5 financial steps to take before your next overseas trip

If your planning on hitting the road or going overseas for longer than a weekend break, then there are a few financial steps you need to take to ensure you have no issues while travelling and keep on top of your money as well as reducing any stress, for example sometimes banks will stop your card if you. use it overseas without telling them beforehand. So here are 5 essential things you need to do to tie up your financials before heading out your travels.

1. Take out travel insurance

I cannot stress enough how important this one is and it applies to even the shortest of trips or even extended months long travels, as you never know what will happen and having travel insurance that covers medical needs is a must! Medical emergencies aside travel insurance also covers you for things like cancellations, delayed departures and lost luggage and can save you a lot of money should things go wrong. 

2. Life Insurance

Just like travel insurance, Life insurance is one of those things you should sort out now rather than later, especially if your heading off on a roadtrip or adventure you want to know your loved ones will be financially looked after should anything happen to you. Taking out life insurance was one of the first things I did when I became a parent as I don't have any substantial savings or collateral but for a very small amount each month I can at least be assured that if something does happen to me my kids will be looked after. You can get term life insurance quotes online within minutes. 

3. Notify your bank of your travel dates

While some banks and credit card companies will be able too see from your spending activity that your are in a different country it's still worth notifying them so they don't block your transactions straight away. These days it's not such a hassle to let them know as most allow you to do this online on your banks app and can save you a lot of embarrassment as no one likes having their card declined. For extra tips on how and why you should contact your bank before travelling check out this post. 

4. Install online banking and mobile banking apps

Being able to access your bank balance quickly while travelling is a must and with a mobile banking app you can stay on top of your funds wherever you are. This can help save you hassle as well as make sure your not macing out your card as well as keeping an eye on any fraudulent charges. 

5. Buy your travel money in advance 

If you need to exchange currencies do it in advance as buying travel money at the airport can be much more expensive. If you start looking in advance for a favourable exchange rate you can lock in that saving and evening though some destinations are becoming largely cash-free it's still important to have some local currency on you while travelling. Money Supermarket offers some great tips on how to get the best exchange rate before travelling. 

There are also plenty of ways to save money for future travel and the Budget traveller blog  has a great post on 52 money saving travel hacks that is worth checking out.