One of the most interesting and important topics is handling finances be it anywhere. Taking responsibility for the finances is very important for all kinds of travelers (solo travelers, people traveling with families, group travelers, people on honeymoon, and even people on business trips). We talk about finances throughout our lives but lack the awareness of the importance of keeping our finances in check while traveling. Here is all the information you can have to be well-informed and save money:
1. Choose the right Forex card
Forex cards are money-loaded cards and they allow the money to be in any currency. These cards help a lot if you are traveling abroad. You can pay or withdraw money worldwide. They even allow multiple currencies to be deposited and accessed through this card. It is best suited for international students. You are probably sold on this idea by now because it is that good. So, don't forget to have a forex card with you while traveling overseas.
2. Always carry some petty cash
Do not rely on just cards always carry some cash in the respective currency of the destination. Now sometimes the card could be blocked due to XYZ reason or there could be any technical error. Also, some places don't accept online payment like local vendors. In these cases, you will need some change. Make sure to have some cash in hand for such situations.
3. Travel Insurance
Insurance is a major part of securing your finances. There are many kinds of insurance but here we are talking about travel insurance which specifically covers people who are traveling or are away from home. You can find customized travel insurance for your particular needs. These also differ according to the purpose of travel or the age of the traveler. They cover costs like hospitalization in case of accidents, theft of baggage, delay of baggage, injury while traveling, or any other property damage. You see, traveling can cost a lot in itself so taking insurance would just help you be less worried.
4. Reminder for bill payment
While you are away traveling the bill won't pay themselves and being concerned with such responsibilities while on vacation means you are not doing vacations right. There is a very simple solution to it. Automate your bill payments like hydro, electricity, insurance, etc. This can be done online through internet banking and apps.
5. Payment through a smart wallet
Just another way you can have money at your disposal whenever you need it. Payment apps differ in every country but they all have wallets that make payment easy. There is no fuss about entering a pin or verification. You can just pay through the online wallet (keep the phone and apps locked).
6. Plan your trip and expenses in advance
The expenses of a trip are unpredictable if you don't plan it wisely. Things like hotel booking, plane ticket booking, car rental, and any other adventure activity booking at the destination should be done in advance (booking in advance saves money). Last minute booking could cost you extra. So, plan properly and wisely according to your set budget.
7. Be on the lookout for hacks for booking hotels and plane
There are many hacks to booking a plane ticket and even hotel rooms. Awareness regarding the time when the cost of rooms and flights are lowest will help you save lots of money. Offers keep changing with time. Here are some tips for easy and cheap plane ticket booking:
- There are discounts available on various flights so be on the lookout for that before booking.
- Always book flights in incognito mode as rates increase if you visit the site multiple times.
- Flights are cheaper on Monday from midnight onwards till Tuesday 9 and more expensive from Thursday to Saturday.
- Prices are lowest 5 weeks before departure (domestic) and 2.5 months before departure (international).
- Use VPN from another country while booking (could help get cheaper tickets).
8. Inform the credit card company regarding your travel plans
The credit card you possess can be frozen by the company if they detect any unusual activity. So, inform the company in advance regarding your travel plans. Include information like the destination and the duration for which you are there. This will help you avoid any sudden cutoff from one of your payment methods.
9. Expense-tracking apps
Do you also have less control when it comes to spending? Then you need to have an app that can help you track your expenses while you travel. It would be like a constant reminder that you could be exceeding your limit at a certain point. It will keep you and the expenses in check. There will also be a certain clarity regarding the area where most expenses are taking place which could be then analyzed and avoided.
10. Be updated with the exchange rate at the time
Information is key to saving money. Knowing the exchange rate for the currency that your country has against the country you are traveling to will help you have a ballpark on the forthcoming expenses. It will save you from any last-minute inconvenience. This becomes very important if your budget is limited.
11. Internet banking
You might not use internet banking as much while in your hometown but this could be life-saving when you are away. There is a possibility that your bank doesn't have any branch at your travel destination. All services will be accessible to you through online banking in such cases as transactions.
12. Have alternative payment methods
Don't just have access to one payment method. Have multiple payment methods like online payment, forex card, cash, credit card, and debit card. If there is any problem with one payment method the other can cover you. Credit cards and forex cards also help avoid the hassle of converting currency. This especially applies to solo travelers as they need to be fully prepared as there are no travel companions with them.
Taking care of finances is a part of self-care and taking care of your loved ones. So, save that hard-earned money even while traveling. Now that you have all the contingency plans so go ahead and give yourself that well-deserved vacation that you have been waiting for.
