Managing Finances While Traveling

When Steve Schultz goes to work in the morning, he could be heading to his office in San Francisco or a meeting in New York or Chicago. As the COO of a mobile personal finance service, he logs anywhere from 50,000 to 100,000 air miles a year, so he's definitely a frequent flyer.

So when Steve's on the road, he still needs to stay connected to his finances and his family. If you're a road warrior too, here is your guide to smart strategies for managing finances while traveling, when you're miles from home.

Before You Leave

Check your finances. Take a look at your bank statements and credit card and other bills, and figure out what needs immediate attention. "If there's a bill coming due while you're away, pay it now," advises Lynn Pina, marketing director for Europ Assistance USA, a company that helps travelers with emergencies, who is also on the road frequently for business. "Or schedule automatic payments so you won't have to worry about it."

Get in the safety zone. Take steps to make your online experience as safe as possible. Advises Carol Margolis, founder of smartwomentravelers.com: "Have a good firewall and software to ward off spyware and viruses. Be diligent about making sure your virus protections are in place and updated regularly when financial information is on your computer." This is especially important if you plan to take your laptop with you on the road, where you'll be reliant upon public WiFi spots, which make it difficult to gauge online security (see "While You're Away," below, for more).

Back up your important documents. If your credit cards, passport, or other important documents are lost or stolen, you can replace them more easily if you have copies. You'll want to keep one copy at home—but make sure it's in a spot that your partner or another trusted individual can access without you—and place another copy in your suitcase, locking it in the hotel safe when you're not in your room.

Get in sync. Synchronize your schedule with your kids and spouse and make sure everything's covered, from soccer practice to homework assignments. If you're caring for a parent or looking after an elderly neighbor, make sure to line up subs for when you are on the road. And be sure to leave your itinerary and contact information with your family.

While You're Away

Monitor your finances. Keep tabs on your credit card activity and your bank statements. "Bills can hit any time of the month," says Schultz. "So it's easy to miss a payment or forget a paper bill. I use my iPhone to track everything—it's invaluable on the road."

Connect with loved ones. "At the end of the day, it's all about staying in touch with your family," says Schultz, who uses his iPhone's FaceTime feature to talk with his children when on the road. With video and voice technology, you don't have to miss a parent-teacher conference, a special birthday party, or a quiet conversation with your spouse. Fring and Tango are similar free mobile video apps that work on Android.

Be vigilant. Be sure to use a secure Internet connection. "Temper your desire to be online with caution," says Lynn Pina. Hotel WiFi networks are often targets for hackers, and the computers at hotel business centers are especially insecure—they may be riddled with spyware. Check your financial information from your personal laptop, using a secure network. How do you know if a network is secure? Look at your browser's address bar (also called the URL line). Secure servers will be designated with "https" as opposed to "http."

When You Get Home

Continue to carefully monitor your credit card statements and bank accounts when you get back home from being on the road. "Sophisticated criminals will get your numbers but won't use them immediately," says Lynn Pina. "So check your statements 30, 45, and 60 days after you get back."