10 personal finance plans for a world trip

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Travel is to a traveller what meditation is to a saint. Well, that is exactly why, you should never withhold that world trip you wanted to go to ever since you were 16 or even younger. Travelling opens up our senses too many new experiences and feelings that you have no scope of learning, sitting in your office cubicle or in your room. The challenge lies in excavating the unknown and knowing the new.

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A lot of people fall back upon their plan of leaving for a world trip, especially because of financial matters. They never have enough funds. The problem here lies not because of inadequate funds, but because of how unaware we most are, about personal finance plans that can save us a lot of international travel and allow us to pursue our passions on a limited budget. The most important part of travelling is planning. Once you have your planning in order, you will also have the necessary personal finance plans ready to support you for your dream trip.

The top 10 personal finance plans to help you with that much longed for world trip:

There are a number ways that effective financial planning might help you with keeping your vacation on a budget. Not only that financial planning is done before leaving for a holiday also makes your vacation a lot more secure and hassle-free than you can image. The following tips will help you create the best and the most effective personal finance plan for your world trip.

#1: Build a budget

The first and foremost step to any kind of planning should be reducing your budget. The same goes for travelling plans. A world tour can become a vast expense if all the expenses are not listed and sorted at the very beginning. Check your savings and current cash balances. It is based on them that you decide how much you can actually spend. It is important that you do not exhaust all you savings. Keep the better part of it, already where it is. Finalising a budget will help you down the lane of planning the rest of the tour.

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#2: Did you know about foreign transaction fees?

Not a lot of people know about the Foreign Transaction Fees. This is a fee you have to pay for making purchases in another country. There are certain cards provided by leading financial institutions, which promise to make no such charges on foreign made transactions. Yet, it is advisable that you approach your travel agent or bank for more information on such charges. This will save you a lot of your necessary expenses.

#3: The banks needs to know

You know about credit/debit card fraudulence, right? The banks have become much stricter about these kinds of white collar crimes, which has reduced their occurrence by a certain percentage. With heavy transactions made abroad, your bank may get the idea that this is a case of fraudulence and that your card is being misused by someone else. Under this circumstance, your card may be blocked, with you stranded in a foreign land. To avoid such scenario, let your bank in on the news of your world tour. This is a must take a precautionary financial step.

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#4:  International card for international travel

It is not safe to carry a lot of cash with you when travelling internationally. One of the best solutions to this problem is to own a debit or credit card. Not all debit/ credit cards are universally accepted. Hence, it is important that you contact your bank on such matter, and request for an upgraded and universally accepted a form of currency (in this case your card).

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#5: Which ATMs can you use?

Not all places accept card payments, or maybe the card you are offering. Under such situation, it becomes important to hold some cash, which can be withdrawn from an ATM. Find out the names of the international banks partnered with your bank. In this case, it will not be a problem to withdraw cash from foreign ATMs.

#6: Make an internationally accepted pin

Banks in foreign countries usually do not accept pin codes (debit/ credit card pins) of more than four digits. In the case that your pin exceeds four digits, your card may be rejected. Hence, it is important that you create a foreign friendly pin. They are also easier to remember.

#7: Exchange currency before leaving the country

One of the biggest mistakes people make, when travelling abroad is not exchanging currency. You have no idea as to how common a mistake it is. It is always advisable to get your currency exchanged from a trusted exchanger in your country. This not only ignores the chance of fake currency but also allows low exchange rate.

#8: Buy Travel Insurance

Travel Insurance is a relatively new concept. Yet, it has come to be widely accepted by most ardent travellers. Travelling is all about fun and creating fond memories. Hence, it is best to secure it with a health insurance. These health insurances take care of the hitches that were unavoidable.

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#9: Make most payments before leaving the country

According to experts, it is best advised to make all necessary payments before you leave the country. Payments like room bookings, pick and drop services, car bookings, and other such charges are pre-settled and hence it only makes sense to pay them before hand too. This way you will not require carrying a lot of cash, neither will you be tempted to make extra expenses.

#10: Check balances and stay safe

Whether you are carrying cash or card, it is always best to check their balances over and over again before leaving the house. This will save you from falling short on money.

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The best traveller is a secure and confident traveller, who has all his financial planning settled beforehand. These personal finance financial tips will allow you to enjoy a beautiful world tour.