5 financial tips before you travel

| August 15, 2013 | 11 Comments

Travelling can become very expensive. But if you use these S5 financial tips before you travel, then you will help ease the burden on your wallet. Not to mention allow you to relax so you can enjoy your travel adventure.

5 financial tips before you travel

5 financial tips before you travel

Prepare a budget for your trip

There is nothing worse than getting 2 weeks into a 3 week long vacation and discovering that your card is declined. But if you prepare a travel budget before you jump on the plane, then you will easily have enough money to get you through your trip.

Some cots to consider including in your budget are; transportation (there and back as well as around the destination), food each day, shopping and souvenirs, and optional excursions like diving or hiring a car.

Once you have a budget, add on another 10% just in case for any unforeseen circumstances.

Tell your bank where you are going

I recently ran into this problem when I was travelling through Africa.

As I went to book my flights home my card was declined. I quickly realised that because I was in Kenya, my bank thought someone had stolen my card and wouldn’t accept the transaction. After a few expensive phone calls I managed to get it sorted and they unblocked my card.

Before you go, also make sure you compare bank accounts for the best deal on savings, credit card rates and transaction fees.

Get travel insurance

Worst case scenario is that you pay a little for travel insurance but you don’t end up using it. The worst case scenario is frightening…

Imaging getting pick-pocketed as you travel through a foreign country. If they manage to get your wallet with all your cards and money then you are going to be stranded. Luckily travel insurance can quickly help you when you are short on cash.

Which brings me onto my next point…

Have a back up plan

While this is not technically a financial tip, it could save you a lot of money once you are there. Before you go on your trip, split the money you are carrying with whoever you are travelling with. That way if one of you is robbed, then you still have some money left over.

If you are solo travelling then consider wearing a moneybelt, or hiding your money/cards in a secret compartment of your clothing. There are lots of options to keep it safe.

Don’t forget about the bills at home

Finally, if you return home and realise that you had forgotten to pay a bill then all of a sudden you are in big trouble. It might be that you forgot to pay off your credit card and now you have a huge amount of interest included.

This is going to take your years to pay off and not something you want to return to after relaxing on your holiday.

Tell me below, what are your 5 financial tips before you travel that you use?

About the Author ()

Cole is one half of New Zealand's leading adventure travel blogging couple who have been wearing out their jandals around the world since 2009. He loves any adventure activities and anything to do with the water whether it is Surfing, Diving, Swimming, Snorkeling or just lounging nearby on the beach. You can follow Cole on Google+. Or consider following us via RSS Feed, Twitter, Facebook and subscribe to our Newsletter.

Comments (11)

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  1. One week before my flight I’d make sure that I check the currency rate of the country that I’ll be spending my holiday or vacation with to have an idea of how much money should I bring on my travel. I am not also fond of checking-in at hotels because it is expensive instead I sleep at motels.

  2. Candice says:

    Great advice. My back up plan in the case that I get robbed while out and about, is to always have a credit card hidden in a compartment of my luggage separate from my day bag.
    Candice recently posted..Favorite Travel QuotesMy Profile

  3. These are really really great tips and I can’t agree more about the importance of getting travel insurance. It’s a safety net, don’t go without it. Like Candice, I also don’t keep all my cards in one place :)
    Christoffer Moen recently posted..Sexy Love Hotels, Capsules and Raw Fish: Insider’s Guide to JapanMy Profile

  4. Pratibha says:

    It might help to pick countries with under-valued currencies. International travellers will find India around 20% cheaper now than 3 months ago with the rupee trading at a concerning low to the dollar.

  5. I always prefer to carry credit card rather than cash money during traveling. Preparing a budget plan is the most important factor that should be considered at the time of planning a trip.

  6. Marian says:

    Nice tips very helpful indeed. I think getting a travel insurance is very important.

  7. Jone Laxer says:

    Hi….Cole Burmester,

    These are great tips by you and i’m sure that by following these tips, anybody can save so much money on travel trip.

  8. Yesss … notifying the bank is important. I think some banks want us to tell them that we’re going to do ‘overseas withdrawal’. If not we will make ourselves confuse in front of the ATM :D

  9. Your last two tips stand out. Very important, vital, even.
    I always have backup plans… some bills can be paid online, thankfully I can solve that!
    As for bank cards – it’s good not to rely on them too heavily. Cash is king in most parts of the World…
    From experience, I can tell you that even 2 bank cards can prove unreliable in foreign countries… 3 are “must have” and plenty of cash as well.

  10. Very good tips. recommendable. It happened to one of our clients. A few years ago he came to India and got robbed in Delhi. Lost his money, passport, ticket, wallet and cards. Luckily he had a friend with him who lent him some money so that he could go back.

    One has to be very careful while traveling. thanks a lot for the lovely post.

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