Does anyone else feel like they’re about to hit the metaphorical “unpause” button on life any minute now? When that happens, what will life be like when we’re all released back into the wild?
Although no one can predict the future, one thing we can count on more this summer than last is travel, as vaccines and loosening restrictions take effect throughout the country.
If you count yourself among the many planning a trip in the not-so-distant-future, Rob Grossheim, CFP, owner and lead advisor at Family Wealth Advisory Group (FWAG), offers some tips and tricks for getting the best bang out of your travel buck.
8 Tips for Smarter Summer Travel
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Budget Wisely. Be sure to first use any remaining vouchers or leftover monies from a prior trip, as those can carry an expiration date. Then, budget for more than you think. “Even though some great travel deals can be had coming off of the shutdown, we advise budgeting 10–15 percent more than what you think the trip is going to cost,” Rob says. “To some, this may sound crazy, but really think about the type of traveler you are—and how comfortable you are willing or unwilling to be. It’s a lot cheaper to fly coach, but for long flights, how is your temperament with the person’s seat reclined in front of you and is that worth it?”
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Plan Accordingly. “Travel is what you make of it,” Rob says. “If you’re not a fan of planning trips, find a travel planner. If you’re not a fan of figuring out how to pay for it, find a financial advisor. If you can’t stand the packing and worrying about forgetting what you might need, pre-pack essentials and make a list for each time you travel.”
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Know Your Airline Miles. Miles are a great way to offset costs for air, hotel or transportation, and sometimes can be used for other things like credit card expenses. However, Rob suggests exercising caution—miles can expire at different times, and you need to know what you’re receiving for the points being used, as well as how the company converts the points toward various expenses. Learn more about your options at sites like NerdWallet and The Points Guy.
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Use Global Entry/TSA Pre-Check/CLEAR: Global Entry registers you with Homeland Security, and you receive a Known Traveler Number, which helps expedite customs when returning to the U.S.—this can be a huge help if you find yourself squeezed for time between international flights and connecting domestic flights. TSA Pre-Check can be part of Global Entry or used on its own. Pre-Check allows you to use a specified line, and you can keep your devices in their bags, keep your shoes on, etc., expediting the entire process. Once you are in the CLEAR system, you'll automatically have expedited Pre-Check. It also works for some stadiums and concert venues. (Check with your credit card company, as some will reimburse the costs based on your card level for any or all three of these.)
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Alert Your Lenders. Rob suggests contacting your bank and credit card companies ahead of time to let them know when and where you’ll be traveling. They will note your account(s), so you shouldn’t have any issues if one is lost or stolen. If you are traveling internationally, always ask about how they calculate the exchange rate and what they will charge for ATM usage—and be sure to get foreign currency through your bank before going on your trip so you have money for tips, snack shops, etc.
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Make Card Copies. Keep copies of your primary credit card (with contact numbers), passport and driver’s license in a place you know won’t get lost, and keep the phone number for your bank handy in case it’s needed.
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Secure Cell Service. Check with your phone provider to learn how the service will be and how much it will cost to use your data while you’re traveling. You may want to buy an International Day Pass or something similar if coverage will be spotty.
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Plan for Emergencies. Always make an emergency contact sheet to give to someone in case something happens to you. Think ahead and make it simple for the person who needs to help you if you can’t help yourself. A sheet of paper with advisor, attorney and doctors’ names, etc., can go a long way to helping them help you.
FWAG.com | 7359 E Kemper Rd., Cincinnati | 513.469.8100