Travel Money Tips
Want to know the best way to use your money while travelling? This is important not just for saving money, but also for the sake of security. Here are the pros and cons of the three major methods of carrying travel money:
#1) Credit cards
They are incredibly easy to carry around, much more so than cash. Also, in many instances credit card firms offer car rental coverage. This can save you a lot of money. If your car insurance plan doesn’t cover rentals, you will have to get it from the company itself – which is extremely expensive.
You run the risk of overspending. This is always a danger when using credit cards, but it is even more of an issue when traveling.
#2) Debit cards
Like credit cards, they are easy to carry around. Also, they prevent you from overspending. This is because once the money is gone from your bank account, you cannot spend another dime. This prevents any surprises when you get home and look at your bill.
They are riskier than credit cards. If they get lost, you might be held liable for any money that is spent. With credit cards, you just call up the company and let them know your card was stolen and to not allow any unauthorized charges. You will never be on the hook for any unauthorized spending. However, with debit you might be liable. The final decision is up to the bank.
You cannot spend more than you take. This is the biggest plus. With credit cards, it’s easy to lose track of your budget, but this is impossible if you do not bring more money than you need.
Also, with cash you do not have to worry about locating banks or automatic teller machines for money. And it tends to have a better exchange rate. Often times, credit card firms charge very expensive fees when using them abroad.
The main negative is that that cash is hard to bring around. Also, it is the most easily stolen of any of the three methods. If it gets taken, you have no recourse for getting the money back.
So the bottom line is that every method has its pros and cons. Which you choose just depends on your personality. For instance, if you are someone prone to overspending, you might want to bring cash to avoid this. However, if you are more disciplined, then a credit card may be acceptable.
The most important thing is that, no matter which method you use, you have a budget and stick to it at all costs. This will prevent overspending and ensure you have no surprises when you get home and look at your bill.
Be sure to download these great travel apps to help you save even more!
VZNavigator is by far my favorite GPS app for my phone. It will tell you how long it will take you to get there, what the quickest route is and of course nearby things to see and do!
allows you to find the cheapest fuel around while you are on the go!! This is a HUGE money saver for my family!
Smart Rewards by Verizon is a new program that helps you earn points for things that you already do. Then you get great deals around your town or even while traveling as far as around the world. You can even enter sweepstakes to win prizes that are being given away each day!