Financial Tips for Summer Vacations

Summer vacation is a time to relax and get away from it all. But there are key financial considerations to keep in mind to help protect yourself—and your wallet—when you’re on the road.

From protecting against fraud to planning for the unexpected, here are some tips to help you prepare. 

Staying Cybersafe

Paying attention to cybersecurity when traveling can help you avoid short-term disruptions and long-term headaches, so you can focus on enjoying your trip.

When packing, only bring the devices you’ll need, as this reduces your overall security risk as well as the risk of you misplacing something. Whatever you do choose to bring, make sure it can be locked and requires a complex and unique password, or fingerprint/facial recognition, to be accessed. It’s also a good idea to enable multi-factor authentication wherever available.

Don’t overpack your wallet either. While you may want to have at least two methods of payment available, leave behind other credit or debit cards as well as forms of identification that you won’t need on hand.

Do bring your own charger, however, as public charging options such as those in airports and hotel lobbies are common targets for hackers, who can embed these connections with malware to steal data from your devices.

And remember to stay vigilant, even on vacation. If you receive an unsolicited call, especially one asking for personal or account information, hang up. Don’t send or accept payments on apps like Zelle, Venmo or CashApp to or from someone you don’t know.If you’re contacted about an urgent, dire-sounding scenario, take your time to get the facts before responding. And don’t click on any suspicious links, provide information or make payments on unsecure, pop-up web pages.

Finally, don’t provide remote access to your computer or share any account log-in information, such as your username or password. Put up your out-of-office message and unplug!

Traveling Abroad

If your travels are taking you across international borders, one of the most important considerations is what payment method to use while you’re out of the country. 

Cash can be a cost-effective and convenient option, but keep in mind the exchange rate as well as whether you’re in a closed currency country, where money can only be exchanged within that country’s borders.

If you choose to pay with cards, be aware of any fees you might incur for international transactions. It can also be a good idea to give your bank a heads up that you’ll be traveling, so they don’t shut down your account as part of their fraud prevention process.

Budgeting for Unexpected Costs

In addition to any exchange rates, make sure to build room into your budget to cover unexpected costs that might arise during the course of your trip. Having a financial cushion can help relieve some of the stress of any last-minute pivots that might need to be made, such as booking a hotel room due to a change in travel plans.

Remember to account for baggage fees and tips—and even gifts for loved ones back home. 

Getting Creative With Ways To Save

As you’re building out your vacation budget, you may also be looking for ways to save money.

If your travel plans are flexible, you might want to consider traveling in the off-season, or flying on less popular days of the week. Making plans well in advance can allow you to book tickets before prices increase, or to track prices so you know you’re getting a good deal. Many sites allow you to set alerts so you’re notified when prices change. When booking, also keep an eye out for vacation bundles, which can potentially help you save money.

Also check your company’s benefits page for any travel discounts that might be offered. You may be able to score a better deal on a flight, hotel or rental car.

While vacation can be a great time to explore the best restaurants in the area, all of those meals can add up, and you may want to pick certain ones to splurge on. This can also be a good opportunity to eat like a local, exploring less touristy areas off the beaten path, which might offer delicious, but cheaper, options. 

The Bottom Line

Vacation offers a chance to relax and escape your daily responsibilities. Taking the time to protect your finances and prepare appropriately can help your trip go smoothly—potentially saving you time, money and hassle.