Travel financial checklist by life stage: what to do before you leave

You’ve booked the flights, picked the hotel and started counting down the days. But before you zip up your suitcase, there’s one more list worth checking off: your financial one. What that list looks like depends on where you are in life. Managing your own finances, supporting a family and planning for the long term each come with their own set of priorities—and their own peace of mind.

Why financial planning matters before you travel

Packing and itineraries get a lot of attention before a trip. Your finances deserve the same. Skipping this step is where many travelers run into trouble—a declined card at dinner, an unexpected foreign transaction fee or a lost wallet with no backup plan. 

Fortunately, a solid pre-travel financial checklist can help you:

• avoid declined transactions and unexpected expenses
• stay on budget so you can enjoy the trip without stress
• have a financial plan so your financial affairs are in order

The good news is that this checklist walks you through everything to take care of before you travel, no matter what stage of life you’re in.

Lifestage 1: You’re getting started and primarily managing your own finances

This stage is about building the habits and safeguards that will serve you well—not just on this trip, but on every one that follows. Before you leave, the goal is simple: make sure your accounts are accessible, your bases are covered and someone you trust knows how to reach your bank if something goes sideways.

Before you leave, focus on:

• making sure you can access online banking securely. This can help you prevent unauthorized actors from accessing your money. Check with your financial institution to ensure this is available.
• setting up automatic bill pay or payment reminders. With automatic payments, you can focus on other priorities and worry less about missed financial obligations.
• bringing more than one way to pay. Consider bringing multiple payment methods—such as debit cards, credit cards and a digital wallet—in case some types aren’t accepted.
• naming a beneficiary on key accounts. Having a beneficiary in place can help ensure your assets go to the right place if something happens.
• letting a trusted person know how to reach your financial institution in an emergency. You don’t want to be unable to access your financial institution if money is needed right away. Make sure a trusted person is available as a backup.

Lifestage 2: You’re managing shared finances or supporting others

Travel looks different when someone else is counting on you. When you leave, preparation doesn’t only mean confirming your own access to money. You’ll also want to make sure key details like beneficiary designations, life insurance and estate plans are up to date so others can step in if needed. What matters most at this stage is making your whole financial picture clear to anyone back home who needs to see it.

Before you leave, focus on:

• reviewing and updating beneficiary designations across bank accounts. This will help ensure your dependents and beneficiaries have access to what they need if something happens.
• confirming that life insurance coverage reflects the financial needs of your dependents. Take the time to ensure that you have a life insurance plan in place, and update that plan if needed to ensure that it meets the financial needs of your loved ones.
• making sure someone at home knows how bills are paid and where accounts are held. If you’re in charge of payments in your household or shared finances, give people at home a primer on how to take care of payments so nothing slips by.
• organizing key documents so they’re easy to find if needed. Your dependents or people you share finances with may need access to important documents while you’re away. Keep them secure yet accessible to the right people.
• reviewing emergency funds, travel insurance and fraud protections. To help avoid potential financial losses if something happens while traveling, put these items in place so your dependents and those sharing finances are secure.

Lifestage 3: You’re focused on long-term security and peace of mind

If you’re in this stage of life, your priority is likely ensuring your family members are safe and protected. When planning a trip—especially a long one—the most valuable thing you can do is to get the right people access to the right information.

Before you leave, focus on:

• making sure wills, powers of attorney and healthcare directives are current. If something on your trip leaves you incapacitated, having these items in place will help ensure asset directives and health needs are taken care of.
• confirming beneficiary designations align with your wishes. If you don’t have the correct beneficiaries lined up, you won’t have control over where your assets are allocated. 
• reviewing life insurance and estate planning considerations. Set up your estate planning directives and have life insurance policies in place so the right people get the right assets if something happens to you. 
• keeping a clear list of accounts, contacts and instructions in one place. Avoid keeping this important information in multiple locations. Keeping it together in a single place can help make it easier for the right people to access.
• planning for longer absences, international travel or deployment-related transitions. Before an extended leave, develop a strong plan for your finances so nothing slips through the cracks.

7 more pre-travel tips to keep in mind

No matter where you are in life, some travel preparation is universal. While the steps above depend on your life stage, the tips below apply to nearly every traveler. They’re practical, easy to act on and worth checking off before any trip, near or far.

1. Set a travel budget

   Knowing how much you plan to spend before you leave is one of the best things you can do for your trip. Start by mapping out the big-ticket items: flights, accommodations, transportation, meals and any excursions you’re eyeing. Then add 10%–20% on top of your estimate as a buffer for unexpected costs. Your mobile banking app or a budgeting app can help you track spending while you’re on the road—and help you avoid overspending.

2. Notify your bank and credit card company

   Some financial institutions flag suspicious activity and out-of-the-ordinary transactions as potential fraud. If you’re traveling abroad, a charge from a city or country you don’t usually shop in could trigger an automatic hold on your account. A quick travel notice gets ahead of that, and it takes just a few minutes to set up travel dates. While you’re at it, double-check that your contact information is current so your institution can reach you if they have questions.

3. Review your credit cards

   Before your trip, look at whether your credit cards include travel insurance, rental car coverage, airport lounge access or purchase protections. Also check your available credit and whether your cards charge foreign transaction fees. At 1%–3% per purchase, those fees add up fast on an international trip, and a different card in your wallet might be a smarter choice. Finally, make sure your cards aren’t set to expire while you’re traveling.

4. Plan how you’ll access money

   Don’t leave home with only one payment method. Bring at least 2 cards from different networks and some cash for spots where cards aren’t accepted. If you’re traveling internationally, arriving with a small amount of foreign currency is a lot easier than hunting for a currency conversion kiosk at the airport. If you need an ATM, stick to those affiliated with major banks or your financial institution’s partner networks to avoid unnecessary fees.

5. Set up account alerts and update your mobile app

   Real-time notifications for account activity are one of the simplest ways to stay on top of things while you travel. You’ll know immediately if something looks off without having to check your accounts manually. Make sure your mobile banking app is updated and sign in before you leave home. It sounds basic, but discovering a login issue when you’re 3 time zones away isn’t ideal!

6. Know how to freeze your cards remotely

   If a card goes missing or you spot an unfamiliar charge, being able to lock it instantly from your phone can stop a bad situation from getting worse. Get familiar with the freeze and unfreeze process in your mobile app before you leave. It takes a few minutes to learn, and could save you headaches while you’re on the road. Bring a backup card and keep it handy.

7. Secure your financial information

   Make digital copies of your cards, account numbers and important documents before you leave and store them somewhere secure, like a password-protected cloud folder. For any financial activity while you’re traveling—checking balances, transferring funds, signing in to your bank—your phone’s cellular connection is a safer bet than airport or hotel Wi-Fi. If public Wi-Fi is your only option, a VPN encrypts your connection and adds a layer of protection.

Get ready to travel with peace of mind

A little financial preparation goes a long way toward making your trip everything you planned for. Work through this checklist before you leave so you can focus on creating great memories on your trip.

Navy Federal is here to help you travel with confidence. From no-foreign-transaction-fee credit cards^{Footnote [1]} and fraud detection to 24/7 member support and easy mobile account management,* we have your back, whether you’re 2 states away or halfway around the world.