Financial Travel Tip #99: The Semi-Annual Financial Review

by Nora on November 1, 2013

Last week we discussed the pitfalls of managing finances as a couple on the road; along these lines – but regardless of whether you travel solo or as a couple – performing a semi-annual financial review is a necessary exercise to ensure your travels are financially sustainable.

 

The Semi-Annual Financial Review

It may sound foreboding, but it doesn’t have to be. Ideally in organizing your official documents and finances for the road, you already have a clear picture of your financial situation, and some semblance of a travel budget or expense history.

 

With this information in hand, simply sit down (together, if you’re a couple) every six months and take stock.

Some questions to answer:

  • How much income have I/we earned?
  • Will my/our income change in the next six months?
  • How much money have I/we spent?
  • Have I/we dipped into our savings; if so, how much?
  • If I/we continue to spend at this rate, what will happen in the next six months?
  • Are there any upcoming purchases or expenses I/we need to prepare for?
  • Are my/our insurance policies in order?
  • Are my/our passports, drivers licenses, and any other official documents coming up for renewal?

 

These basic questions may lead to further discussion or development, or it may be a simple “check, check, check, we’re good” affair, done before the wine you poured has even aired.

 

 

 

{ 2 comments… read them below or add one }

1 Deia @NomadWallet November 3, 2013 at 4:01 am

Thanks for the reminder, Nora! I need to get better at keeping track of stuff. 🙂

Reply

2 theprofessionalhobo November 3, 2013 at 12:19 pm

Hey Deia,
Pleasure! I think this post was just as much a reminder to myself as to my readers! 😉

Reply

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