Before you head off overseas you’ll want to make sure your finances are in order. Having a budget will help you to keep your spending down while travelling, but most important is the preparation for an emergency.
Here’s a few steps from the Financial Post on what you really should do to stay financially protected abroad.
- Avoid having your credit card deactivated when you begin to use it abroad by informing your bank that you are going to travel. This will save you from having to make costly calls to the bank on your holiday.
- Get travel insurance because the cost of failing to do so is enormous. Breaking a leg in Florida can cost you $20,000 when you factor in the transport to the hospital and the care you receive.
- Beware of ATM fees because they can quickly add up. Fees can stretch into hundred of dollars if you are using a bank with a high withdrawal fee.
- Make a budget. Allocate funds for your trip, working out how much you are willing to spend. You could come up with a daily allowance for yourself. Remember to track your spending while overseas and pay attention to the exchange rate so you understand how much something really costs.
