After over a year when travel was minimal due to the COVID-19 pandemic, people are getting stir crazy and ready to get out again. Are you planning a trip? Here are some tips to remember as you plan your getaway:
To keep all of the above information secure, you can make 2 copies of everything. Keep one set in your carry-on suitcase and give the other set to a trusted family member or friend not going on the trip. Scan your documents and securely store an electronic copy. To do this, you can email the documents to yourself, use a thumb drive to hold everything, or upload your copies to an online document storage company. Of the 3 storage methods, the last—uploading copies to a secure server—offers the highest level of security. You never know what could happen to your luggage when you travel. Give yourself some peace of mind knowing that—with access to the internet—you can upload, share, and retrieve your digital documents anytime, anywhere. That way you'll be ready to enjoy whatever adventures lie ahead.
Source: Fidelity Viewpoints. 2 August 2021. https://www.fidelity.com/viewpoints/financial-basics/traveling-and-document-security?ccsource=email_weekly_0805S10
1. Expect the unexpected
Prepare for the unexpected. Many people lost their main source of income during the COVID-19 pandemic and didn't have enough savings to cover their cost of living. Plan for it now. It could be surgery, time in between jobs, or a major house renovation that you didn't foresee. Create an emergency savings now.
2. Prioritize your spending
After being cooped up in quarantine for over a year, it is easy to blow your budget with travel plans and dinners at restaurants. Instead, find balance and prioritize some entertainment but stick to your savings and retirement plans.
3. Evaluate and diversify your portfolio
Things are constantly changing whether we are in a pandemic or not. Invest in the long game. Quick returns do not usually pan out over time.
4. Watch how you spend your money
The pandemic showed us true colors of many businesses. It also showed us how communities could rally behind small businesses during tough times. Major events like the COVID-19 pandemic force us to evaluate our lives and how we are using our finances.
Source: Brewer, Katie. 12 July 2021. Your Richest Life. https://documentcloud.adobe.com/link/review?uri=urn%3Aaaid%3Ascds%3AUS%3Ace5ab8ed-cf31-4a36-a3ef-78796da3ad9e#pageNum=1