5 Tips to Manage Your Money While Traveling
Mature woman holding her phone and a credit card while commuting with a backpack.© Getty Images Mature woman holding her phone and a credit card while commuting with a backpack.
Taking a vacation can be a great way to get out of your rut and see new sights. But if you think you can take a break from watching over your hard-earned money while you're away, you could be playing with fire. Here are some money management techniques to lean on before your trip as well as while you're away.
- Use the right credit card (perhaps more than one)
This is Vacation 101 right here. If you want to easily keep track of your spending and take advantage of secure payments for goods and services on your trip, bringing a credit card is a smart move. But not all credit cards are created equal. Picking one of the best travel credit cards is essential.
Not only do these cards offer cash back or points on travel spending (that you can then use toward future travel), but they also don't charge foreign transaction fees, which will save you money if you're leaving the country. Plus, if you get one right before booking a trip, you can use it to pay for your airfare, accommodations, and so on, and perhaps make it easier to reach a nice welcome offer that gives you a chunk of cash back or points right off the bat.
It could also be a good move to bring a back-up credit card along on your trip, in case one goes missing or there's another problem. You definitely don't want to be left without a method to pay for the rest of your vacation.
Keep important info on hand
Speaking of credit cards, you'll want to make sure you can reach card issuers and your bank in case of a financial mishap. This could be via mobile apps (more about those below) or by phone. Save your bank and credit card companies' customer service numbers in your contact list. You might also consider taking a photo of the cards you're bringing with your phone, just in case one goes missing and you need to confirm the card with the issuer.Update your mobile apps
Mobile apps for your bank and credit card companies can be a great way to get in touch with customer service, move money around, and more while you're away. In the midst of your travel preparations, take a few moments and see if there are updates available for those apps. This will save you the data usage (or needing to find wifi) while you're vacationing, and ensure you have the most up-to-date version of the app out there.
App developers make regular updates to ensure data security and to resolve various bugs, so it's in your best interest to get the latest version of an app when you can. And make sure you opt in for alerts about potential fraud on your account.
- Cash is worth considering
With all this talk of plastic, you probably thought I forgot about cash, right? Cash is still king in some places, so depending on where you're traveling to, it might be vital to have a supply of it on hand to pay for purchases. When traveling internationally, you'll likely get the best exchange rate if you get that cash at your own bank before you leave on your trip, rather than waiting to exchange currency at the airport when you arrive.
If you need cash while you're away, see if your bank has a relationship with a bank in the country you're visiting that will allow you to use that bank's ATM. For example, the big national bank I have accounts with has partnerships with other banks worldwide.
Even if you're not leaving the U.S., having some cash on you is still smart. Sometimes you just want to be able to buy a candy bar at a gas station along your road trip route or tip a tour guide without having to break out a credit card.
- Check up on your accounts regularly
Once you're on your way or in the thick of your vacation, it's important to keep checking up on your bank and credit card accounts. You'll be able to see how much you've spent so far, and make some adjustments if you're close to going over your vacation budget (perhaps skip that pricey dinner reservation and grab something quick to cook in your vacation rental).
The other reason to sign into your accounts and peruse the charges is that you'll have advance notice if something seems off. Ideally, you've opted in for those fraud alerts in your mobile apps as well.
Traveling is good for the mind, body, and soul. But putting your money at risk is the opposite of all of that. Make the right moves before you leave, and keep an eye on your finances while you're away for a vacation that doesn't leave you more stressed out when you return than when you left.