Thursday, January 23, 2020

7 Tips to Manage Your Finances While Traveling

Wazzup Pilipinas!

Whether you are traveling solo, going for honeymoon vacation, or going for a family holiday, any kind of overseas vacation involves heavy planning especially when it comes to your finances. It is essential to have a plan for managing your money, as it ensures safety while traveling and saves you a huge amount of trouble. We’ve put together 7 tips that will ensure better management of your finances while traveling overseas.

Set a Spending Budget

Once you have decided on the destination you want to visit, the next important step is preparing a spending budget. When you prepare a financial spending budget, you can observe where your money is going. This helps in avoiding overspending which can lead to you running out of finances halfway and returning with heavy financial burdens such as heavy travel credit cards bill.

Your budget should take into consideration the expenses of accommodation, meals, activities, souvenirs, transportation, gratuities, etc. You should ensure that your budget has a certain flexibility in case of occasional splurges so that you enjoy your journey to the fullest.

Use a Bank Account with Low International Charges

One of the easiest way to access funds while abroad is through withdrawing money from ATM machines using your travel cards. ATMs are present almost everywhere and are an easy way to access funds as you do not have to carry large amounts of cash.

The common problem that occurs while withdrawing cash is that banks charge a high cash withdrawal fee for international transactions. It is best to always find out the fee charged by your bank beforehand. If the fee charged is high, it is advisable to change to a different bank account as it could lead to a great amount of savings.

Inform Your Bank or Credit Card Company

When you plan to head for your vacation, it is important to inform your bank or the credit card company about the travel including the duration and reason for the travel. This is important as it helps to prevent your travel credit cards from being blocked when they detect unusual foreign activities. You should also keep in handy the assistance helpline number for any service required when you are traveling.

Some credit card companies do not allow overseas transactions unless the cardholder puts in a request. It is advisable to check with your company for the procedure.

Use Travel Credit Cards for Your Purchases

You should always keep some cash in hand while you are traveling. However, it is advisable to use your travel credit cards for the majority of your spending. This is because you don’t have to go through the hassle of converting your currency. It also helps in getting you an economical exchange fee charges. It helps avoid dealing with the risks of carrying a huge pile of cash, in case of theft of your card you can simply report your card without losing any money.

Set Up Online Banking

While you’re overseas, it is essential to keep track of the financial transactions on your card for better management of your expenses. It is important to have access to internet banking with your travel cards. Online banking helps in keeping a track of the transactions occurring on your travel credit cards and managing other financial tasks.

However, you should avoid accessing your internet banking on public computers at the hotel or internet café. In case there is no option, you should ensure that you sign out of the secure sites and close the browser. Public WiFi should only be used if a safe connection is ensured.

Carry Multiple Travel Credit Cards and Debit Cards

It is always recommended to carry more than one travel credit cards and debit cards. It is possible that your travel cards are stolen or blocked by the bank, or they simply may not be acceptable at some ATMs or merchants. In such cases, you do not want to be stuck with no funds to carry out your payments and therefore, it is essential to have backup travel cards.

Don’t Keep All Your Valuables in One Place

It is not the best idea to keep all your valuables such as cash, travel credit cards, passport, and other important documents gathered in one place. This is because, in case of theft, you end up losing everything at once. It is best to spread out your valuables across your pouch, bags, hotel safes, pockets, etc.

The Bottom Line

If you are planning your dream vacation, make sure to add these tips to your financial to-do list. It is important to keep into account the financial spending and plan for it well in advance. This not only ensures a hassle-free trip but also allows you to step into your daily life comfortably without any financial burdens. Nobody likes to kill the post-vacation buzz with heavy bills to pay off.

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