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  • January 25, 2021
  • Leo

Finances play a significant role in an individual’s life. A lot of financial preparation is required, whether you are travelling or planning an event or living life.

If you plan a trip irrespective of the motive such as business trip, family vacation, leisure trip or a solo trip, finances must be managed, and a spending budget must be set.

There may be times when you are falling short of money to fulfil your travel dreams. While living on benefits, you may need a loan today from a direct lender. However, it is essential to calculate the pros and cons of borrowing a loan for your travelling.

Nowadays, many direct lenders offer loans on benefits. These loans are easy to borrow and repay. In case of borrowing a loan, you can check with banks and financial institution.

Meanwhile, here are few financial tips collated for your convenience and reference while you are travelling:

  1. Travel budget

Budgeting is a mandatory aspect of financial management. Once you have finalized the destination, your focus should be on your finances.

Prepare a Spending plan and the areas where the money must be spent. Making a spending plan will help you avoid overspending and exceeding your budget.

One important thing to consider while managing your finances is to decide the number of your travel days and accordingly decide your spending budget per day.

Ensure to segregate your travel budget in categories such as food, travel, shopping, sightseeing etc. This way it will give you a clear picture of how much you are spending on different things and in case you fall short of money, you can spend accordingly.

  • Foreign cash

It is always good to be prepared. Before travelling, arrange for some foreign cash that you will require once you reach your destination.

As soon as you land at the airport, you will require local currency to pay for a taxi or buy some food. Having some cash beforehand will save you from the tension of finding an ATM.

Another benefit of having currency beforehand will also save you from high exchange rates at the airport. On the other hand, local banks offer favourable exchange rates.

  • Foreign friendly credit card

To have hassle-free transactions in a foreign land, it is essential to carry an international credit card that works everywhere. Or you can have a card that is specific to your destination.

Prefer a card that doesn’t charge any transaction fee as it limits your spending. No transaction fees allow you to spend on local delicacies.

Before using your credit card for any transaction, make sure you are aware of its spending limit. Plan your spending accordingly so that you do not end up crossing your limit.

  • Choose your airfare wisely.

Different airlines offer different services. Some airlines may offer free luggage but with a high-priced ticket, while some may offer a cheaper ticket but with high additional luggage costs.

Choosing your ticket must be done wisely. Money management is an essential aspect while travelling and with managing your air travel expenses well, you can ensure savings.

The best combination to opt for is a budget airline with numerous options available with carrying lightweight luggage to avoid any additional costs.

  • Smart Wallet

If you are travelling to a new and unfamiliar destination, avoid carrying too much cash and cards in your wallet. Instead, carry one single credit card and enough money to prevent any theft.

Leave some cash and another credit card at a safe place in your hotel if you misplace the first one. You have the second one.

  • Automate your Payments

If you are there, enjoy to the fullest. While travelling too, you will have bills to pay back at home. You can automate your payments to make it on time.

Also, it helps you fulfil your financial responsibilities while you are away from home.

  • Cheapest Travel Option

While you are planning for your trip, it is essential to consider the local travelling options regarding money, safety and convenience.

Local travelling is the second costliest aspect while travelling. Air travel price is the first. A lot of places have cheaper local transports. Some areas have the bike and car rentals options available that are cheap and convenient.

There are other options available, such as busses and trams, but they take a lot more time than your convenience. If you choose your transport wisely, you can enjoy your trip to the fullest within your financial limits.

  • Free Entertainment tours

Most of the destinations have some free of cost tourist places that are entertaining. These places are open to the public for free and conduct free of cost tours too.

Along with your other planning, make sure to list down all such entertainment places to avoid your time wastage once you reach there.

  • Travel Insurance

Travel insurance is a must when travelling abroad. Accidents can occur anywhere such as a theft, a stolen wallet or an injury.

It is always to keep a Plan B. In these difficult situations in a foreign country, travel insurance is a blessing in disguise.

  1. Create a Phone Numbers list

It is always good to stay positive but preparing yourself for the worst is a way of keeping yourself practical and ready come what may. For your safety, make a list of all the credit cards you will carry along. Also, list down all the customer care numbers for your cards. In case of any card theft, these numbers will help you track your cards and keeping your money safe.

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