspect that is often neglected is financial planning. Keeping in mind a few small financial moves before taking off for your trip can help you re-enter your daily lifestyle smoothly. Below mentioned are 10 to-dos to add to your list to keep your finances intact and avoid overspending while you’re travelling.
Choose Bank Accounts, Credit and Debit Cards Suitable for Travelling
Not all bank accounts are the same when you are travelling overseas. Some ATMs work worldwide, while some are not acceptable overseas. Some travel credit cards charge a high foreign exchange rate compared to others. Similarly, some debit cards charge fees when you use out of network ATMs.
It is important to do a little research before opting for a particular bank account or travel cards. You should consider the options with economical foreign exchange rates or the options which don’t charge any fee for using other banks’ ATMs or accounts that are travel-friendly.
Switch To Automatic Payment of Your Bills
Forgetting about your bill payments while on a trip is a common mistake made by most of us. While the bill payment might not affect your financial budget, the possible credit damage and late fee are not what you want. Setting up automatic payments for most accounts such as credit cards, utilities, car loans, and mortgages is as easy as making a call. This will help you in avoiding any late fee or suspended services for the bill that arrives while you are not in town.
Update Your Bank and Credit Card Company About Your Trip
The last thing anyone wants is the transactions being declined or their travel cards being blocked by their bank or credit card company. These are measures taken by the bank as a security precaution.
To avoid this happening to you, it is best to notify your bank or your credit card company about your trip. This helps in keeping the bank updated about receiving foreign transactions that aren’t fraudulent. Additionally, it is important to be informed about your bank allowing the use of your travel credit cards in the country you are visiting.
Have More Than One Travel Credit Cards and Bank Account
Sometimes when you are overseas, it is possible certain banks and travel credit cards don’t work at retailers or ATMs. To avoid being left with no money to process a transaction it is good to carry backup travel credit cards from a different bank account. It is possible that the backup travel credit cards may rescue you when your main card doesn’t work.
Make Use Of Travel Budgeting Tools or Prepaid Travel Cards
Buyer’s remorse is the worst feeling after the post-vacation buzz. This can be prevented by taking steps to stay within your budget while you are travelling. You can make use of travel apps that help in tracking and recording your travel expenses by setting a daily spending budget for food, transportation, accommodation, etc.
For people who are not very tech-savvy can make use of prepaid travel cards that have a set amount as per the spending budget.
Take Note of Exchange Rates
It is good to research your travel destination’s currency rates well in advance. This helps in seeing what the various banks or providers are offering and then opting for the best-offered rate as per your destination.
Use Account Monitoring Tools
Account monitoring helps in protecting you from identity theft, ensuring you get the desired travel experience. This involves implementing several tools such as SMS or Email alerts for services such as your account balances falling below a certain level, a transaction is declined, etc.
This also ensures in easy tracking of the financial expenditures when you are back from your trip and want to keep an account of the expenditures made while you were travelling.
When you think about vacation-related expenses, travel insurance can save you. Travel insurance covers a variety of areas such as medical expenses, theft of your belongings, travel inconveniences, etc. It is advised to consider the kind of coverage that suits you and arrange it before going for your trip. You should also keep a check on your existing insurance policies.
Take Note Of Cell Service Providers
In today’s world, where the phone isn’t even spared for a moment, everyone wishes to carry their mobile while travelling. It is important to know the international roaming rates offered by the service providers and choose the one that caters to your requirements.
Pause Your Mail and Other Subscriptions
These days, most of our mail is electronic. However, it is important to put a hold on the mail that reaches your house physically. There is a risk imposed by scammers that make money by stealing your identity-related information.
You can also pause your newspaper delivery, magazine subscriptions, and other subscriptions. This helps in accumulated savings when you are gone for a long term vacation.
Summing it Up!
Your financial security is as important as your physical security while travelling overseas. A vacation is an unforgettable experience, which is why is it important to safeguard yourself from any financial mishappenings.