Money Smart Travel Tips
Whether you are traveling nearby or around the world, there are some proactive steps you can take to ensure you and your money stay safe. To help take some of the stress out of the travel experience, here are our favorite tips on dealing with your money when you’re on the road.
The first step to any great trip is making sure that you've set enough cash reserves to enable a fantastic experience. At first saving can be daunting, but many times a few simple changes can result in a surprising nest egg. Do you have the option to work from home? Even if it's one day a week, the savings in gas alone will add up quickly. It is also a good idea to review your spending habits periodically and identify items that fall in the "nice to have, but don't need to have" category. To give your savings an extra boost, take that newfound money and purchase a savings product such our 8-Month CD Special. With rates that are guaranteed for the initial term and a short maturity, it's the perfect way to jumpstart your vacation fund.
Staying safe when you're away from home starts even before you've left by confirming that you are enrolled in online banking and by downloading the mobile banking app. The Sandy Spring Bank mobile banking app enables clients to pay bills, transfer funds and check account activity all from their phones. Go one step further and use bill pay to set up your payments while you're away.
When you're traveling it's important to be extra vigilant. You're in unfamiliar surroundings and it's easy to get confused and end up making poor decisions. One important decision is how to access your money. The professional advice on this varies largely based on where you are traveling. If it's domestically or in more developed countries like Japan or Australia, then a card is normally the best option since it is the most secure and makes sticking to a budget easier. However, if you're going to be in less developed countries like Ecuador, Morocco or Cambodia, using a card for major expenses like hotels is advised, but then it will be important to have cash on hand for other expenses.
If you are traveling overseas, there are a few additional points to keep in mind. Check with your bank to see what, if any, fees are assessed when you use ATMs belonging to other banks or which aren’t linked to the same system or network. You can rest easy if you’re a Sandy Spring Bank client however, as we provide fee-free access to more than 50,000 ATMs around the world through the Allpoint®* ATM network.
With a little preparedness and by staying vigilant, it’s easy to make sure your money is secure while you’re traveling, allowing you to do what you’re supposed to do: rest, relax and have fun!
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