After a year of not traveling and with the vaccine rolling out, many people have decided to hit the roadways or the airways and get their long-awaited vacation!
I recently traveled to Colorado and spent time hiking with friends, and it was glorious and much needed. We even saw snow...in June!
With so many people back to traveling, I wanted to talk about the financial choices we must make when traveling is one of our core values.
Finance and Travel
First and foremost, I encourage my clients to make travel one of their savings buckets. While it's a blast, it's not exactly cheap, so going on vacation requires planning and forethought.
Each year, sit down and think about or reevaluate the amount of money you'd like to set aside for travel. Do you tend to do one big trip a year, or do you spread smaller trips throughout the year? Each of these options will have different costs associated with it, so you'll want to be prepared.
According to Kathryn Bergeron from Quicken, here are some other tips to consider:
Use your credit card wisely.
Remember to alert your bank and credit card company that you will be traveling so they don't lock your card for suspicious purchases.
Consider taking a second, backup card in case something happens to your primary one.
Stay up-to-date on exchange rates for trips outside the country.
Often, credit cards can get you a better exchange rate than cash.
Don't forget your regular bills
Though you'll be gone, your regular bills will still be there. Consider scheduling payments for when you're away.
Consider purchasing travel insurance that includes health coverage.
This precaution could save you a lot of money on medical bills should you get sick or injured in a foreign country.
It's always a good idea to check the cancellation policies for all components of your travel (airlines, hotels, car rental, etc.). But now you'll also want to be sure to check each location's COVID-19 rules, regulations, and requirements.
You don't want to arrive at your destination only to find out you haven't met all that location's requirements.
If you choose to travel this summer, make smart financial choices, but also...
HAVE FUN!
Articles Mentioned
The Sweet Side of Finance
Tune in to the blog at the end of the month for my latest recipe (which my newsletter readers already know about).
Since summer is on the way, I'm including one of my favorite summer treats!
Stay tuned!
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