When it comes to traveling there is no more important aspect than knowing how to budget your money. There are millions of ways that you can lose money needlessly, each time bringing the end of your trip closer. Travellers, if they want to keep traveling, have to be able to save when they can… and have money when unexpected opportunities for fun arise. This blog is going to provide some useful tips of how to best stretch your money once you have landed abroad.
– The best way to save money on EVERYTHING is to travel places in low season. When you do this the flights, accommodations, restaurants, and attractions will all be cheaper. Now bear in mind if you are going somewhere that is completely based around a specific season this may impede the intention of the trip. If that is the case, say if it is a warm weather location, sometimes Spring and early fall are nicer than the blazing heat of summer anyway.
– Keep a close tab on your spending. What is suggested, if you have a lap top with you, is to develop a spread sheet so you can carefully monitor what you spend. If you don’t bring a lap top – depending where you are going this may be a wise decision – keep purchases tallied in a note book. Be vigilant about this notebook, yes… the gum and water you bought at the store goes in it too.
– Check options at your bank about international withdrawals. Overseas withdrawals can be costly, so make sure you know how much each was is. Perhaps, your bank has reduced, or even no cost, withdrawals if you upgrade to a premium account for the duration of your trip. Be sure to explore this.
– Be sure, ahead of time, that you know the exchange rate of the place you are going to.
– Don’t bother with travellers cheques or exchange bureaus. Almost always you can get a better rate of exchange using your bank card.
– If you do have money that needs to be exchanged for the local currency be sure to do it outside the airport or train station as you will be able to get a better rate for sure. Again as much as possible just use your bankcard to get foreign money.
– Before arriving in a place research the hostel you are interested in, have an alternative if it is booked. An easy way to blow money is to come into town tired and weary and take the first accommodation you can find. Consider checking sites like craigslist and AirBnB to see about apartments, couches, and rooms for rent too.
– If you want to meet people and possibly get free accommodations use couch surfing. Remember though if you use this service, you showed reciprocate when you are back home.
– Consider making a second bank account before you go traveling. Fill this bank account with the amount you want to spend on the trip and realize once it hits zero the trips over. Doing this can save you a lot of suffering compared to hitting a REAL bank account of zero.