5 Financial Tips for Frequent Travelers

While travel plans are on hold for millions of people due to coronavirus, that doesn’t mean it’ll be that way forever. When it’s once again safe to travel, you’ll want to do so with financial sense and money management skills.

Travel can easily become an expensive endeavor due to airfare, lodging, and a number of other factors. With this in mind, let’s go over several useful financial tips for frequent travelers:

Have a backup source of funds

Nobody wants to find themselves stuck overseas with no access to money. Unfortunately, due to things ranging from cybercrime to accidental overspending, many world travelers get into that situation. The best way to avoid this happening is to always have a backup source of funds. Whether it’s emergency loans for bad credit or tapping into your savings, having the cash needed to get back home safely is too important to leave to chance. You need the confidence to know that, no matter what, you’ll be financially sound on your travels.

Get insurance

A lot can go wrong while traveling. Theft, damage, and loss of property are common travel mishaps that can be remedied with various forms of insurance. For this reason, homeowner’s insurance, renter’s insurance, and travel insurance are mainstays among seasoned travelers. Whether it’s a lost iPhone, stolen jewelry, or merely a flight cancellation due to inclement weather, insurance serves as a way to soften the blow of unfortunates incurred while traveling.

Save instead of charge

It’s tempting to pay for an extravagant trip with credit, but a one-time experience won’t be worth months of payments. Instead, spend months saving up for an upcoming trip. The experience will not only feel more rewarding, but it’ll also cost less in the long-run. That’s because you won’t be paying back interest on your credit cards. If saving the full amount is unfeasible, consider a half-and-half approach; fund half the trip with savings and the other with credit. However, it’s imperative to map out your repayment schedule so you’re aware of how long it’ll take to pay off the balance.

Recognize common scams

Those visiting popular tourist destinations are often the target of scams and other forms of fraud. Study the list of common street scams to avoid becoming a victim. Doing so prevents the loss of cash and valuables.

Travel off-season

Many popular tourist destinations experience lulls in business at various parts of the year. These are great times to visit since airfare and lodging tend to be more affordable. For instance, those wanting to visit Walt Disney World in Orlando, Florida, would want to go in January or February. That’s because most families visit the resort in the summer and around the holidays.

Chances are you’re holding off on travel plans for the time being. While you wait out the pandemic, why not take the time to perfect your financial game? There are several things you can do to save money while traveling while also safeguarding your access to cash on-the-go. That way, when you once again resume travel, you’ll be able to do so more affordably and with less hassle.