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Travel/Vacation
Advice
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:
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Credit
Cards
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Cash/ATM
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Travelers
Checks
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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.
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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.
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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.
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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.
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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.
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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.
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Cash/ATM
The following is information for using cash/ATM's during
your vacation.
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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.
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Don't
carry large sums of cash on you. If using an ATM, withdraw
only small amounts of cash as needed.
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Travelers
Checks
The following is information for using Travelers Checks
during your vacation.
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Traveler's
checks are a good option because, if lost or stolen,
they can be replaced.
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Alternative
Funding
The following are ideas of raising money to pay for a vacation.
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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.
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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.
See Also:
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