There is no more satisfying thought than the thought of preparing to leave on a vacation. You have packed all your things, checked your tickets twice, and you are now ready to board on this new and exciting adventure. But, did you consider how are you going to manage your money properly to avoid any financial difficulty during your vacation? If not, you may want to spend some time on investigating because a lost wallet or a stolen credit card can turn your vacation from a pleasure into a nightmare within seconds. Here are 4 ways to securely manage your finances when you are traveling:
1. Have travel insurance
Having travel insurance is vital to financially protect you in case something happens. You may get sick or suffer an accident and paying medical bills abroad can be really expensive. Especially if you’re traveling with a senior, who are more exposed to health risks, or if you are a senior yourself, you need to make sure you get seniors travel insurance before you start your vacation. If you have travel insurance, you will be covered for the costs of medical treatment for a potential injury or illness and cancellation costs if you are unable to travel at all.
2. Pay for accommodation first
One of the biggest expenses of your vacation will certainly be paying for your accommodation. Now imagine that you are at the end of your stay and have no money to pay for it, that will indeed be a real challenge. During your vacation, there is a multitude of things that can happen and leave you with no money to pay for your accommodation. You might get your wallet stolen or lost, you might overspend without realizing, or your credit card may get blocked for who knows what reason.
Since paying for your accommodation is the biggest cost from your budget, make sure that you pay for it as soon as you get there or even before you arrive, when you book your room. This way, you will know for sure that in case something happens with your money, you won’t be asked to live on the streets before your vacation is over.
3. Don’t withdraw all your money
We all love credit cards because it is a lot easier to pay with a plastic card than to have your wallet stuffed with cash with you all the time. Yet, when you are on vacation, it’s a good idea to have both cash and your credit card with you. First of all, although you can pay by card in most countries nowadays, you may go to a small restaurant or boutique that only accepts cash. Also, you may lose your credit card and that will leave you with no money for the rest of your vacation.
On the other hand, withdrawing all your money is also not a great idea because who knows what may happen to your wallet. The safest way to keep your money is to have both cash and your credit card with you. Have an emergency cash stash in your bag at the hotel or the safe so if something does happen, you’ll have some money to get you through a few days until you can sort out your money woes.
4. Know the exchange rates
If you are planning to pay by cash during your vacation, you may want to take a look at the exchange rates before you exchange your money. Otherwise, you may become the victim of a trick of the currency exchange offices abroad.
Avoiding financial difficulties while traveling means being smart about managing your money and being financially prepared in case of any health problem.
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