Discover How To Get Your Finances In Order For Your Travels
Malaysians love to travel, with 90% travelling domestically and two thirds travelling abroad each year. However, travel is expensive and for most people, a trip abroad requires careful budgeting. Depending on your income, you can save up for a round the world trip with careful spending and a strong commitment to saving. When you eventually step on that plane, though, how do you know you are financially secure? Read on to find out how to keep your money safe and be ready for emergencies.
Keeping Money Safe
Many people who travel abroad will bring enough cash to last them the trip. This can cause problems. Cash can easily be lost or stolen, especially if kept all together in one place. When you leave the hotel room, aim to only take with you the cash you need for the day, leaving the rest in the hotel safe.
If you have to carry all your cash with you, divide it up. Put the amount you need in wallet, then the rest in secret pockets on your bags or clothes or in your socks, underwear or shoes. That way, you will still have plenty of backup cash if your wallet is stolen.
You can also opt for a prepaid travel card. These are often accepted globally and can be loaded up with the local currency for a fraction of the price of a traditional bureau de change. Since this requires PIN entry, a thief is far less interested in a card than a wad of cash.
Protecting Your Identity
Once your holiday finances are in order, you need to make sure that no one can pose as you, and use your prepaid travel card. This means avoiding identity theft. Take care to shred any unneeded documents containing sensitive information. For paperwork you do need to carry with you, keep it in a locked compartment of your bag, perhaps where your laptop is.
Try not to share too many details of your trip online. If you do, check the privacy settings are such that only trusted friends can see your posts. Never share any private financial or identity information, such as a photo with your passport or credit card in the background. Be wary of any phishing emails and keep your antivirus software up to date.
Emergency Funds
So you’ve got your money divided up, some cash, some on a card. However, are you certain you have enough if something goes wrong? Unfortunately there can be incidents on the road, which cost more than and average traveller was expecting.
Whether its medical bills from an accident, replacement for a stolen phone, a written off car or legal issues, there are a whole range of travel emergencies that could occur. Just like you’d have a buffer set aside for these things at home, you should aim to have a savings account dedicated to holiday emergencies.
Travelling abroad is a usually safe and rewarding experience. However, it requires you to be extra cautious with your money. Scam artists target tourists, who tend carry lots of cash and are unaware of local dangers. When it comes to saving, consider how you will store your money securely, how you will protect you identity and whether you have enough for unforeseeable emergencies.
