1. Plan Ahead
This may seem obvious, but you’d be surprised how fast spending can get out of control if you haven’t made a plan and set a budget. Once you’ve figured out what you can afford to spend, it’ll be easier to choose fun getaways and attractions that won’t break the bank.
Not going on a pre-paid tour, cruise or renting a car? Get familiar with local costs, like food, fuel, train, subway and bus fares and the availability of ride shares. If you’re traveling internationally, you’ll also want to know just how far your dollar will go. So, it’s a good idea to learn what the exchange rates are for the countries you’ll be visiting.
Does your credit card company charge foreign transaction fees? If so, you’ll want to account for that in your travel budget.
And finally, make sure your bills are up to date. If your due dates will fall during your trip, consider paying ahead of time or turning on automated bill pay to avoid late fees or service interruption.2.
2. Check in With the U.S. Department of State
Before traveling overseas, be sure to visit Travel.State.gov. The U.S. Department of State provides important information on countries that don’t allow credit cards as well as required documents, driving abroad, how to get emergency assistance, security alerts and more. You can also join their Smart Traveler Enrollment Program for free. You’ll receive emails from the local U.S. embassy or consulate with real-time updates. And, if there’s an emergency where you are, you’ll receive instructions on what to do
3. Look for Deals
Whether you’re a global wanderer or prefer to stay closer to home, opportunities for discounted car, hotel and vacation rentals, air fare and cruises are everywhere.
4. Plan for the Unexpected
Your trip probably will go off without a hitch, but sometimes the unexpected happens. Trips get canceled and occasionally people get sick or injured. Just knowing you’re covered can reduce some of the stress. Here are some options to consider.
- Flight Insurance. What do you do if you have to cancel a trip and you have a non-refundable ticket? That’s where flight insurance comes in. There are any number of options that range from just covering the cost of your tickets to ones that also cover medical and other expenses.
- Travel Insurance. What if you miss your flight connection, your luggage is lost, or you get sick while traveling? Travel insurance can save the day. One example is if you need medical care while traveling. Your health insurance plan may not cover medical costs incurred in other countries or on cruises. It’s an especially good idea if you’re going on a cruise because most cruise lines don’t accept “land-based” medical coverage.
- Accidental Death & Dismemberment Insurance (AD&D). Accidents happen. If someone is permanently injured or passes due to an accident, an AD&D policy will pay out a lump sum. The cost is usually less than traditional life insurance, and you can get coverage quickly.
- Life Insurance and Estate Documents. Let’s face it, life sometimes goes off script. So, it’s a good idea to make sure your life insurance needs are up to date before your trip. Plus, since your estate planning documents put on record your most important wishes, take a few minutes to review them to confirm they still reflect your current goals.
5. Make Sure You’re Protected
Your financial institution is your trusted partner. They can make sure you have what you need while traveling. Before you leave, make sure you’re protected with these 4 items.
- Get a Travel PIN. Some countries require a pin number on credit card transactions. If you expect to be abroad, contact your financial institution a month or 2 before you’re due to travel to get one. You should also check to be sure your debit card pin will work.
- Set Up a Travel Notification. Before you jet off, let your bank or credit union know where and when you’ll be traveling, so they’ll know it’s you making the transactions.
- Set Up Purchase Notifications. Turn on purchase notifications. That way, if you misplace your card, you’ll know right away if someone tries to use it. And, you can notify your bank or credit union and freeze your card.
- Get Contact Information. Get your bank or credit union’s contact information (both domestic and foreign), so you know how to contact them if you have a problem
6. Have More Than 1 Way to Pay
You can’t predict when a merchant will only accept cash, you lose a card, or your card won’t work. So, having more than 1 way to pay just makes sense.
- Mobile Wallet. If you lose your wallet, having Apple Pay®, Samsung Pay or Google Pay® on your phone can be a lifesaver until you can replace your cards.
- A Second Card. It might be a good idea to have a second card, just in case you misplace your main one.
- Cash. Although you probably don’t want to carry a lot of cash, it’s a good idea to have some available for tips or merchants who don’t accept cards. Most countries have ATMs where you can get local currency.
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