Traveling, although fun and exciting, can be a bit of a hassle when it comes to taking care of your money and finances. It’s easy to forget about your finances while you are on a vacation because you are caught in the midst of visiting new and exciting places with friends, family or even alone.
But fortunately for people like you who are reading this right now, it shows that you are financially conscious and want to know how to vacation responsibly without losing your hard earned money. Here are 7 ways you can protect yourself financially while you are abroad:
Know your budget and inform your bank as well
It is very important to know how much money you have in your bank so that you spend wisely while you are abroad. Some places offer tax free items while others don’t and you might end up paying a whole lot more than you would have imagined. Let your bank and/or credit card companies know that you will be traveling and spending abroad so that they don’t deem any spending or drawings by you as suspicious or fraudulent.
Set up text and email alerts with your bank if you haven’t already done so that you are notified of each and every transaction you make.
Try to use credit card
Cash is good but save all the heavy expenditure (should you plan on it) for credit cards. Save the cash for places that don’t accept any cards like small souvenir shops, cafes and stalls. Using a credit card will keep you grounded spending your money and you will have a fair idea of how much you spent during the trip.
Draw only a limited amount of cash
Don’t draw a lot of cash for your trip. This is because, if you misplace or lose the money somehow, then you don’t end up losing a lot. Draw your money out in a safe place preferably a mall and not some street or near a closed alley. Never draw your money out later in the evening or at night. This ensures that you don’t have any thieves ganging up on you and taking your money.
Get a travel friendly credit or debit card
Many people don’t know about this but spending abroad with your card can cost you 2-4% more. get a credit or debit card that doesn’t charge any foreign transaction fees or charge you for using any ATMs abroad.
Nothing brings you in a bad mood than reading your bank statement after you comeback from a vacation. This is another version of traveller’s blues. The best thing for you to do is to make a traveller’s budget. This is will ensure that you don’t end up spending more than what you wanted and keeps your finances in check as well. Download travel budgeting apps or make an excel spreadsheet where you can budget your travel expenses accordingly. This should include, airfare, travel accommodations, transport and even tips. If you have kids who will be spending then give them prepaid cards so that they don’t get out of hand when buying things.
Look up exchange rates
If there is anything that will stop you dead in the tracks for not spending more is to know the exact exchange rates for the country you are visiting. Look up on the currency of the country you will be visiting at least a month prior to travelling so that you can budget accordingly. Research on using the best exchange rate and not the ones that you find on the airport.
Travel insurance is a great way to protect yourself from any financial mishap while you are on your trip. it can cover anything from theft to medical charges in case you get into any accident or get sick. There are different travel insurance packages available so you will have to pick one according to your needs and kind of trip you will be having.
Study mobile phone coverage
Check how much your current phone service provider takes for international roaming and compare it with a local sim at the destination you will be going to. If the difference is not much or you have a budget friendly international data plan then stick to it. But if its going to cost more, then you better get a local sim as soon as you land to prevent any exorbitant amount to be charged. Try using only Wi-Fi abroad so that you don’t run out of phone credit using 4G or LTE.
Stay alert and safe
When you are traveling, you have to stay extra alert especially if you are out in a crowded place. you never know pickpockets might be on the prowl to steal from tourists. Don’t go into any dark streets or alleys alone even during the day. If an area seems shady to you, just walk the other way. Don’t accept any requests for looking after somebody’s bag or luggage at the airport or anywhere else for that matter.
Take transport wisely
Know the rates for transportation and if you are sitting in a cab, make sure to note down the driver’s name and license number. If you are taking an Uber then screenshot the info of the driver and send it to a close friend every time you take a ride. It might seem a bit paranoid but if you are in a foreign land where the crime rate is a bit high, then you got to take all the steps to ensure your safety.
Try not to keep all the valuables in one place
Your hotel room might have a safe but that doesn’t mean you put everything there. Just keep your passport, some cash and other documents there. You can keep the rest stashed away in hard to reach areas of your luggage. Try wearing inexpensive jewellery while travelling
Lastly, don’t hesitate to go to the police if you encounter any theft. Brush up on the local language a bit as well.
With these 11 handy tips down, your vacation abroad will be as safe as ever. Now its time to look at all the fantastic deals Think Holiday Deals has to offer.