Summer is finally here, and ’tis the season many Canadians choose to take off for some tropical travelling.
And while you may have packed your bags in preparation for that long-awaited summer vacay, you might have forgotten to take care of a few last-minute items on your to-do list before you disappear into the horizon.
Before checking in for your flight, check to make sure all your personal finances are sorted. We have five tips to help make sure your accounts are in order and to help you avoid any fiscal catastrophes abroad.
While some supplemental health plans through employers offer travel insurance, make sure everything is up to date. It may even be a good idea to review your policy and benefits to be clear on what’s covered.
If you don’t have medical travel insurance through your supplemental benefits, consider buying some. Currently, only about half of Canadians buy travel insurance before going on vacation, but without it, an injury abroad could leave you in financial ruin.
Prep your credit card
Planning to use your credit card while on vacation? Most of us tend to put our purchases on plastic while outside the country. But using your card abroad can cause your financial institution to grow suspicious and potentially deactivate the card. To avoid this, give your credit card company a quick call to let them know you’ll be outside the country.
Build a budget
Before you make any bookings, sit down and create a budget for yourself. While away, it’s easy to get caught up in the moment and continuously splurge on gourmet dinners and pricey souvenirs. To avoid imminent sticker shock when you get the next month’s credit card bill, decide prior to your trip how much you want to spend and on what.
Curb ATM fees
It’s easy to rack up hundreds of dollars a year in ATM fees for international transactions. Avoid those pesky and pricey fees by planning ahead. Take enough cash out of your local ATM prior to your trip, or plan on limiting your trips to that international ATM.
Create an emergency plan
Should you lose your wallet, cash or credit cards while away from home, it’s good to consider an emergency plan. Instead of carrying all your cash or cards with you everywhere, lock some of it in your hotel safe or in another secure spot.