When you travel, you do not want to be distracted by money problems. You definitely do not want to miss a great event or experience because you didn’t plan your finances well. Whether you journey to Atlantic City, the Maldives or Rome, you will be happier if you didn’t bust your budget.
- RESEARCH ABOUT THE CITY YOU ARE TRAVELING TO
- Beware of financial scams in countries you visit
Educating yourself about the risks you may face in any given location is the smartest way to protect yourself. Maybe there are certain ATMs to avoid, maybe a specific travel agency or taxi company known for ripping off travelers. A bit of online research, before your trip can only help you stay better protected. Perceptive travelers do their research and are well aware of the popular scams in the country they want to visit.
- Learn About Exchange Rates
If you are travelling outside your home country, the exchange rate is going to affect your budget. Looking up the exchange rate before you go gives you a better idea how far your currency will really stretch.
- BE WARY OF PROPERTY RENTAL OWNERS ASKING FOR AN IMMEDIATE DOWN PAYMENT.
Home and apartment rentals are often cheaper than hotels, but they can be riskier, too. You may be asked to transfer money in advance so the property can be kept for you, only to find out upon arrival that the property is different from what was advertised, or was never available in the first place. Ensure you check the rental platform’s policies before paying up, and try to book with owners that have received positive reviews.
- TAKE CARE OF YOUR ONLINE FINANCES BEFORE HEADING TO THE AIRPORT.
If you need to pay bills, transfer money, check your balance, or do other forms of online banking, take care of that in advance from the comfort (and security) of your own home before travelling. When you use public Wi-Fi, you run the risk of logging onto a fraudulent network that disguised to look like a reputable one. This can happen in a restaurant, at a tourist attraction, or even at your hotel.
- CONSIDER BUYING A WALLET OR MONEY BELT WITH RFID-BLOCKING TECHNOLOGY.
If your credit card has an RFID chip (they often have a radio wave symbol on them), then you may want to buy a wallet or money belt with RFID-blocking technology. They’ll protect your financial information from hackers who steal information from the cards with radio frequency devices—then sell that information or use it themselves to open new accounts or make false charges on your cards.
- HAVING AN EMERGENCY FUND WHILE TRAVELING
Stuff happens while we are on the road. Unforeseen circumstances mat occur and you would need extra cash to get yourself out of those situations. Sometimes, you simply must dip into your wallet whether or not you want to.
For these instances, having an emergency fund long before you pack your bags to head out will be useful.
The number one rule for an emergency fund is to have the ability (finance) to get home from anywhere in the world in a moment’s notice. If you have enough money to do that, you probably have enough money to cover off just about any emergency that comes your way.
- DEFINE YOUR TRIP : FIGURE THE COSTS OF YOUR TRIP
Your budget will vary depending on whether you are driving, sailing or flying to your destination; staying in a hotel or with friends; or eating out or cooking in a rental. Financial Software also makes it easier to see how your projected expenses match the reality.
- How long will your trip be?
- Where are you going? (Pay attention to the cost of living/traveling through those countries.)
- Assess Your Income
- Do you have a business to provide an income along the way? (If so, what do you need – financially and logistically to operate this business?)
- Is your trip short enough that you can depend on your savings alone?
- Remember Insurance & Emergencies. (For your emergency fund, how much do you need to get home in a moment)?
