You’d love to spend more time with your grandkids, especially if they live far away. You’re eager to explore the world. And you’ve got the time to head off on an adventure. Sounds like the perfect opportunity for a multigenerational trip. When you and your family embark on an international trip full of discoveries, you’ll deepen your connection with your grandkids, too.
Traveling with loved ones is exciting, but the financial planning can sometimes be a little stressful. These budgeting and planning tips can help reduce stress and make you feel prepared for your next intergenerational trip abroad.
1. Bond While Budgeting
Include your grandkids in the planning process. Start by creating an itinerary together with must-see attractions and each person’s travel desires. Then, discuss how much money is available for excursions and experiences. Together, you and the kids can determine projected spending that considers the highest priorities for the group, along with some extras, without overspending.
In addition to a great bonding opportunity, you’ll be sharing your personal finance know-how while boosting your grandkids’ budgeting skills. They’ll also gain insights into what it takes to put together a trip that satisfies everyone’s travel wishes, including how to compromise and consider others’ needs.
2. Consider the Conversion Rate
The strength of the U.S. dollar can vary quite a bit depending on the destination. So, when deciding where you want to go, consider the foreign exchange conversion rates for various countries. You can maximize your purchasing power when you choose a locale where the U.S. dollar is strongest. Where can you conveniently find this information? Check out TD Bank’s Foreign Exchange Calculator, where currency conversion information is regularly updated.
3. Cash or Card?
Both! While 69% of 50+ travelers prefer credit as their primary payment when traveling abroad1, you’ll want to balance using cash and a card on your multigenerational trek. How much of each depends on your destination and overall budget; however, a general rule of thumb is to have the equivalent of $50-$100 USD per day for discretionary spending2.
If you’re traveling off the beaten path, or to an area where street food and open markets are popular, cash is sometimes the only payment option accepted by vendors – meaning you’ll likely need to have more foreign currency on hand. If you’re going to a popular tourist destination, credit cards are more likely to be readily accepted. Regardless, with the grandkids in tow and the likelihood of some fun souvenir purchases, cash can come in handy.
Before you take off on your “grand” excursion, check in with your bank to familiarize yourself with fees for foreign transactions, credit and debit card purchases, and ATM withdrawals. Exchange your cash ahead of your trip so you’re ready to go. A helpful mantra is to "buy before you fly", to reduce the possibility of travel hiccups like potential airport markups or the risk of not getting the currency you need. TD customers can purchase over 50 foreign currencies at TD Bank online, by phone, and even in-person at your preferred local TD store for select currencies.
When you set out on an international vacation with your family, it’s so much more than a trip. It’s an opportunity to build strong bonds, make unforgettable memories, and enjoy new experiences together. Set yourself up for a seamless journey with a solid budget, conversion rate clarity, and a balance of cash and cards. Tap into the financial expertise and services of a financial institution like TD Bank – and be sure to add foreign cash to your travel packing list. After all, adventure is calling!
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1 https://stories.td.com/us/en/article/td-bank-survey-reveals-nearly-90-of-younger-travelers-seek-to-stretch-their-dollar-when-vacationing-abroad#:~:text=In%20contrast%2C%2075%25%20of%20Baby,payment%20method%20when%20traveling%20abroad
2 https://stories.td.com/us/en/article/when-you-travel-overseas-be-smart-about-your-money
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