Home TRAVEL TIPS Budgeting While Travelling: A Beginner’s Guide

Budgeting While Travelling: A Beginner’s Guide

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When you’re travelling, you need to ensure that you stay in complete control of your finances. Being away from home, it can take more time than usual to get money sent to your account, should you run low on funds. What’s more, staying in control of your spending will ensure that you always have enough money available to enjoy where you are and to do all the things that you want to do. The last thing that you want to happen is to overspend in the first few days, only to end up with no money left to enjoy the rest of your travels. 

There are many different ways that you can manage your money when you travel nowadays. You can use expense-tracking apps to monitor your spending, log in to your bank accounts online or access digital bank accounts from your device with ease. Many travellers still choose to carry cash with them when they are on the road, although this is becoming less common nowadays as card payments are widely accepted and make it easier for you to keep your money secure. There are also some fantastic credit card deals on offer, which can be a great way to earn frequent flyer points per dollar spent and also give you access to some additional cash flow, should you need it when you’re travelling.

Let’s take a closer look at some useful tips to help you to stay in control of your budget when you’re travelling. 

Define Your Travel Budget

One of the most important things that you can do to stay in control of your finances when you are travelling is to set a clear budget from the outset. Whether you are on a honeymoon, on a family holiday, or you are on a backpacking adventure, it’s important to know exactly how much money you have to spend each day. Make sure to take into account your accommodation, food and entertainment costs. It’s also a good idea to have an emergency budget in place in case you get sick or get into trouble along the way. Finally, suppose you know that you will be shopping for souvenirs at the end of your trip, buying new clothes or that you will be doing one expensive activity such as a hot air balloon ride or a trip to a theme park. In that case, you will need to account for this in your budget ahead of time. 

Hold Yourself Accountable

In the modern digital world, there are countless apps, such as travel money card, that you can use to manage your finances when you’re on the road, keeping you accountable for your spending. Most banks have their own apps nowadays, many of which have useful features that help you to monitor and manage your spending. There are also expense tracking apps that you can use to ensure that you know exactly how much you are spending each day and many of these tools allow you to take a photo of receipts that you gather during the day, making the process easy and straightforward. 

Carry Multiple Cards

Having money in different accounts is always a good idea when you are travelling. Each of these accounts will generally have a different card associated with them which means that if you lose one card, you will still be able to access money from another account. Whatever you do, make sure that you keep all of your cards in different places. You might decide to keep one debit card in your wallet, for example, but stash your credit card safely in a pair of rolled-up socks at the bottom of your suitcase where it won’t be found. This way, if your wallet is lost or stolen, you will still be able to gain access to your money. Depending on where you are travelling, it can often be difficult to have a replacement card sent out, so be sure to protect yourself by having money in different accounts that are accessed by different cards. 

Set Up Your Internet Banking

If you’re the kind of person who prefers to visit your local bank branch in person when you need to complete a transaction, you’ll need to make sure that you set up your internet banking before you set off on your travels. Every bank has online banking facilities nowadays, which can be very useful when you’re travelling. Make sure that you get this set up before you go, keep all of your login and security details safe and stay in control of your finances when you’re travelling.

Manage Your Finances With Ease When You’re Travelling 

Managing your finances effectively when you’re on the road is crucial for your own peace of mind and to ensure that you have the best time possible on your travels. Following the tips above, you can take control of your spending when you’re on your next adventure, ensuring you always have access to your finances when you need them.