-Asset Protection and Wealth Specialist, George Mahlakgane
Getting ready to plan your dream vacation? Itching to stamp that passport? While it’s easy to get carried away with the idea of relaxing and exploring an international location, it’s crucial to pause and ensure your finances are in check. So, while you have your coins saved up, there’s some finance-related research to add to your travel checklist.
Here’s what you need to keep in mind financially before you update your feed with vacation content:
Your budget
Set a realistic and comprehensive budget, factoring in flight fees, accommodation, travel insurance, shuttle services or courtesy vehicles, activities, gifts and souvenirs, and an emergency fund for unexpected costs. A valuable tip is to set your budget based on the full pricing without including discounts. This way, you’re still within budget if your discount doesn’t come through, or you’ll have extra funds if it does. Win-win, right?
Currency and payment fees
Exchange currency at your local bank or credit union before you travel to avoid high rates in your host country. Double-check the fees and bank charges you will incur when spending abroad. The little charges and fees do add up, so it’s best to factor them in. Also, check if there are any travel rewards or offers your bank provides, which can make things financially lighter.
The right cover
Choose travel and cyber insurance to ensure you are covered if your luggage is damaged or your possessions go missing, and to protect yourself and your assets from data breaches. Traveling internationally requires extra security for peace of mind, so it’s always better to have insurance and not need it than to need it and not have it.
Laws
Each country has its own laws, so it’s best to research your host country while planning your trip. From what you’re allowed to bring in to what you’re allowed to take back, understanding these regulations is necessary to avoid breaking any laws. Although you’re planning to make unforgettable memories, breaking the law should not be part of your highlight reel and could dent your finances. As you apply those finishing touches to your itinerary and start counting down the days until you board that flight, keep these four checks in mind to ensure you have a guilt-free trip that your finances approve of. And if you do get stuck on the nitty gritty of aligning your finances, reach out to a qualified advisor to ensure that you can have a financially guilt-free trip.