Balitang America Travels: Managing Your Money Wisely

Ah, money…it’s fun to spend while on vacation or shopping. But when it comes to managing your Benjamins or creating a budget, it feels like all work and no play. Money management, while on vacation, isn’t rocket science and no one says you have to cut corners on everything.

By budgeting how much you want to spend on your trip, you minimize overspending and lessen the risks associated with carrying money when traveling. In my "Travels" segment that aired on Balitang America on May 4th, I mentioned some tips on how to go about planning ahead and managing your trip money wisely:

BEFORE YOU LEAVE:

• Call your bank and credit card company: if you use your cards abroad and you don’t inform them, their fraud detection software or monitoring systems might mistake transactions for fraudulent activity and block them.


• Pack a money belt or other travel wallet you can wear close to your body to prevent anything from getting stolen.


• If you’re traveling to a destination for the first time, find out if your cards will work in that specific area by asking the bank or card company. Always have cash as back up. It might even be helpful for you to exchange a small amount of money into the local currency even before you hop on a plane, so that you can get from the airport to your hotel, lodge or place where ATMs are found.

DURING THE TRIP:

• Estimate how much you will be spending for the duration of your trip. Besides authorized banks, money can be exchanged at many major airports and even some hotels.


• Some places like the Philippines and other Asian countries have “money changers.” Often rates are high, but some of these places have reportedly scammed people…so exercise caution.


• Don’t exchange all of your trip money in one go. You risk either losing money or getting it stolen – this way it’s not a total loss if something like this happens. If you do exchange it all at once, carry only what you need during the day and store the rest in the hotel safe or a secure storage device.


• If you plan to get money from ATMs, then withdraw more versus less. For example, in the Philippines, try to take out $100-$200 instead of $20-$40, because each time you withdraw there are currency conversion fees that can add up. Again, take only what you need and securely store the rest.


• On top of the conversion rate, Bankrate.com says credit cards have foreign transaction fees. So, use it for big expenses like hotel or costly purchases, but not on smaller things…unless you don’t mind being charged extra fees each time. Check out Bankrate's site which has an updated list of the foreign conversion fees most major credit card companies charge.

Travels is a weekly TV segment written and produced by Christi Morales. It airs every Monday during Balitang America's (News in America) 5:30pm PST newcast on ABS-CBN Global's The Filipino Channel (TFC). Balitang America can also be seen on KTSF Channel 26 at 6:45pm PST in the San Francisco Bay Area.