Summer is here and that can only mean one thing — it’s vacation time!
With a little pre-planning and self-discipline, it’s easy to stay financially healthy on a road trip. Here are seven tips for saving money and ensuring that your money stays safe during your travels.
1. Budget for Your Trip Ahead of Time
One of the best financial tips for road-tripping is to budget for it, according to U.S. News & World Report contributor Holly Perez.
As soon as you’re starting to consider a vacation, begin setting aside money from each paycheck to go toward trip expenses. The sooner you start setting aside money for your trip, the better prepared you’ll be for it financially.
Related: How to Manage Your Money On the Go: Online and Mobile Banking
2. Notify Your Financial Institution
If you’re traveling out of state, it’s wise to tell your financial institution what destinations you’ll be visiting. As consumer expert Andrea Woroch shares with Business Insider, this will help your financial institution from tagging these charges as fraudulent and potentially putting a hold on your debit or credit card.
3. Bring Cash
Make sure to bring cash with you on a road trip, since some establishments might take only cash instead of card. It’s also a good idea to diversify what bills you bring along, according to Christine Sarkis from SmarterTravel.com and USA Today.
Store larger bills in a money pouch, wallet or under-clothing area for security. Store smaller bills and coins in a more accessible place so you can pay for souvenirs, food, attraction admission fees and transportation without having to pull out larger bills.
4. Store Money in Multiple Places
It’s also important to stow your money in more than one place, as Sarkis recommends. That way, if someone steals your wallet or purse, you’ll still have enough money for transportation back to your hotel — or to a local police station to report the incident.
5. Report Lost or Stolen Credit Cards Right Away
If you misplace your credit card or it gets stolen during your trip, it’s important to act quickly. The Balance contributor Latoya Irby advises calling your credit card company to report the missing or stolen card as soon as possible. You can find the contact number for your credit card issuer on an online copy of a credit card statement.
Double check that you have the credit card issuer’s true website and phone number to avoid scams. The credit card company will usually ask you for the following information: the date and amount of your most recent purchase, the date the card went missing or got stolen, and your account number.
6. Save on Unnecessary Purchases
To help save money, make sure to pack everything you need before setting out on your trip, as Woroch suggests. For instance, if you’re headed to the beach, make sure to bring sunscreen and towels.
Wherever you go, make sure to bring your own phone chargers; that way, you can avoid paying exorbitant prices on these touristy items once you reach your destination.
Related: Baffled With Budgeting? Banking Online Gets You More Bang For Your Buck>>
7. Stock up on Restaurant Discounts Beforehand
Chain restaurants are common to encounter on road-trip routes. Maximize your savings at these dining places by finding discounted gift cards for chain restaurants like Olive Garden and Chili’s before your trip. Per Woroch, sites like GiftCardGranny.com are great online resources to purchase these.
Minster Bank Can Help
By implementing these strategies, you’ll be well on your way to managing your money and enjoying significant savings on your next road trip.
Travel safely – see how Minster Bank can help protect you from identity theft on your next vacation.
Published by Minster Bank
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