Money Mistakes to Avoid While Traveling

One of the many benefits of a reverse mortgage loan is that borrowers are able to use their loan in any way that they please – and that includes going on vacations. With travel season slowly beginning, it is the perfect time to discuss money mistakes to avoid while traveling.

Image courtesy of [photostock] / FreeDigitalPhotos.net

1. Avoid overspending.

One of the biggest mistakes you can make while on vacation is overspend and since $15 burgers are usually the norm while on vacation, it might not be worth to over indulge. Avoid maxing out your credit cards, which can damage your score and set a budget on your vacation. You can still have a great time on your vacation with a budget and it ensures that you don’t have to worry about going broke after coming back from vacation.

2. Check your credit cards.

Different companies have different rules regarding credit cards being used abroad. Some companies may charge additional (usually higher!!) fees for using it overseas. The best way is to prevent unwanted fees is to talk with your credit card company to make sure that there are no additional fees required when using your card while traveling internationally.

3. Don’t let your mail pile up.

When you are out of town, even for just a day, make sure you have a trusted neighbor or friend pick up your mail for you. This is to prevent identity thieves from ruffling through your mail. Also, leaving mail to pile up in your mailbox is a calling card for robbers that no one is home. Protect your home and protect your mail by making sure someone is there to pick it up, or if you are going on an extended trip, go to the Post Office to see if you can have your mail temporarily suspended while you are on vacation.

4. Protect your online identity.

Whether you are using your laptop or a public computer, it is important to make sure that you protect your identity while online. If you decide to bring your laptop on vacation (hopefully not to work!), be sure that you keep it locked in a safe or another safe area. This also includes keeping your tablet, smartphone and other electronic devices that may have personal information locked up. If you are going to use a public computer, it may put you at risk for identity theft. However, if you must use them, be sure to keep a look out for prying eyes and once you are done with your session – delete the search history and make sure you log off all your accounts properly.

5. Check your statements.

Following the weeks and even months after your vacation, it is important to keep an eye on your billing statements on your credit card. You want to watch out for suspicious activities and unexplained charges on your statement. If you used your credit cards, malicious individuals may copy down your information without you knowing. Identity thieves sometimes do not use your credit card information right away, so it is important to consistently keep an eye on your statements.

Keep these tips in mind while planning for your vacation and you can avoid these money mistakes for a worry-free vacation. Whether you are traveling abroad or taking a road trip, these tips can help you and your credit.

Reverse mortgages can be a financial tool that retirees can use for a smooth and worry-free retirement. Not only can it be used to help pay for vacations, but funds can be there to plan for long-term care, health insurance, paying off the mortgage, or buying a new car to use into your retirement. For more information on reverse mortgages, contact a Senior Advisor at 1-888-808-8486.

Read Related Articles:

Fun Ways to Fund Your Retirement

How to Save Money at the Grocery Stores

 

 

 Featured Image courtesy of [sixninepixels] / FreeDigitalPhotos.net