Vacation Financing Ideas

Financing a Vacation

Traveling is great. There are so many things to do on a trip, along with great places to eat and souveniers to buy. None of it is free, though, and it can get very expensive - very quickly! So you come armed with ways to pay for things on the trip (cash, credit, travellers checks), to ensure that you have a good time and that money doesn't stop you from doing as much as you want. Below is some advice for travellers as far as things to keep in mind when it comes to the various ways to fund your trip.


There are a few basic ways to fund a vacation - they include:

	Credit Cards
	Cash/ATM
	Travelers Checks
	Alternative Funding

Here is some advice for each of the following:


Credit Cards

The following is some information to keep in mind when using credit cards on a vacation.

	First off, if you don't have a credit card, get one. They are invaluable when taking a vacation. Plus, if booking online, they arethe only way to pay for a trip.
	Carry two credit cards with you when traveling. Keep one with you, and the other at your hotel, either in your luggage or (preferablly) in a locked hotel room safe. This way, if you lose the card or have it stolen when traveling, you have the backup card available.
	Make a note of the 800 numbers and the collect numbers to report stolen credit cards, and keep this separate from your credit cards in case they are stolen. You can't use the 800 number in foreign countries.
	Most credit card companies charge about 3% of your purchases abroad. These charges change often, so check with your credit company to find out about their surcharge before you travel.
	You can usually get a superior exchange rate by making purchases with a credit card, rather than exchanging your cash. This is due to the fact that the credit card company aggregates its transactions, which results in a better rate than any single person could get.

Cash/ATM

The following is information for using cash/ATM's during your vacation.

	Your ATM card is good at ATM spots worldwide, but many overseas ATM don't accept a PIN of more than four characters, and it must have numbers rather than letters. ATM locations from around the world can be found here.
	Don't carry large sums of cash on you. If using an ATM, withdraw only small amounts of cash as needed.

Travelers Checks

The following is information for using Travelers Checks during your vacation.

Traveler's checks are a good option because, if lost or stolen, they can be replaced.

Alternative Funding

The following are ideas of raising money to pay for a vacation.

	CD's/ Money Market Accounts - By saving early, you can build a vacation fund by putting your savings in a CD and money market account, which will add on to your balance with its interest rate.
	Loans -You can borrow funds for the trip with different types of loans -a home equity loan, payday loan, personal loan, etc. Plus, if you choose a qualifying loan, it may be tax deductible (consult with your tax advisor to find out which loans would qualify).

These are just a few suggestions for different advice on funding your vacation. If you have any others you'd like to add, drop us a line and let us know.

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