The duo have travelled to Tuscany, Italy, Germany, Austria, Sardinia, Slovenia and Croatia. MDWfeatures / Aaron Gold

Whether you are traveling overseas or out of state, there are certain boxes you make sure to tick, such as best deal on airfare, great deal on hotel stay, guided tour for the exploring destination among the rest. However, one main box that we often neglect to check is the financial planning for the trip. It is very important to create a pre-travel financial checklist to avoid any unwanted surprises on your trip.

A financial checklist is a simple list of some critical and obvious things you are supposed to do but in the hassle of vacation planning often forget to. Below mentioned is a pre-travel financial checklist you can use to save your holiday.

Prepare a Spending Budget

After deciding your travel destination, it is important to prepare a spending budget. It not only helps you record and observe where your money is going but also helps in avoiding overspending. Nobody wishes to run out of money in the midst of a holiday.

While preparing a financial spending budget you should take into consideration the expenditure of your meals, accommodation, activities, transportation, gratuities, shopping and souvenirs. While it is important to consider all the possible expenses, it is also key to add certain flexibility to your budget for occasional splurges.

Carry Rewards Earning Travel Credit Cards

If you are traveling overseas, it is very important to consider the foreign exchange fee charged on your travel credit cards. You should aim at choosing a bank or provider with no or the lowest foreign transaction fee.

By choosing rewards earning travel credit cards you can earn rewards that can be redeemed for free flights or complimentary hotel stays.

Notify Your Bank

Every bank uses fraud protection as a safety precaution for unusual activities on the card. Therefore, it is important to notify your bank about the duration and reason for your travel to avoid the blockage of your card in between your holiday.

Enroll for Internet Banking

Before going for your trip you should make sure that you are enrolled in the internet banking provided by your bank or provider. You should also be ready with the mobile app downloaded on your phone in order to avoid using unsecured computers and networks.

Online banking helps in keeping a track of your spendings and monitoring them from anywhere in the world. You can also access services such as money transfer, bill payments, etc. using internet banking.

Know Your Limits

It is important to be informed in case your card has a daily spending limit. You don’t want to be stuck in the middle of the day with no spending capacity for the rest of the day.

You should also carry the helpline number of your respective bank or provider of your travel credit cards so that you can contact them in case of any situation that requires assistance.

Use Travel Budgeting Tools or Prepaid Travel Cards

Just as mentioned above, it is important to have a budget to avoid any financial crisis when you step into your daily life. You can monitor your daily holiday expenses and track them using mobile apps that help in creating a budget and sticking to it. You can track your expenses across services like accommodation, transportation, food, shopping, and much more.

For someone who is not tech-savvy, an alternative option is prepaid travel cards, that can be loaded with the desired spending budget.

Set Auto-Payment For Bills

You don’t want to be in the middle of the holiday and suddenly remember that you forgot to pay your bill, and go back home to face all the late payment charges and suspended services. The solution to avoid any of this happening to you is setting your bills to auto-payment. You can pay the bills of your credit card, utilities, etc. by setting up the auto-payment service with your bank account.

Study Exchange Rates

You should start researching about the destination’s currency well in advance. This gives you time to study the various sources and grab the most economical rates.

Carry More Than One Travel Credit Cards

It is important to carry additional travel cards apart from your main travel credit cards. It is important to have a backup in situations where the merchant or the ATM may not accept your main travel credit card’s provider. Therefore, to avoid being stuck with no payment option, it is always a good idea to have backup travel credit cards.

Study Cell Service Providers

In this digital era, there are not many people who travel without their cell phones. Therefore, it is important to research the different cell service providers and choose the one that suits your needs at the lowest cost.

Protect Yourself

It is important to insure yourself before going on your trip. Travel insurance covers a variety of aspects from medical expenses to theft and from canceled trips to inconvenience caused during travel. You should consider the kind of insurance you require and arrange it well in advance of your holiday.

For existing insurances, you should touch base with your providers for the kind of coverage provided while you are traveling.

The Bottom Line

You should keep your financial burdens to a minimum so that you can enjoy your trip to the fullest. By using this checklist, your mind will be at ease and you can enjoy your holiday as well as that post-vacation buzz.