You’ve been dying to go off traveling for ages, and now you’re almost ready! You’ve saved up enough, you’ve mapped out your dream destinations and even bagged a cheap round-the-world ticket.
You might be worrying about your finances, though. There may be some loans hanging around, or an old overdraft that doesn’t ever seem to diminish (mainly because you’ve been saving for your trip…).
While some might say that travel is more important than silly old money, you don’t want to be coming home to debt collectors and your own austerity programme. There are lots of solutions available to you, so find out more by visiting Creditfix. Once you’ve tackled the big debt demons, you can take other steps to make your travels that bit more solvent.
#1 Cancel the subscriptions you won’t need
If you’re traveling for a few months, then you should cancel your subscriptions to Netflix, Spotify, your magazines, vegetable boxes and so on. Do this in good time so that you’re not even paying for a few days after you set off.
It’s a good idea to make sure that the provider has definitely canceled it, too, because you could lose a few pounds each month otherwise. Over a year, that rogue £12.99 subscription becomes more than £150, which could be a month’s rent in a beach hut!
#2 Use an international bank account or money card
You’ll no doubt keep your domestic currency and savings accounts, but if you’re always using your regular debit and credit cards, you’ll rack up some serious transaction and currency exchange charges.
Use an international payment card so that you’re able to top it up from your current account and then use it with the minimum of exchange fees.
#3 Tell your bank and credit card provider that you’re going away
Make sure you notify your bank and card provider that you’ll be away, as well as where you’re going and when you’ll be back. If your bank sees what looks like suspicious activity because you’re suddenly in Acapulco then it could suspend the card. It can be a serious hassle to sort this out and it can really put a dampener on your holiday.
#4 Make sure you have comprehensive travel insurance
It’s no good having multi-trip insurance because these policies expect you to come home regularly! You need cover for the whole time you’ll be away and you may well also need extra cover if you’re planning to climb any mountains or do anything else that’s considered risky.
It’s also important to ensure any specialist equipment, laptops, cameras, smartphones and so on so you can replace them while you’re away.
#5 Get to know your new currencies
You’ll have all your money ready and your budget pinned down, but you also need to familiarise yourself with the local currency so that you know when you’re getting a good exchange rate.
If you’re planning to draw out cash, you may be able to wait until the next day if the rate’s a bit painful. You should be able to see at a glance if you’re getting a good deal by doing a quick mental calculation while you’re out shopping.