Financial Travel Tips: Tips for Before, During, and After Your Trip
Posted
on Thursday, July 18, 2024
in
Financial Education
For many Americans, traveling is one of the highlights of their summer; however, travel can also be incredibly expensive, as it can be easy to let your spending get out of control. Rather than put yourself into debt while traveling, check out these tips to help budget for your trip and save the most money while exploring new places.
Before the Trip
Budget for all aspects of your trip.
Traveling on a whim can be expensive. Before you take off, determine how much you can afford to spend on everything – flight or car expenses, lodging, dining, souvenirs, and other miscellaneous costs. Calculating how much you can spend can also give you a good idea of how long your trip can be and how far you’re able to go.
Start planning your trip months in advance to secure the best prices.
If you’re traveling on a budget, remember to start planning months in advance so you can find the best rates for flights, rental cars, hotels, and attractions. Planning early allows you to wait for discounts and sales, saving you money in the long run.
If possible, plan your trip for the off season to find discounted rates and to avoid large crowds.
Along with planning early, consider planning your trip for the off season. Not only will you be able to find discounted rates, but you’ll also be able to enjoy your destination with smaller crowds.
Consider road tripping to take the “scenic route” and save money on flight and rental car costs.
Flights may be a seemingly more convenient option, but taking the scenic route and road tripping can be just as fun. Not only are you able to be more immersed in the journey to your destination, but you’re also able to save on flight and rental car costs.
Set a Travel Notice before leaving for your trip.
Before you leave for your trip, set a Travel Notice on your debit card. A Travel Notice alerts your financial institution of your travel plans and helps differentiate between legitimate transactions and fraudulent ones. It’s a good idea to bring several payment options when going on a trip, so remember to notify all the corresponding financial institutions about your travel plans.
Utilize United Bank & Trust’s new Card Management tool to set Travel Notices prior to leaving for your trip. Card Management can be accessed on the Mobile App or Online Banking. Travel Notices can also be set by calling us at (641) 753-5900.
Pack light to avoid paying extra fees for checked baggage or overweight baggage.
If you’re flying to your destination, save money on extra fees by packing your baggage as lightly as possible. Avoid overpacking by only bringing essential items. A capsule wardrobe with many pieces that you can mix and match can also save space in your luggage. Consider traveling with as few bags as possible; this not only helps you save money on baggage fees, but also makes it easier to transport your bags throughout your trip.
Pack snacks from home to avoid spending extra money.
Snacks are oftentimes an essential part of travel, but their cost can quickly add up. Instead of frequently stopping at convenience stores or in the airport, bring snacks from home. These snacks are not only significantly cheaper, but they’re also a way to include healthier items in your travel diet.
During the Trip
Bring several different payment options, including cash, checks, and debit and credit cards.
It’s important to bring several different payment options when traveling to avoid a desperate situation where you’re without a payment method. Consider bringing several different debit and credit cards in case there’s an instance where a particular card type is not accepted.
Bring cash on your trip in case you’re stopping somewhere that card or check payments aren’t accepted. If you’re traveling abroad, consider exchanging US Dollars for the local currency. Call or stop into United Bank & Trust to learn about currency exchange options and current exchange rates.
Avoid being pick pocketed by being aware of your surroundings and by using a secure wallet or purse.
Pick pocketing is much more prevalent in European countries, but it can happen anywhere. Be as preventative as possible by using a secure wallet or purse and zipper lock clips to keep them secure. Consider adding TSA-approved locks to your luggage to ensure it cannot be easily accessed. Additionally, store your wallet in your front pocket rather than your back pocket, and try trading out a large purse or backpack for a crossbody sling bag secured on your chest.
Whenever traveling, it’s good to be hyperaware of your surroundings to ensure you’re always safe. Trust your instincts – if something feels wrong, something probably is wrong.
Use the safe in your hotel room to store money and valuables, especially when visiting foreign countries.
If you’re carrying valuables or large sums of money while traveling, use the safe in your hotel room to store them. This is a much safer option than keeping them on your person and risking them being stolen while you’re out sightseeing.
Shop at local grocery stores and markets to save money on food throughout your trip.
While tasting the local cuisine can be a fun part of traveling, it can also be one of the most expensive parts. Shop at local grocery stores and markets to try new-to-you local food without breaking the bank by eating at restaurants geared towards tourists. This tactic is especially useful in foreign countries, where grocery stores carry vastly different options than those in the United States.
After the Trip
Record all your expenses to determine whether you were within budget.
Once you have returned from your trip and recovered from your travels, gather your receipts and recent bank and credit card statements. Use these to record your travel expenses by category to determine whether you fell within your pre-determined budget.
If you’re at or below your budget, give yourself a pat on the back for a trip well planned. If you spent more than you budgeted, reflect on how you spent your money and take notes on how you can improve your spending for the next trip on your agenda.
Planning for your trip can be just as exhausting as going on the trip, but it’s worth it to maximize your savings and, in turn, your enjoyment of the trip. For more information about how to prepare for travel, visit United Bank & Trust’s website or call us at (641) 753-5900.