When you're planning a vacation, it's easy to just focus on what hotel you'll be staying at, what excursions you'll take, and how often you’ll eat at the all-inclusive restaurants. While all of that is very exciting, it's important to make sure you're financially ready for your vacation, so keep a few things in mind.
Account for extra spending.
Sure, your hotel and plane ticket cost a certain amount of money, but what about the cost of souvenirs, taxi rides, or tips for the wait staff? If you don't account for little expenses as much as the big ones, it can put a big rut in your plans.
Remember the exchange rates.
It's important to remember that the dollar doesn't have the same value as every other form of currency. If you bring along $500 as spending money, but convert it to a currency that doesn't value the dollar as high, you could end up having much less in your pocket than you planned.
Careful with your credit cards.
It’s easy to say you'll just swipe everything on vacation and have one bill at the end of it, but that's not the best idea. Just like at home, it's easier to spend more when you're using plastic versus cash. Plus using a credit card on vacation can put you at risk of identity theft if someone steals your information.
Remember your regular bills.
Just because you're going on an extended vacation, it doesn't mean that your utility company or mortgage lender stop sending you bills. If you have the option, request that those companies not send paper bills to your home while you're away, and just pay your bills online. This way, you stay on top of your payments, and don't risk your bills, or identity, getting stolen.
American Investment Planners LLC offers tax planning, estate planning, retirement planning and more to generations of families throughout the United States. More information about the services offered is available at www.americaninvestmentplanners.com.
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