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Money Management Tips for Travelers

Travelers Today       By    Staff Reporter

Updated: Jan 29, 2020 02:35 AM EST

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Money Management Tips for Travelers

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Staying within budget while traveling can be difficult! From things like buying gifts for friends and family at home to wanting to try the best local cuisine, it can be easy to quickly lose track of expenses and abort the budget that was previously set. While out of town, having a bank statement mailed to the house won't be very beneficial. So what are some ways to help keep the budget on track while out traveling the world?

Text Alerts

If the credit card company, or the bank associated with the checking account, offers an option to receive text alerts, make sure to turn this on! This is especially important when it comes to fraud. While traveling, there is a higher risk of someone getting access to accounts. The credit card company will send out a text to alert the customer of any purchases that look abnormal. If these were purchases made by someone else, the issue will be able to be resolved quickly, limiting the amount of damage that is done.

Tracking Expenses on the Go

When an individual is out of town, getting a statement in the mail is not helpful. How travelers can track expenses on the go is as simple as downloading an app or using a digital service. Whether on a mobile device or tablet, services like Charlie finance alerts can help individuals keep all transactions and expenses in one place. This can help the traveler be able to see how much they are spending, where the money is mostly going, if they are staying on track or if they need to cut down on some spending.

Mobile Check Deposit

While traveling, a bank or an ATM may not be very easily accessible. When this is the case, it can be difficult to deposit a check into the checking or savings account. Thankfully, most bank apps on phones allow the individual to add the check to the account just by simply taking a picture of the check! Make sure to have the app downloaded to the phone, log into it with the same information used to log into the account on a web page and simply use the mobile deposit option!

Activities While Traveling

If activities are on the plan for the trip or vacation, a way to save on the budget is to visit museums! More often than not, there are times that admission to a museum is free. This can be a great time to plan a museum trip to save on the budget! Things like amusement parks will also offer a discounted admissions price when coming in the afternoon rather than right away in the morning. If the budget is tight, doing things like that can help to open up some more space.

Don't Use the Entire Budget on Extras

Little costs can add up fast. From things like a bottle of water while at the airport to larger things such as the stuffed animal the kid just has to have, these things can make the travel budget disappear faster than planned. These e extra travel expenses can be avoided by some simple steps. Make sure to pack extra bottles of water as well as snacks to avoid purchasing overpriced snacks and drinks. Give kids a budget for how much they can spend on souvenirs and keep track of that budget. Once it is gone, they have no more money to spend. If the vacation is a road trip, make sure to fill up with gas where there are plenty of gas station options to avoid paying for the overpriced gas station in the middle of nowhere!

While it can be difficult to stick to a budget while traveling, it is incredibly important to stay on track! Following expenses going out as well as money coming in on an app makes this an easy way to track. Don't get sucked into overpriced drinks and snacks, plan ahead and make sure to pack plenty!

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