Everyone loves to travel. Unfortunately, if you’re single, or with someone who has a very different schedule than you, it can sometimes be difficult to find someone to travel with. If that’s your situation, that’s OK – many who travel solo find it to be an incredible experience. But if you plan on traveling alone, there are a few things to think about, especially relating to your finances. Here are 5 financial tips for traveling alone.
Prepay Your Bills – The last thing you want to worry about on vacation is paying your cell phone bill. Either set up an automatic payment or pay your bills early before going on vacation, so you can avoid the hassle of trying to get service to make a payment on your trip.
Understand the Currency – If you are staying in the United States this isn’t an issue. But if you are leaving the country, be sure you understand the exchange rate for their currency. Otherwise, you could find yourself spending far more money than you realize or being ripped off when you use American dollars. When you’re alone, there will be no one else there with you helping you to understand the currency.
Preplan your Payments – When you’re traveling alone if your credit card is declined there won’t be anyone else there to pick up the tab while you sort out your issue. Be sure you know how you plan to pay for your expense and that you notify that credit card company. If you plan to bring cash, be sure you have the correct currency and a plan to keep the money safe. Also, be sure you understand the limits of how much cash you can bring into the country, as some have relatively low thresholds and will confiscate any cash over that limit.
Have a Backup Plan – Should your cash be stolen, your credit card declined, or your currency not accepted, you need to be sure you have a backup payment method. Again, you are on your own and have no one there to bail you out. For those using credit cards, it is a good idea to bring a backup that is a different card type. If you plan to use Visa, bring a MasterCard as a backup and so on. Also be cognizant that many foreign companies will not accept American Express or Discover, so having a Visa or MasterCard will be important.
Stick to Your Budget – It can be all too easy to break your budget when traveling alone. There is no one there with you worrying about a budget of their own. So if you planned to grab a quick breakfast at the hotel, but instead want to now go to a nicer café across the street, there will be no one there to remind you that’s breaking the budget. Make a budget and stick with it, otherwise, those small added costs can really hurt you in the long run.
Traveling alone can be a great experience if you plan accordingly. By following these tips, you should find financial success in your solo travels. Now you just need to find the perfect destination.