Wednesday, 18 March 2020

Budgeting tips for travellers

While it could be disappointing to suspend current travel plans because of restrictions imposed to control the spread of the Coronavirus, it’s a good time to plan ahead. Now is the time to sit and switch to a ‘savings mode’ to plan your future trips. Fix yourself a realistic daily travel budget to avoid the bank manager’s wrath on your return.

Whether you’re touring boutique boltholes or backpacking, here’s how to make and not break a budgeting plan:

-Before you go, work out how much you think you’ll spend, and then add a little for the first few days. More costs are incurred at the start of a trip as you get your bearings and settle in.

-Use available technology: online banking, SMS alerts and apps like Trail Wallet all help you keep a close eye on expenditure.

-Try a pre-loaded cash card like FairFX. That way you can only spend what you have.

Also Read: Coronavirus update: Lockdowns and travel bans across several countries

Also Read: Avoid the solo surcharge

-Look for chances to save money but still get great experiences. Lunch can be a great time to eat out and take advantage of the better-value set menu deals. In the evening happy hours are also worth looking out for. But…

-Consider limiting alcohol – not only will daily boozing add up over even a two-week trip, but when you’ve had a few you’re also more likely to lose control of what you’re spending and throw caution to  the wind.

-Get yourself a prepaid Mastercard from digital banks like N26, Monzo or Revolut – besides fee-free purchases abroad, these alternative digital banks often offer free (but not unlimited) cash withdrawals abroad, plus the option of transferring money at the best currency exchange rates. Check each operator for specific conditions.

-Visit countries where you get the best bang for your buck. Your money will go much further in countries like Thailand, Cambodia, South Africa and Uruguay.

-Always go local. This puts money into the local economy and also can be significantly cheaper.

This excerpt has been taken from Lonely Planet’s Best Ever Travel Tips.

via Lonely Planet India

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