School holidays are eagerly awaited, especially when a thrilling international trip is on the cards. However, the joy of a family adventure can quickly fade if spending spirals out of control. To ensure your holiday with your family remains a delightful experience without breaking the bank, what financial preparations should you as parents undertake?
Financial Preparations for Holiday Abroad with Your Child
To make your holiday with your loved ones enjoyable, here's what parents need to do financially:
1. Plan your budget wisely: The foundation for a relaxing family trip
Involve your family, especially your spouse and even the child, in creating a detailed budget before you leave. Discuss estimated costs for flights, accommodation, local transport, meals, activities, and souvenirs. Having a clear overview of potential expenses will empower you to allocate funds more effectively. Engage your child in budgeting for their meals, activities, and souvenirs to teach them about financial awareness.
2. Automate savings for your family trip abroad in separate Jago/Jago Syariah Pockets
Leverage the Pocket feature in the Jago application to make your dream family vacation a reality. Create dedicated Pockets specifically for holiday expenses and activate the automatic saving feature. By setting a recurring savings schedule and amount, you can consistently build your travel funds without feeling the strain. Keep these Pockets separate from your daily spending to safeguard the holiday money from unexpected use, allowing you to plan your exciting family adventure with peace of mind.
You and your partner can choose to save separately in your individual Jago/Jago Syariah Pockets and then combine the accumulated funds into Shared Pockets as the trip approaches. Alternatively, you can start saving together in Shared Pockets from the outset. The Jago application makes it easy to find the saving method that suits your preferences best.
3. Establish a holiday budget in Jago/Jago Syariah Shared Pockets: Family financial transparency
For shared expenses like meals and local transportation at your destination, consider setting up Shared Pockets in the Jago application. This feature provides you and your family members with transparent access to the same pool of funds. Every transaction is clearly recorded, simplifying real-time expense tracking. You can also set spending limits for the Pockets to maintain control over your budget.
Essential Items for Your Family Trip Abroad: The Ultimate Checklist
1. The Jago application
Managing finances conveniently and securely is crucial when traveling abroad, and the Jago application is your perfect companion. With Jago, you can monitor your spending in real time through separate Pockets designated for various holiday needs, from accommodation to souvenirs. This ease of tracking helps you stay within your budget and avoid overspending.
Furthermore, the automatic saving feature you set up before your trip will continue to work, ensuring your savings grow even while you're enjoying your vacation.
The Ahead feature adds another layer of convenience, allowing you to enjoy your overseas trip without worrying about bills. Before you depart, you can schedule payments for your regular bills according to their due dates. The Plan Ahead feature will automatically deduct funds from your designated Pockets, ensuring all your financial obligations are met on time, even while you're immersed in your exciting adventure. You can monitor your timely bill payments directly from the Jago application, even while on vacation.
2. Jago/Jago Syariah Visa Debit Card for practical and secure international transactions
The Jago and Jago Syariah Visa Debit Cards make handling payments overseas simpler and safer. The debit cards are accepted at numerous international merchants, both online and offline. You can leave behind the hassle of exchanging large amounts of cash and avoid the risks associated with carrying significant sums.
Additionally, transactions made with your debit card are automatically recorded in the Jago application, helping you keep track of your expenses. Remember to activate the international transaction feature on your card before you travel.
Your Jago/Jago Syariah Visa Debit Card can be linked to any of your Spending Pockets, whether they are personal or shared. To link a debit card to a Shared Pocket, a member's role must be Can Spend. However, each debit card can only be linked to one Spending Pocket at a time. If you have only one debit card, you will need to switch the linked Spending Pocket if you want to use a different funding source for a transaction or payment.
Bonus Tips for a Smoother Family Trip Abroad
1. Prioritize spending and resist impulse buys
Once you arrive at your destination, remind your child about the agreed-upon budget. Encourage them to distinguish between needs and wants. Prioritize spending on essential items like food and transportation, and limit unplanned souvenir purchases. Creating a souvenir shopping list beforehand can be a helpful strategy.
2. Utilize Jago and Jago Syariah's security features: Enjoy peace of mind on vacation
Jago and Jago Syariah are equipped with various security features you can leverage during your trip. For example, you can set up transaction notifications for every expense, allowing you to quickly detect any suspicious activity. If your Jago/Jago Syariah Visa Debit Card is lost or stolen, you can immediately block it through the Jago application. These features provide peace of mind while you and your family are enjoying your holiday.
