Pack Your Bags: Financial Preparations Before Embarking on an Extended Vacation4 min read

Hiking across Asia. Snorkeling in Bali. National park-hopping across the Western U.S.

What’s on your bucket list? For a lot of people, travel nears the top. And some of these trips you have been dreaming about require more than just a few days or a week. If you’re envisioning an extended vacation (aren’t we all?), take these critical financial precautions so you can enjoy your trip without worrying about your bank account – and return home feeling rejuvenated and refreshed, especially when planning a stay at some of the best places like all inclusive resort phu quoc.

Research Your Ideal Destination’s “Off Season”

This first financial consideration is a fun one: finding out where you want to go and when. Explore potential destinations with your travel buddies, including experiences you want to have and sights you’ve been dying to see. Conduct some research about these locations to get a general idea about the costs (plane tickets and lodging, specifically) during different times of the year. Popular locales often offer discounts for “off season” visitors. This may dramatically cut down on travel costs.

Create a Budget

Once you have nailed down where you’re going, outline a budget and a savings goal. You’ll want to consider airfare, hotels or Airbnbs, food, activities, train tours like Danube Express, and attractions. This can give you a good idea of where you could potentially save money or where you’re willing to splurge based on your priorities and financial circumstances.

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Depending on where you decide to visit and for how long, you’re most likely going to incur additional expenses. Work additional miscellaneous costs into your budget such as pet care, child care, vaccinations, new luggage, or passport renewals.

Perhaps most importantly: don’t try to keep your budget in your head. It helps to get the numbers down on paper so you can see how much money you’re going to spend and save. It can be a working document, too – you can adjust it as situations update, goals change, or more ideas or costs pop up. Write down all your expenses, well ahead of hopping on your plane, to help you determine what you can and can’t afford while travelling.

Booking Tours and Activities in Advance

Another key step in preparing for your dream vacation is to book tours and activities well in advance. Whether it’s a guided hike through the mountains of Asia, snorkeling in the crystal-clear waters of Bali, or a comprehensive tour of national parks in the Western U.S., securing your spots ahead of time can lead to significant savings. Many tour operators offer early bird discounts to travelers who book early. Additionally, booking in advance ensures that you won’t miss out on once-in-a-lifetime experiences due to them being sold out, especially during peak seasons. It also allows you to better plan your itinerary around these activities, ensuring a smoother and more organized trip. Remember to research and compare different tour options to find the best deals and experiences that suit your interests and budget, you can start by visiting https://madeinturkeytours.com. This foresight not only saves money but enriches your travel experience, letting you make the most of every moment of your adventure.

Take Foreign Exchange Rates into Account

If you decide to travel internationally, you’ll want to investigate the foreign currency rate and adjust your budget accordingly – especially if the U.S. dollar is worth less than the currency in your destination. While you’re on your trip, you may want to download a currency conversion app. This can give you clarity on how much money you’re spending right away, eliminating any of the guesswork. Additionally, working with a financial planner who is well-versed in international travelling can help you incorporate the exchange rate into your budget.

Dodge Costly ATM and Credit Card Fees

Two or three bucks might not seem like much at the time, but fees associated with international transactions can add up over time. Before heading overseas, consider opening an account with an institution that doesn’t charge fees for using out-of-network ATMs. That will let you conveniently withdraw local currency while you are out and about.

In addition, some travelers look into a travel credit card, as they often provide a variety of protections and services, and don’t charge fees for foreign exchange conversions. Financial planners may be able to make an appropriate recommendation for a travel credit card.

Finally, before you go, let your credit card company know about your trip so they don’t freeze your money when you try to make purchases in an unfamiliar place.

Adventure Awaits

You’ve got your budget. You’ve calculated the foreign exchange rate. You’ve set up a travel credit card. All that’s left is to enjoy the adventure! Working with a financial planner can help you make a trip of a lifetime – all while keeping your financial goals in mind.

Bill Kelso, CPA, CFP®, is a financial planner* at Pinnacle Financial Advisors, which assists individuals, familie, and businesses with financial planning and wealth management in Sedona and the Verde Valley. He is a Registered Representative offering Securities through UNITED PLANNERS FINANCIAL SERVICES, Member: FINRA, SIPC. *Advisory Services offered through SEROS FINANCIAL, LLC. Pinnacle Financial Advisors, Seros Financial, and United Planners are independent companies.

Bill Kelso

Bill Kelso, CPA, CFP®, is a financial planner* at Pinnacle Financial Advisors, which assists individuals, families, and businesses with financial planning and wealth management in Sedona and the Verde Valley. He is a Registered Representative offering Securities through UNITED PLANNERS FINANCIAL SERVICES, Member: FINRA, SIPC. *Advisory Services offered through SEROS FINANCIAL, LLC. Pinnacle Financial Advisors, Seros Financial, and United Planners are independent companies.

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Bill Kelso, CPA, CFP®, is a financial planner* at Pinnacle Financial Advisors, which assists individuals, families, and businesses with financial planning and wealth management in Sedona and the Verde Valley. He is a Registered Representative offering Securities through UNITED PLANNERS FINANCIAL SERVICES, Member: FINRA, SIPC. *Advisory Services offered through SEROS FINANCIAL, LLC. Pinnacle Financial Advisors, Seros Financial, and United Planners are independent companies.