Going on a vacation without parental supervision for the first time can be a big moment in a child’s life. It can also be a giant source of worry for parents. From concerns about being so far away to worrying about their finances while they’re overseas, there’s a lot on your mind as the big date approaches.
There are a few elements of vacation planning as important as figuring out the finances. What will they be doing? How much will they need? How do you even send money to countries like Mexico if they run out? The good news is there are simple answers to your questions, and following this plan will prepare your child for a great vacation experience.
The best way to make sure your child has a great and safe time is to know what they’re getting into. Sit down and lay out a budget for the trip, including any big expenses like paid activities while abroad, as well as simple living expenses like food and transportation.
Discuss Fiscal Safety
If your child is not experienced traveling abroad or carrying a lot of money you should discuss how to safely handle their money with them. Make sure you stress that they should not flash cash around, or waste the money on purchases they don’t need.
Have Them Help
One way to make it less likely your child spends the money you send them with irresponsibly is to have them contribute. Whether you match what they pay, cover the majority or let them fund their own extras, find a way for them to contribute to the costs. Spending money they had to earn makes them less likely to be wasteful.
Purchase Prepaid Cards
One concern many parents have before a trip is sending their child away with large sums of cash, which can easily be lost or robbed. A simple solution is to use a prepaid debit card to fund their vacation kitty. This creates the same limit on spending that cash has, but provides backup options like canceling the card in the event it is lost or stolen, so your child does not lose all of the money.
Buy in Advance
If your child will be taking part in fun activities like tours, sightseeing or amusement parks which cost money, look into purchasing their tickets in advance online. The more of their purchases you make prior to the vacation the less physical money you need to send with them. This simplifies the vacation and gives you less to worry about.
Speak With Their Hosts
Often when a child is vacationing abroad they are staying with a host family or traveling as part of a chaperoned group. Get help from a chaperone or from their host family to oversee their spending, and even potentially to hold some of their money for them so that they don’t have all of it in hand at once. This makes responsible for spending easier to maintain.
Send Money Securely
Even on the best-planned vacation, sometimes things don’t always go exactly how you intended. Whether a great opportunity arises that you didn’t foresee, things aren’t as affordable as you thought or your child gets a little loose with their wallet, if your child is getting low on money you should find a safe, and reliable broker like Sharemoney.com to send supplemental cash. This helps your child ride out the final days of their vacation without having to sacrifice their last days of fun.
Vacationing abroad is an opportunity for your child to make lifelong memories and learn valuable skills. By preparing for their financial needs in advance, teaching safe spending habits and sending extra money safely you position your child to have the best possible time on their vacation.