10 Financial To-Dos Before Going on a Trip
Travel Prep: 10 Financial To-Dos Before Going on a Trip
Plan a trip without worrying about your finances. Here's how.
By Charlene Oldham June 9, 2021
From searching for the best flight deals to finding the perfect Airbnb rental, travelers often spend hours planning the perfect vacation. Unfortunately, many jet-setters neglect to take the same care with their financial planning.
"Before leaving for a vacation, it's important to create a 'financial to-do list' to ensure your finances are kept in order while you're away," said Natasha Rachel Smith, a consumer affairs expert with TopCashback.com.
Making a few small monetary moves before leaving for your trip can ensure your re-entry into the real world is as smooth as possible. Here are 10 tips to avoid financial ruin and overspending on your next trip.
Set Up Automatic Payments for Bills
"It is easy to forget about finances while on a trip," said David McCormick-Goodhart, a Virginia-based financial advisor with the wealth management firm Savant Capital Management. "Prior to leaving, do a quick accounting of the direct deposits and automatic withdrawals that will occur while you are away to make sure that your account balance does not go negative." If you are interested in being a financial advisor, there are things people might not tell you.
For most accounts -- including credit cards, car loans, utilities and mortgages -- setting up automatic payments is as easy as making a phone call or sharing banking information through a creditor's website. Taking this step will help you avoid late fees or suspended services if a bill comes due while you're out of town.
And if you continue using automatic payment services, you can save time, paper and postage even after your vacation is over. Some companies even offer auto-enrollment discounts and perks as incentives for customers. For the odd expense that can't be paid automatically, be sure to send funds in advance of your departure date.
Know What's in Your Wallet -- and Let Your Bank Know, Too
When you plan a trip, decide which credit and debit cards you'll be using while on the road. Then let your bank and credit card companies know where you are going and how long you'll be gone, so the charges and withdrawals you make while you're out of town won't be flagged as suspicious.
Some banks also let users set up text alerts that notify them of charges to help make spotting fraudulent activity easier in case your card is stolen while you're traveling. Additionally, travelers can protect themselves by taking note of the contents of their wallets prior to departure.
To continue reading, please go to the original article here: