Financial advice

[jessmarimba]

What would TE do?

My company just revised our travel policy to require us to pay for food up-front and be reimbursed later. At the moment, I have two choices - pay for the food on a credit card that already has some debt, knowing that even if I am reimbursed for the amount spent, I will be paying interest on the balance - OR, pay out of my bank account and cross my fingers that I get the money back before I really need it (we are theoretically going to be reimbursed within 14 days, but since they just threw 80-odd people on this policy it might not be very streamlined at first). If it was just one day of traveling, no big deal - use my debit. Unfortunately I have 4 days on the road coming up and I don't have an extra $175+ budgeted into my spending for the next week. (I also want to add that I just booked two of these trips on Friday, so I didn't exactly have enough time to budget for them either).

Ideally, I will probably get an extra credit card designated specifically for food while traveling, but I don't have time to do that right now (and I really, really don't want to).

So, what would you do? Credit card, or bank account + fingers crossed?

[channlluv]

I think I'd go with the credit card. The interest on $175 won't be much, and you'll be sure your other money things are covered, and if you need to go with a debit card, it would allow you some time to build up a safety buffer for work expenses.

Safe travels!

Roxy

[surgtech1956]

I would go with the credit card just for traveling too.

[Sardine]

Any chance that you can talk to the company and ask them to delay switching you over to the new policy until the next time you travel on the basis that there hasn't been enough notice for you to adjust your finances to accommodate paying up front this time?

[pll]

I'd use the credit card. And, if I was organized and methodical (which I am not), I'd ask for the expense report form so you can have it ready the minute you return to your office.

[Koronin]

I'd also go the credit card route.

[Irulan]

Do you not know how fast ( or not) they reimburse? It may be that you won't be paying interest if you get the check fast enough...

[tulip]

I'd use the credit card, but I would be very careful about making sure that you get reimbursed right away and that you pay your credit card that amount plus whatever you usually pay (if you don't pay the full balance). You don't want to create a situation where you increase your credit card debt because you spend the reimbursements on something else. It's easy to think it's "extra money" when you get those reimbursement checks.

I've found YNAB to be very useful in keeping track of and categorizing credit card purchases, as well as keeping track of reimbursements related to my work.

[sadieme]

Any chance that you can talk to the company and ask them to delay switching you over to the new policy until the next time you travel on the basis that there hasn't been enough notice for you to adjust your finances to accommodate paying up front this time?

This.

I would explain that you simply cant do this without planning time and you either need an advance or a company credit card for this trip.

[jessmarimba]

This.

I would explain that you simply cant do this without planning time and you either need an advance or a company credit card for this trip.

If only. This is their way of saving money. I've had a company card to use for food for four years, they are just now changing their minds. And of course my first flight post-change is at 6am tomorrow, so I can't do anything about it now.

And theoretically they will reimburse us within 7 days of receiving our receipts (which, for me, will end up being about 10-12 business days later, since I have to mail the receipts in to corporate and then wait for a check to be mailed out) - BUT - they are liable to try and bundle the reimbursement checks. So even if I sent in Monday's receipts on Tuesday, they'll wait for the next 2 trips to be done before sending me one check back. I just don't trust any of this yet because it's completely new and a sudden massive wave of work for the girl who is now doing our finances. For years, they've just sent us an Amex report and we reply with job numbers and receipts. Now they really have to comb through this stuff.

Thanks for the advice though. I'm pretty well exasperated at the moment as I'm sure you all can tell. Part of it is me just not wanting things to change and part of it is feeling like they suddenly don't trust us. I know a lot of places operate the way we are changing to, but it would be a heck of a lot easier to deal with if I made a little more money and had some time to plan.

[roadie gal]

For now I would use the credit card that you have. But I would definitely get a new card that I would ONLY use for work. You can keep track of it, and it makes it harder for them to dispute any charges.

[Jen12]

For now I would use the credit card that you have. But I would definitely get a new card that I would ONLY use for work. You can keep track of it, and it makes it harder for them to dispute any charges.

^ This for now^^^^

Or, if you're not crazy about the whole credit card thing because of interest and finances are tight (whose aren't?), maybe you could get a debit card and keep $200 or whatever you usually spend out of pocket on trips on the card and just reimburse it when they reimburse you.

On another note, I'm sorry they're sticking you with more stress. Like everyone isn't already stretched tight enough these days. I hate it when companies change policies and drop it on you at the last minute!