5 ways to manage your money before a trip:
- Call your bank & credit card providers
- Exchange your money
- Put a hold on any memberships
- Pay your bills in advance
- Organize your wallet
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Call your bank & credit card providers
Although Canadian banks now say you don’t need to call them in advance anymore to let them know that you’re travelling, it’s still a good practice. Not every bank has these automatic security features in place, so you’ll want to call in just to double check so you know for next time. Now, if your credit card is provided by a company that’s not one of the major banks in Canada, then you definitely want to call in to ensure that a note is put on your account. The last thing you want is to not be able to make purchases with your credit cards when you’re overseas.
Exchange your money
Generally speaking, the cheapest way to get cash is to use local ATMs when you’re abroad since they tend to charge the spot rate + a 2.5%, but you’ll still want to get some cash in advance. I recommend getting just enough cash for cab fare to your accommodations or until you get access to an ATM so you can get more cash. Both VISA and MasterCard have ATM locators so you can do some advance research. Now, if you’re able to find a foreign exchange office at home that has rates around 2.5%, then you can exchange more money since you’ll be paying roughly the same as if you were abroad. Make exchanging your money part of your travel pack list.
[](https://skyscanner.onelink.me/2179536732?pid=skyscanner&c=ca-travel-newspages&af_channel=internal&af_ad_type=download_button&af_ad=download)Put a hold on any memberships
Nothing is worse than paying for memberships when you don’t use them. If you’re going on vacation, you should check with your gym, spa, classes, country club, etc. to see if it’s possible to put a hold on your membership when you’re away. The key thing is to understand how much you’ll save and what the minimum hold period is. If your club allows you to put a hold on your account, they may still charge you a small fee and have a minimum period of one month. They do this on purpose to try and entice you to keep paying even if you’re gone. In the end, you might only be saving $10 – $50, but that’s money that could be spent on your vacation.
Pay your bills in advance
Bills wait for no one which is why you want to pay off your remaining balance before you depart. Not sure what you owe? Simply login to your account to see what your current balance is. Keep in mind that it’s in your best interest to overpay your balance since you won’t need to worry about additional charges made to your card during your travels. Alternatively, you could pay your bills while you’re on the road, but you’ll have to get a VPN to ensure that your banking details don’t get compromised.
Organize your wallet
This last tip is one of those things to do financially before you take off that many people often forget or ignore. Organizing your wallet is vital for your travel checklist because you’re likely carrying things you won’t need when you’re abroad. There’s no reason your carry your provincial health card unless you’re travelling with Canada, nor should you ever keep your SIN card in your wallet. Having multiple credit cards on you at home is likely not a problem, but you’ll want to split them up when you go away just in case your wallet gets lost or stolen.
