5 tips to manage your finances while travelling overseas
When you’re on an exciting adventure overseas, the last thing you want to worry about is your finances. Here are some savvy tips on how to manage your finances so you can enjoy your holiday worry-free.
# Protect your credit reputation
Going away on an overseas holiday can increase the chances of identity theft and fraud. With card skimming becoming an increasingly common way for thieves to steal your card information, it pays to be careful of where you shop, dine and the type of ATM you choose to withdraw money from.
Did you know Credit Savvy helps you monitor your credit reputation, for free?
# Plan ahead to save
A great way to save on your upcoming trip is to plan ahead and pre-pay the big-ticket items in advance – the more you pay before you leave for your overseas trip, the less you’ll have to pay for at short notice with a potentially hefty local mark-up.
# Set a holiday budget
Vacations are expensive, and it’s easy to overspend. Setting a budget for your trip will help you organise your holiday expenses better. Transport and last-minute souvenirs can stack up quickly, so set a budget and do your best to stick to it. You could elect to go card-free these holidays and only spend the cash that you’ve converted for your trip.
# Track your spends on the go
It’s easy to lose track of how much you’re spending day to day while on vacation, so it’s a good habit to journal down the outgoing expenses, especially when you’re on a tight budget.
An efficient way to keep an eye on your expenses is to download a budget tracking app to help collate all the holiday splurges in one place.
# Don’t forget you still have bills to pay
Repayments are probably the last thing on your mind while on holidays but don’t get too carried away that you forget all the expenses you still need to pay at home.
Enjoy your holiday in peace by:
- Putting reminders on your calendar to alert you to check your account regularly.
- Setting up internet or phone banking and switch to electronic statements.
- Arranging automatic payments to ensure payments are made on time.
The rollout of Comprehensive Credit Reporting means your repayment history can now be included on your credit report for up to 2 years, which is why it’s more important than ever to ensure repayments are made on time as late payments can impact your credit score.
Sign up to Credit Savvy to track your credit score and receive alerts whenever there are changes to your credit file, so you’ll be able to guard yourself from the clutches of cyber criminals and scammers.
Want to read more travel-related articles to become a savvy traveller? Visit our Learning Hub for more tips and tricks.