Planning a vacation can be chaotic. Do you use a check list to make sure everything ready when it's time to leave? Pack, unplug appliances, get a passport, let school know the kids will be gone, etc.
Adding a few financial management items to your list can prevent a lot of frustration down the road too! Here are a few things check off your to-do list:
Tell your bank you'll be traveling.
And, tell them where you're going. To protect customers against fraud, most banks monitor your normal spending habits. This includes the geographic location of your purchases. If out-of-area purchases show up, the bank may flag/block those transactions as fraudulent.
Also keep the 800 numbers for your credit cards on hand in case you need to report a lost or stolen card.
Double-check your accounts.
Have enough funds set aside for some emergency money during your vacation.
Set up automatic or early payments for any bills that will be due while you're away. You don't want to miss any payment dates just because you're gone!
Make sure you have a way to check in while you're away.
Services like online, telephone and mobile banking help you watch your spending/account balances even while you're on vacation.
You'll likely be making withdrawals from unfamiliar ATMs and making purchases at new places. So, it's a good idea to carefully watch your accounts while on vacation.
Carry a variety of payment options.
Take along several credit cards, a check book and a debit card to make sure that if one payment method fails, you'll still have access to your funds.
Carry a small amount of cash for small purchases and souvenirs. Use multiple wallets so that if one is stolen or lost you can still access your accounts.
If you have to make currency exchanges, talk to your bank about the most cost-effective method for your situation.
Peoples State Bank, Member FDIC
