Nov 30, 2017

 

Our Insights ...

We’re approaching holiday season. Have you come down with a case of wanderlust? Are you making plans to head abroad?

Whether you’re travelling for business or pleasure, you will want to make sure that you’re financially-protected. 

Here are some financial tips we’re confident will help you globe-trotters stay safe.

1. Plan Carefully Before You Go 

Travelling sounds like a care-free activity - you just throw caution to the wind and go wherever your fancy leads you. But successful travelling requires careful planning. 

Look into what the exchange rate is for the local currency at your destination. Plan in advance what kind of activities and hotels your budget can afford.

2. Let Your Bank Know You’ll Be Gone 

Most banks closely track where and how bank cards are used. If your bank notices that your card is being used abroad, it may suspect that your card has been stolen and shut it down.

To avoid this, stay in close contact with your bank. Let them know where you’ll be travelling to and for how long. 

3. Keep Something in the Reserves 

Should the worst happen and you find yourself in a medical emergency or missing your primary card, then you’ll be glad to have something on-hand. 

Set aside an allotment of funds for just such an event. Keep it in an emergency bank account that you can access if you end up needing costly care. This is especially important if you don’t have traveler’s insurance.

Keep another credit card separate from your main one. This way, if your wallet is lost or stolen, you’ll have a way to book a flight back home. 

4. Get Travel Insurance 

There are many travel insurance plans out there, and most are relatively affordable. Just make sure you’re completely covered by the policy – you may want to chat to your financial adviser about this. Don’t skimp on insurance .. emergency assistance, especially medical, can be eye-wateringly costly in different countries.

5. Make Advance Plans to Cover Your Bills

Set up auto-payments or pay certain bills in advance, if possible. Cancel all unnecessary subscriptions for the time you’ll be gone. Set up online bill payments. Task a family member or trusted friend with making payments for you. 

There are lots of ways to get it done. The point is that you should do all you can to avoid unpleasant late fees on your return home.

6. Ensure Your Important Documents Are Up-to-Date 

Wills, Powers of Attorney and Advance Care Directives should be completed or updated. It sounds a little morbid, but should you become incapacitated or worse, these documents keep your affairs in order and put the right people in charge on your behalf.

7. Put Snail Mail On Hold

Scammers still use the trusted technique of stealing mail and going through it for personal information. If you’re away for a while, call your mail service provider to see about putting your deliveries on hold until you return. Otherwise, entrust timely mail collection to a responsible friend or family member.

Things can get scary and complicated when you head to a foreign land. Fortunately, good preparation makes successful and joyful travelling possible.

Expert Financial Advice 

For a no obligations discussion about your managing your financial affairs for travel or any other need, reach out to our team here at Calder Wealth Management. Call on 08 8373 3333 today to schedule an an appointment.

- Ben Calder, Private Client Adviser