Money Moves to Make Before You Travel
With life slowly beginning to show signs of normality, more people are beginning to plan their summer vacations and traveling plans. Most travelers stress over finding the best deals on flights and hotels but put less effort into securing their finances before leaving. If traveling is something on your agenda this summer, we want to make sure you and your finances are in order before hitting the road. We’re here to help with tips for money moves you should make before you travel.
Establish a Travel Savings Account
It’s important to start saving well before your planned trip and dedicate funds to a specific travel savings account to avoid using the funds elsewhere. You can start budgeting by determining how much you will actually need. Start your budget with the larger expenses first, such as flights and lodging costs. Once those expenses are covered, you can focus on saving for things like gas, food, or souvenirs you may want. Putting your travel savings into an interest bearing savings accounts is a great way to earn on your growing balance. Our Super Saver Certificate is a great option to hold your travel savings so you can earn more with higher dividends!
Check Exchange Rates
If you plan to travel abroad, checking exchange rates for the country you’re traveling to will help you gain a good sense of how much things will cost when you’re there. To avoid those hefty change fees charged by airports to convert your cash, you can withdrawal cash once you have reached your destination. Even if you have to use a foreign ATM, Robins Financial offers up to $10 refunded per month for non-RFCU ATM usage fees.
Pay Your Upcoming Bills
It’s easy to forget about finances when you’re enjoying vacation with your toes in the sand, but taking care of your regular expenses is important to handle before you can truly kick back and relax. Before leaving, take note of direct deposits and automatic withdrawals that will occur while you’re away to ensure your account balance doesn’t go negative. Unfortunately, your mortgage and utility bills don’t take a vacation with you, so make sure to double check that your regular bills are covered before you leave. See which of your scheduled payments you can pay early, so you know those are already taken care of before you depart.
Let Us Know
When planning for your trip, decide which credit or debit cards you plan to use, then let your credit union and any other financial institutions you use know where you are going and how long you’ll be gone. This step is especially important if you plan to travel abroad, so you can avoid having any of your cards blocked for suspected fraud. With our Robins Financial Cards app, you can set your travel destination (within the United States), your departure and return date to avoid transaction declines. This app also adds an extra layer of security that allows you to temporarily disable any of your Robins Financial credit or debit cards in case of loss or theft. For foreign travel, it’s best to contact us directly to let us know your travel plans and we will be glad to assist you.
Traveling for vacation is a time to focus on desires outside of work and home, whether it’s sightseeing or merely taking a break from the 9-to-5 grind. The last thing you want to worry about when you’re away is dealing with money stress. Spending a few moments out of scheduling to tie up loose ends may undoubtedly make your trip itself infinitely more enjoyable.
At Robins Financial Credit Union, our mission is to enhance the financial well-being of our members and community. We honor this commitment by providing educational content to help you make the most of your finances. Read our other blog articles to help you gain the financial knowledge you need to succeed.