Regardless of whether you are planning a solo trip, going on your honeymoon or spending a vacation with your family, travelling needs a lot of planning. This includes finance too.
Knowing how to manage money while travelling will not just ensure you a safe trip, but will ward off a lot of troubles too.
So, what should you do to manage your finances on a trip?
Here are a few tips to abide by.
Create Travel Budget
Budgeting is one of the most significant parts of planning a trip.
Take out some time to make a spending plan. This will help you know where exactly your money is going.
None of us prefer to overspend and then run out of money, right?
While you consider the expenditures, remember how long will you be outside and how much you may end up spending.
Include activities, meals, accommodations and transportation and of course, souvenirs in this plan.
Stick to budget, but you can splurge occasionally too!
Take Multiple Credit and Debit Cards
It is advisable to carry two or more debit and credit cards while travelling. You may lose your card or get that blocked.
So, backups help!
You can have one main bank account and then choose another account for emergency.
Make sure to use the alternative account only if there is an emergency.
If you are a couple and have a joint account, both of you can carry a card for the same account. In case one of your cards get stolen, the other can help.
Well, some of us are not really interested to use credit cards. If you are one among them, then also carry your credit card.
If you are travelling to a remote part of the world, finding out whether it has ATMs will be helpful!
ATMs can be limited in the rural areas, so withdraw sufficient cash from the nearest city.
Consider Different Accommodation Options
Though most of us choose hotels, you can consider other accommodation options too.
You can rent apartments, cottages and even hostels for a certain period. Though the standard price is put up by the host, you can always contact the host personally and bargain a little.
Moreover, the hosts can also act as wonderful reference points if you want to go for local sightseeing.
Cancel Bills and Service before Leaving Station
As soon as you have the departure date, start cancelling the services that you will not be accessing like gym membership, Netflix or utilities.
Consider setting reminders as required so that you can verify the cancellation.
After you pay off the final bills, you will feel quite liberating and all set to begin the trip!
To make things easy, automate as many tasks as you can. For example, if you have to pay a few bills every month, you can use your banking app to create recurring payment. With the amount automatically deducted from your account, you can roam around worry free while on the trip.
I tried to enumerate on the requisite details, but, if you have any more question, feel free to post them in the comments section.