Before any trip, whether it be for business or pleasure, it is always wise to put a plan in place for your finances while you’re gone. How long will you be traveling? How will your bills get paid? How can you prevent identity theft? These questions and more will need to be answered so that you’re not taken by surprise by unforeseen snags or financial pitfalls. Here are some tips you can apply before you travel to be as financially prepared as possible.
Book Travel in Advance
If your vacation is next year, next month, or even next week, it’s to your advantage to book your travel in advance. This is especially true if your destination is a summer hotspot or a winter hideaway. By booking in advance, you’ll secure all the best your destination has to offer. Whether you’re traveling to the island resort or the ski resort, booking in advance gives you the edge when it comes to choosing the fantastic locales or the popular slopes. This is also to your benefit, as these expenses are paid over time rather than all at once. Make your hotel deposit now, plan for airfare next month, and book all your rental needs in advance. Then you’re free to enjoy yourself on your trip with dining and activities.
Open a Savings Account for Travel
If you’re not currently traveling but will travel within the coming year, consider a savings account strictly for your trip. This ensures the money you set aside is allotted for your trip alone and remains untouched by everyday bills, spending, or other lifestyle expenses. This also gives you peace of mind while traveling as you’ll make all your purchases directly from this account. The funds you allocate for your bills will be available for all your finances back home.
Purchase Travel Insurance
Let’s face it, bags get lost or stolen, plans change, flights get rerouted, and we’re left in a strange city or a foreign country without our possessions. What if someone happens to fall on a staircase and suddenly your dream vacation is spent in the hospital? You won’t want to find yourself hundreds of miles from home with no safety net should your trip not go as planned. In the case of these unplanned events, purchasing insurance for your travels is always the wise choice.
Automate Your Bills
No one wants to think about paying the mortgage while frolicking in the blue waters of St. Bart’s or relaxing fireside in Aspen. Automating as much of your bills as you can is the best way to maximize your relaxation during your travels. Most bills are paid online. Once you do this, it won’t matter how long you’ll be gone traveling the world, all your finances back home are handled. You can also use automation to your advantage for protection while you’re away by holding your mail to minimize identity theft.
More Tips Before You Travel
- Place grocery orders ahead of time to save money.
- Leave extra credit cards at home so there is less to cancel should your wallet be stolen.
- Add customer service numbers for your credit cards to your phone should you need them.
- When traveling abroad, purchase an international mobile plan.
We understand how overwhelming it can be to prepare financially for travel of any kind. That’s why Organized Instincts is here to help you navigate your finances and find innovative ways for you to plan, save, and even pay your bills while you’re away. Our team has over 20 years of experience in the business and we’re available to answer any question you might have. If you’re traveling in the near future, contact us and we can provide the tools you’ll need to make a solid financial plan.
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