Travel plans and money

Financial Tips for Travel

Summer is here and now you are itching to travel. Well, that means it’s time to set a short-term travel goal!  

Creating a short-term budget for your travel goal

When planning for travel, a great start is determining flight, hotel, and rental car expenses. However, be sure to calculate for other items that may not be so obvious. As a savvy spender and monthly budgeter, you may already be aware that eating at home is more cost-effective than eating out. When you travel, eating out maybe your only option unless you reserve a suite or house with a kitchen. Additionally, transportation expenses may be higher. At the end of a night on the town, an Uber ride is a safe option. Finally, travel keepsakes will also add to your expense tab.     

Four money management tips for International travel

First, convert US dollars to foreign denominations before you travel. Conversion kiosks are often available at airports for a fee. If you contact your bank a couple of weeks before your international travel, you can purchase foreign denominations at a better exchange rate.  

Second, search for a credit card with no annual fee and no foreign transaction fees. Some credit cards will provide cash back or additional travel rewards.

Third, use your special travel credit card for as many of your travel purchases as possible and carry as little cash as possible. After your trip, this will allow you to easily reference one card to track your spending and determine if you stayed within your travel budget.

Fourth, chip cards allow travelers easy processing at a variety of locations. Recently I traveled to London. I was able to forgo rental car and Uber expenses by simply using the Underground Tube (subway). As I entered the boarding line at the Tube, I tapped my credit card (that has a chip) and at my destination when I exited, I tapped my card once again. With only an entrance and exit card tap, my Tube travel fare was automatically generated for each ride. Each night I followed up by checking online to ensure my card charges looked accurate. Easy peasy. 

Conclusion

In conclusion, budget for your trip to determine what you can afford and be realistic with your guesstimates. When traveling internationally, convert cash before your trip and be sure to carry a credit card that is travel friendly. If you follow your budget and account for conversions, you can enjoy this money-spending adventure guilt-free. Now, pack that suitcase and go travel!

Would you like help setting up a travel budget?

Contact Imagine Financial Services. Learn about the services provided and associated costs. 

  • To stay informed on inflationary topics and more, subscribe to Imagine Financial Services YouTube Channel. We regularly post new video content.
  • If you want to schedule a complimentary meet and greet with Marianne Nolte, Certified Financial Planner™ click this Calendly link 
  • Subscribe to the Imagine Financial Services monthly Newsletter HERE.