How to Keep Your Money Safe When Traveling

Whether you like taking advantage of summer break so you can bring the kids along or you like jetting off to warmer weather in the winter, there’s no denying that vacations are some of best times of the year. Of course, you’ll want to enjoy yourself as much as possible, but you shouldn’t throw caution completely to the wind, especially when it comes to your finances. In order to keep your money safe when traveling, there are a few things you should keep in mind.

How to Keep Your Money Safe When Traveling

Balance Your Credit and Cash Use

While using cash usually forces you to watch how much money you spend, if you lose it, it’s gone. At least if you lose your wallet or your credit cards get stolen, you can call your bank, cancel those cards, and dispute any fraudulent charges.

Keep Your Money in Multiple Places

If you decide to use cash more than credit, make sure to store it in more than one place. When you’re out, ask your travel companion to carry some of your cash on his or her person. When you leave cash in your hotel, keep some hidden in a sock in your suitcase or the room’s safe, and carry some with you just in case.

Use the Right ATMs

Besides extra fees, restaurant and store ATMs could have scanning devices that steal your credit information. Use bank ATMs, and make safe choices when taking out money. Don’t visit ATM machines during the early morning, late evenings, or alone — always have someone come with you.

Use a Money Belt

No matter what method you’re using to make purchases on vacation, a money belt is the best way to carry your funds with you. These belts wrap around your waist underneath your clothes and have a zippered pouch for your belongings. Use one to carry your cash, credit cards, passport, or driver’s license.

It only takes a few actions to keep your money safe when traveling, and while we want you to stay safe on vacation, we also want your money to be safe each and every day. At American Investment Planners LLC, we make it a priority to help you prepare for the best financial future possible. To schedule an appointment with one of our advisors, please call (516) 932-5130 or email info@americaninvestmentplanners.com.