For the most of part, each of us struggles in finding a balance between covering what we need while living a fulfilling life that meets our interests and desires. We call this financial plateau stability, and it is the cornerstone of a comfortable family home. It’s ironic that nearly each of us also dreams of traveling abroad, which can easily become the most costly and unexpected outings in our lives.
But traveling overseas doesn’t need to mean instability or uncertainty. In fact, with proper preparation, anyone can travel safely without compromising the financial security of themselves or their family. Here are a few tips I’d recommend to just about anyone with a spirit for travel and a mind for caution:
Secure your finances with travel insurance
While it may seem counterintuitive that an extra expenditure might be an asset to financial security while traveling abroad, it does remove a great deal of uncertainty from the equation. It’s a great idea to seek coverage from a provider who is very familiar with your area of travel. For example, browse coverage plans from Charlotte insurance agents when traveling to the Carolinas rather than considering a thriftier plan from some far-away provider. The cheapest plan might not work in your favor if your provider is not aware of the specific risks associated with your destination.
But when you have acquired some travel insurance, it can take away the uncertainty from even worst-case scenarios. The plans can account for delayed baggage, airline scheduling mishaps, any events that might cancel or otherwise interrupt your trip, injury, accidents, illness, and even the costs of overseas funeral costs should the worst happen. While traveling can present hazards to your well-being at the roughest of times, it never needs to post a threat to the financial state of your household.
Plan flexibly (and budget accordingly!)
Unless you’re planning on traveling the world as a no-holds barred survivalist with firewood and sleeping bag in tow, planning ahead and keeping additional funds available for extra purchases and emergency needs can be a lifesaver when you’re adrift overseas. While spontaneity is the spirit of travel, it’s never wise to leave your finances up in the wind. Just a few aspects that you should keep in mind while budgeting includes:
- Costs of air travel and associated fees (baggage, parking, transfers)
- Transportation costs (gas, rented vehicles, public transportation)
- Lodging fees and meals
- Vacation / tour package costs
- Price of souvenirs and activities
- Exchange rates and bank fees
Many financial experts recommend factoring in at least an additional 20% of funds in your budget after meticulously figuring the cost of your travel. While the cost can be extensive, being able to afford flexible accommodations whether due to emergency situations or simply a desire to break from the mold at some point during your trip can be extremely liberating in making your travel abroad as worry-free as possible.
While traveling can be – and should be – a spontaneous time in our lives, it’s crucial to make sure that it isn’t one that impacts our day-to-day needs once we return home.