7 Best Ways to Handle Your Money on Vacation

Going on vacation is a great experience that can help you de-stress while learning about other cultures. While you may have planned ahead, packing all of the essentials and booking your hotels, there’s one important thing you must do:  figure out how you’re going to handle your money. Whether you’re travelling to Bali or Australia, you need to keep your money safe. Here are a few of the best ways to handle your money while you’re on vacation.

1.  Reorganize Your Wallet

Your wallet has likely obtained non-essential items over the past few years, including business cards you no longer need and old credit cards that are expired. Before going on your Dominican Republic All Inclusive, take a look inside your wallet to make sure that you’re only bringing the essentials. You may want to take out cards like gym memberships or punch cards from your local coffee shop as well.

Keeping things simple by carrying only your credit cards, license or ID, and cash can prevent you from having to deal with searching for cash or your card. Thieves are more likely to target you if it seems like you have tons of cards and cash in your wallet, so if they see you fumbling around or your wallet looks full, you could become an unsuspecting victim of theft.

2.  Beware of Use Fees

Whether you’re a digital nomad or traveling for a simple vacation, the odds are that you’re going to use your credit cards. Credit cards are essential for your vacation because you don’t have to worry about running out of money while keeping you protected more effectively than cash alone. If your credit card is lost or stolen while you’re on vacation, you won’t be responsible for charges that you didn’t make.

The downside of using credit cards while on vacation is foreign transaction fees. Credit card companies may charge fees for using your card in a foreign country, which can add up quickly. Check with your bank so that you understand your use fees and can use your credit card without incurring too much debt.

3.  Know the Drawbacks of Using Cash

Cash is one of the best ways to make purchases while you’re traveling, and you don’t have to pay a usage fee to your credit card company. However, carrying huge amounts of cash while you’re in a new place can be a safety issue. Make sure to carry only what you need to prevent losing too much in case of theft.

4.  Secure Your Money Wisely

A travel wallet or fanny pack is a great way to deter potential thieves and keep your money safe at your side. Other storage accessories like backpacks and purses make it easy for thieves to pickpocket you or steal your items from off of your shoulder, while a fanny pack is not something easily taken from your person.

If you don’t want a fanny pack, you can also choose other accessories like body pouches, money belts, or undergarments that offer storage for cards and money. The closer your cash and cards are to your body, the less likely they are to get stolen.

5.  Track Spending

Handling your money is about more than just keeping your cash and cards safe from theft; it’s about knowing how much you’re spending and how much of your budget is left over. Tracking your spending at the end of each day can help remind you of your set budget so that you don’t go over it by too much and can enjoy your vacation to its fullest.

6.  Make Money if Possible

Believe it or not, you can make money while on vacation. It’s understandable that you’ll want to tell your family and friends about your trip, but if you learn anything new or think your experiences are something others would want to read about, you can make money blogging about your vacation. Travel blogging is a great way to pick up money while enjoying your vacation.

There are other ways to make money while you’re on vacation as well, including working remotely or picking up a remote gig so that when you’re stuck in your hotel on a rainy day, you can do something productive that gives you extra cash to spend on your holiday.

7.  Invest in Insurance

Travel insurance is an absolute necessity no matter where you’re travelling or for how long. While insurance has tons of benefits, the most significant one is the benefit of protecting your money.

Travel insurance covers you in the case that any of your items are stolen. While your credit card getting stolen may not be the worst thing in the world since you can cancel it over the phone with your bank, having your cash stolen can ruin your vacation. Travel insurance covers the theft of cash up to a specified limit so that your money is protected even if your cash is stolen while you’re traveling.

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