One of the most important aspects of traveling to any destination in the world, regardless of whether it be domestic or international, is making sure that your finances are in order.
Traveling is not exactly the cheapest thing to do, and on the contrary, it can be enormously expensive especially when you’re going to be traveling internationally. But fortunately, there are a variety of tips and strategies that you have at your disposal to reduce the cost of traveling as much as possible.
Here are the top five tips to handle your money while you travel:
Tip #1 – Make Sure You Can Actually Afford It
First and foremost, you need to make sure that you can actually afford your trip. Don’t be unwise by putting your trip on your credit card and going into debt. Instead, actually budget out all aspects of the trip from the airfare to the hotel rooms to the car rentals to the food to the transportation to the travel insurance and everything else that you can think of and make sure that the entire trip will be paid for in its entirety.
If you are unable to afford the whole trip, the two best options will be to either save money or utilize rewards points (or both).
Tip #2 – Have Cash On Hand
Whenever you travel anywhere, a basic rule to follow is to make sure that you always have cash on hand no matter where you’re going. Sure, you can use your credit or debit card whenever you want to (so long as it’s accepted), but it’s also a wise idea to carry cash on you as well for emergencies or anywhere that credit and debit cards can’t be used.
If you’re going to be traveling internationally, you’re going to need to convert money, and one of the cheapest and fastest options to do this will be to use an online remittance service of some kind. While remittance services are often used for sending online payments overseas, they can also be used to simply convert money for you as well.
Tip #3 – Use Credit Cards
Probably the best and most convenient way to pay for things while traveling will be to use a credit card, especially if you’re going to be using a credit card that gives you rewards back for every dollar that you spend towards travel. Some travel cards will also offer you much higher rewards for certain airlines and hotels.
If you are going to be using a credit card for overseas transactions, however, you will need to confirm that it actually allows overseas transactions in the first place. You also will be wise to go with a card that doesn’t have any foreign transaction penalties for overseas payments as well.
Tip #4 – Be Loyal
If you’re really budget conscious, then each time you travel, you should try to stay at the same hotel chain or use the same airline in order to get enrolled in loyalty programs and accumulate a lot of rewards points that you can use at a later date as well.
The simple fact of the matter is that the more loyal you are to certain travel businesses, the more money you are going to save.
Tip #5 – Travel At Strategic Times
Last but not least, be sure to travel strategically. This means avoid traveling, if at all possible, during the times of the year when the price of everything will rise dramatically. For example, July, August, December, and January are quite arguably the three worst times of the year to travel because those are the times of the year when the cost of airfare will always be at its highest.
But in contrast to that, April, May, June, September, and October are months of the year when the cost of airfare and hotel rooms alike is much more likely to be a lot less, enabling you to save several hundred if not thousands of dollars.
Handling Your Money While You Travel
Obviously there are a lot more tips and strategies out there to help you save money on travel. But the ones that we have covered here today will be among the best ones for you to get started with, and at the very least they should help you realize that traveling does not need to be nearly as expensive as you may have thought it would be.