How to Protect Your Vacation Money for the Best Trip

The days are longer and the temperatures are rising. It can only mean one thing… it’s time for summer vacation. In 2023, 85% of Americans were planning to travel that summer with almost half of those planning to travel more than once. 

Since vacations are supposed to be relaxing, the last thing you want to worry about is your finances. A tourism scam or poor planning can end a trip before it even starts. 

Here are fifteen quick vacation money tips to get you from “Are we there yet?” to “It’s time to unpack!” without any financial hiccups.

Before You Leave

While you’re planning your vacation, like making hotel reservations, dinner plans, and detailing your route, don’t forget to make plans to secure your finances. 

1. Call your financial institution to let them know you will be traveling and where you will be using your debit and credit cards. Without that information, your bank or credit union may see several out-of-town purchases and flag your card as stolen. Dealing with a declined transaction is never fun, even when your credit card company is just looking out for you.
2. Don’t miss paying bills while you’re away. If your bank or credit union offers online bill payer, set up payments before you leave. Or, even better, if you’re a Diamond member request to skip your Diamond loan payment altogether.
3. Avoid ATM fees. Diamond members have access to over 75,000 no-surcharge ATMs. You can search for an ATM near your destination before you leave with our ATM search or find one on the go with the Diamond app. 
4. Don’t let your accounts get out of hand. Set up customizable e-alerts to give you a quick email or text message when your account reaches a certain dollar amount, a check you were waiting on clears, or your direct deposit hits your account.
5. Purchase an RFID wallet before you leave to help keep your debit and credit cards safe. Some cards have RFID chips in them and thieves can use scanners to skim your credit card information. An RFID wallet can block these and help keep your finances safe. 
6. Remember that your mail carrier isn’t on vacation. Arrange for a trusted friend to collect your mail and newspapers while you’re away, or for extended absences, you can hold delivery. This protects your mail from being tampered with and makes sure that a pile of uncollected newspapers doesn’t send a signal to a burglar who may be casing your neighborhood.
7. When you’re planning your vacation, be careful of online deals. If something seems too good to be true, it’s likely a tourism scam. Scammers can set up third-party sites to try and steal your financial information. From hotels to airline tickets, book your accommodations from secure and trustworthy sites to avoid being hacked before you even leave. 

While You’re Gone

Just because you’re on vacation doesn’t mean you stop being vigilant about your finances. See how you can protect your vacation money from different travel scams. 

1. Watch your wallet. Pickpockets love to take advantage of tourists, so make sure you’re not an easy target. Consider using a money belt to stow valuables close to your person. If using a purse, choose one with a cross-body strap so that it’s not easy to grab and run away with. And pickpockets love purses that are easy to get into when you’re not looking, so choose a bag with multiple layers of entry, like a zipper and a button flap.
2. Avoid accessing sensitive information on public computers and Wi-Fi networks where cyber criminals might be spying on you. Avoid sharing your adventures on social media until you return and don’t advertise that you’re not home. Criminals will be happy to know that your house is empty.
3. Hope for the best but plan for the worst. Unfortunately, sometimes we lose or have our important documents stolen on vacation. By scanning your travel documents and saving them to a secure online cloud, you can access them from your vacation destination. Or consider carrying a duplicate copy separate from your original documents. Another great tip from ID Theft911 is to register for the Smart Traveler Enrollment Program, which provides comprehensive traveler information including alerts and restrictions; information on visas or vaccinations; laws of the country you’re visiting; and consular contact information.
4. Don’t overspend. It’s easy to splurge on your vacation and come home with an overstuffed suitcase and a lot of regret. Before you buy that must-have item, make sure you can’t find it cheaper online or by using a price comparison app.
5. And lastly, don’t forget your wallet. Road trips should be enjoyed with fun roadside attractions, not a trip back to the house.

When You Get Home

1. Compare your receipts to your online statements to make sure all your purchases are accounted for at the prices you paid. This prevents you from being overcharged and potentially overdrafting your account.
2. Create a post-vacation fund, like a Diamond savings account, where you deposit any money you didn’t spend on your last vacation. This gives you a start on next year’s trip without having to rely on credit cards or loans.
3. Make saving for vacation a regular part of your budget. This way, you’ll be setting aside a little bit of money each month and saving for your trip won’t feel overwhelming. This will also help you ensure you have enough for everything you want to do on your vacation. 

Worry About Your Vacation…Not Your Finances

Vacations are supposed to be relaxing—not stress-inducing. By using some of our vacation money tips, you can help avoid some of the more common travel scams and protect your finances. 

Now that you’re prepared…go ahead and start your best vacation ever!

Looking to grow your vacation money before your trip? Become a Diamond Credit Union member today and start planning your next adventure.