How to Sort Out Your Finances Before Travelling

How to Sort Out Your Finances Before Travelling

Heading off travelling is a really exciting experience – you’ve been planning your trip for months, maybe even years, and now the final few weeks before your departure are here. One thing that might be on your mind, however, is your finances. Hopefully, you’ve got enough saved up to see you through your trip. Or at least the majority of it (with some to spare, too). But you might still have a few loose ends to tie up. If you have some debts hanging around, then a chat with Creditfix might help you to clear some of them or consolidate them so you have less to worry about while on your adventure. This is one of the most important steps you can take when it comes to ways to sort out your finances before you set off; here are a few others.

Cancel your subscriptions

If you’re heading abroad for a while, then you won’t be wanting (or needing) your Netflix or any other monthly TV, music or magazine subscriptions. Make sure you cancel them in plenty of time so that you’re not paying for them when you set off, and make doubly sure that they have definitely been cancelled. The last thing you want is a small but regular payment leaving your account without you knowing about it.

Get an international money card or bank account

While you’ll probably be keeping your regular current and savings accounts, you won’t want to use your usual debit or credit card. This is because you’ll get transaction and currency exchange charges all the time. An international payment card like Revolut is the answer because it handles most world currencies with the minimum of fees on top. You simply top it up from your current account then change the currency.

Tell your bank and credit card provider you’re travelling

You need to tell your bank and credit card company when you’re going, where you’re going and when you’re likely to be back. This is so that they don’t block or suspend your cards when they see unexpected activity from a different country – it can be a real pain to have to call or email your bank instead of lazing on a beach in Thailand.

Take out backpacker insurance for the duration of your trip

Multi-trip travel insurance won’t do the job here, you’ll need cover for the entire duration of your trip. You also need to think about whether you’ll be sky-diving, rafting or any other relatively risky activity and buy the relevant cover for that as well. If you’re taking your smartphone, laptop, camera and tablet along with you, you’ll need to insure them, too. You can expect to pay around £300 for a year. But it’s well worth it should you need to make a claim. 

Familiarise yourself with the currencies you’ll be using

You should already have your money all saved up, of course. But then you need to know how much you’ll be spending each day. A huge help here is to know and understand the exchange rates of the currencies you’ll be using against your home currency. This means you can budget effectively and be able to work out, using a rule of thumb, whether you’re getting a bargain or getting ripped off.

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