Learn how managing your money this summer can make travel season even easier
Presented by Member One Federal Credit Union
Planning for summer travel means choosing a location, booking your stay, and counting down until vacation time. It also means effectively managing and protecting your money so your anticipated getaway doesn’t turn into an unexpected staycation. Follow these simple tips for keeping your financial life in order before, during, and after vacation.
Notify your financial institution before you hit the road. Nothing could ruin a vacation faster than a lack of funds due to a limited cash supply and/or a frozen credit or debit card because of suspicious-looking account activity. Letting your financial institution know that you’ll be traveling helps keep your accounts safe and avoids interruptions in your credit or debit card services, especially if you’ll be out of the country. Many financial institutions offer a simple online form that you can complete ahead of your travel.
Record card information and other important documents. Before you leave, record card numbers and customer service contact information, your passport, and insurance cards. Take photos of each item or write the information down on paper and keep it in a safe location, like a hotel safe. You can also store the information on your computer or email it to yourself. As long as you can locate an Internet connection, you’ll have quick access to this information in case you need to report that it’s been stolen.
Pay for larger purchases with cards. A credit card in particular offers the most security because, unlike a debit card, it’s not linked directly to your bank account—so there’s no risk of fraudsters gaining direct access to your money. Plus, purchases made with a credit or debit card might be replaced by the card company if the item is stolen.
Don’t carry all your money at once. One tactic to keep cash safe is to split it up. Keep a certain amount in your wallet and another amount stashed away for later. Overall, the best approach is to carry a combination—a credit card for the majority of purchases, another card as a backup, and cash. While cash can be easily stolen, it’s a good idea to keep a small amount on hand in case you encounter a merchant or service that only accepts cash.
Review your bank and credit card statements. Upon returning from your trip, look at your bank and credit card statements to check the accuracy of transactions. Get a receipt for every transaction made while on vacation and compare this to the total charged to your account. Receipts are also helpful to have on hand in case you have to dispute a charge with a vendor.
Join Member One here each month for more money-saving tips and financial advice! Be sure to visit their website, www.memberonefcu.com, for more info on their products and services. Member One Federal Credit Union is federally insured by the National Credit Union Administration.