The Importance of Good Financial Planning

Good fiscal planning should not simply be restricted to a monthly budget, or how frugal you are at saving money. The fact of the matter is that proper financial planning should be included in everything you do from the time you leave the house to begin your day. Having access to the right amount of funds to purchase your cappuccino or meeting someone for lunch are all important factors that should be considered as good planning.

Most people who travel often already know that if they do not pack for the occasion, there is a good chance that they will have to shop while they are there. It is especially important that you get your house in financial order before leaving on a trip. Here are a few basic suggestions before you head off into the sunset.

Because fraud is catching up with technology, before you pack your bags, you should get in contact with your financial institution. Advise your bank manager that you will be out of the country for a week or two on holiday. This will avoid a few raised eyebrows and the possibility of a stop order being placed on your bank card when you are in a foreign country.

Many people consider themselves as invincible, and that they can’t be touched, so when the question of travel insurance comes up, they usually decline. Consider the consequences of losing your wallet while traveling thousands of miles away, what would you do? This may seem like an unlikely possibility, but it happens more often than you might think, which is why travel insurance is great for peace of mind.

One of the easiest things to do is to forget to make a car payment or your utility bill. During all the excitement in preparing for that long-awaited trip to Hawaii, remember to submit your credit card payment. A missed payment may not necessarily affect your ability to use your card, but it certainly won’t do much to help your credit rating when you get back home.

Finally, if you plan on carrying cash with you, use travelers checks for that purpose. Make copies of those checks and file it away at your home. If you should lose those funds, at the very least, you will have proof that they were yours. Most banks offer online banking that can be accessed from your smart phone. If you plan on using this technology, make sure that it works before leaving.

Source: China Sonangol International