Personal Finance and Your Summer Vacation

Kimberly Watson, Editor in Chief
July 10, 2012 /

With the present economical and political winds of change blowing across the United States, many of its citizens are probably looking forward to their summer vacations. However, it could be wise for them to search for ways and means of saving money, by taking some basic precautions, especially regarding personal finance.

As a credit card is for most, one of the prime assets on a summer vacation, to prevent any potential “freeze” you should make sure that you advise the card company of any intention you have to travel outside the State, or importantly, to another country. This is because the bank could interpret any card activity outside the normal areas as card theft or attempted fraud. At the same time, determine exactly what will be covered by your insurance, for example; luggage and personal items and that the policy is valid to and in any of your proposed destinations.

Make a check list before you start packing and even check the items off as you pack them. This could include making copies of all identity documents and if you intend parking your car at the airport, taking a spare set of your car keys with your hand luggage.

When you are negotiating your vacation arrangements, consider the various methods by which you can save some money. Traveler checks are not needed today as they once were, being replaced by the service provided by credit cards. Determine from your bank, exactly what fees will be payable, particularly if related to foreign transactions. While some banks charge foreign related fees, others do not, but if you are charged, you can always make a request for them to be reversed.

Reports show that nearly 180 million people will travel on domestic airlines this summer, while nearly 27 million will use international flights. This would be an increase of 500,000 people compared to the 2011 summer statistics.

 

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