Tuesday 18th of June 2019
You’ve got as far as researching the different destinations you want to visit and you’ve started eyeing up the Instagrammable restaurants you want to eat at, but how are you going to fund it?
First things first, get a budget in place. Travelling trips rarely come cheap, so to get maximum enjoyment, budgeting is essential. Set a clear figure for the amount of money you need to start your travels with and work out how long you have to save up. Getting a figure together of how much you’d like to save will give you a measured indication of what date you’ll likely be able to leave and start your adventure. Begin by working out your current monthly income and outgoings so you can decide on an affordable figure to save month-on-month. While it might be that you have to be strict with yourself for a few months in order to save the amount you want, you’ll thank yourself when you’re exploring forests in South America or taking a trip down the Chao Phraya River in Thailand.
Once you have your travel budget in place or at least have an estimated figure in mind, you can start looking at planning the ins and outs of your trip. There are so many package providers you can choose from when going on a trip abroad. Whether you book with a provider who plans and sorts everything for you or you decide to do it yourself using a tool like Skyscanner and Booking.com to find the cheapest flights and best hotels, there are plenty of options to choose from.
Building your own travel itinerary can often work out cheaper than picking something pre-arranged with a travel agent. So, the decision is yours – would you rather pay a little extra for someone to take care of all the organising for you, or would you prefer the freedom of planning your own trip while saving some pennies along the way? Either option is fine, so long as you consider if the extra cost is worth it or if planning on your own has the ability to have the adverse effect and rack up unexpected spends.
Next up is to ask yourself what your priorities are on your trip. For example; are you going travelling simply to explore a specific destination, are you thinking of a more adventurous backpacking trip or are you looking for a relaxing stay in luxury accommodation? Whatever your reasons are for going travelling, these need to stay at the forefront of your budgeting plan.
For example, if the whole reason you want to go travelling is to visit Bali and stay in a luxurious hotel while you’re there, then you need to make sure accommodation and flights remain a top priority, ensuring you’re not distracted by other activities you can do until your luxury pad is booked.
The last thing you want when travelling is any unexpected financial surprises to come at you, whether this is when planning the trip, during it or when you’re back on your home turf. It’s worth having a pot of money put aside that’s there for the unexpected expenses that might come your way.
Another important factor to consider before you land in your final destination is your mode of transport while you’re there. If you’re looking to thoroughly explore a place, then getting various forms of public transport can often be time-consuming and you’re likely to waste half a day on busy buses instead of enjoying moments in your special destination. Additionally, taxis can be expensive and isn’t a factor you budget for while you’re there. Therefore, why not rent a car for your trip – this way you’ll have control over where you go and when, as well as being able to factor this into your budget accordingly.
Another top tip is to make sure you’ve frozen any subscriptions and direct debits that you no longer need to use while you’re not at home. The last thing you want is to be on your trip of a lifetime and suddenly worry that there aren’t sufficient funds in your bank for a direct debit that you no longer need.
You’ve saved up a big pot of money to jet off with, but you might now be thinking about how you’ll manage your money to make it last when hopping from country to country or island to island. It’s worth considering that, if you’re going abroad, ATM charges differ in locations around the world – so think about how much cash you’re likely to spend on your trip and how much of the money in your bank, you’ll actually see after additional charges have been added.
To combat this, start by setting up internet banking so that while you’re on the road you have a way to be able to manage your bank account and see what funds are available at all times. With this in mind, find a bank account that is travel-friendly and won’t charge you high fees to withdraw money or sign up for a travel card, like this one from the Post Office.
Don’t take all the money you have on a card. Keep some money in cash as it will allow you to budget more easily when you can see the amount you have in front of you, preventing unnecessary spending as a result.
You might find that some of the currencies you need are closed, meaning they can’t be transferred to another one. So, do your research before you go so that you get the right amount of money transferred and spend it before you miss out on the chance to.
There you have our top financial tips for enjoying your travelling trip to its full potential. We hope you have a great time on your adventure and even manage to come home with money left over!
With thanks to the team at Jolly Good Loans.
Keith Harrison is a content creator and writer for Jolly Good Loans – your online personal loans encyclopaedia.
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