Money matters when it comes to travelling – not just being able to afford to explore the world but also the you’re away from home. Finances have the ability to make or break a holiday. From budget breaks to holidays of a lifetime – we’ve done them all. These are my top five money tips when travelling…
Cash Isn’t Always King
Some of my funnest memories from going on holiday as a child was totting up what spending money I had before we set off. Nowadays cash isn’t necessarily king – yes it’s great to have some of the local currency with you as it’s perfect for small purchases and for tipping as per your host country’s customs. However it’s wise not to take all of your holiday money in cash; firstly it makes you an easy target for pick pockets and the like plus it’s not the best way to keep track of your holiday spending. Yes to taking some (I always aim for around 20% of my total holiday budget in cash) – remember you can always draw out more if needed.
Research Local Prices
This is one of the best tips I’ve picked up on the way. Whenever I head to a new destination I always take some time out beforehand to research living costs. From the price of coffee and cake to how much a taxi costs from the airport to the city centre (or resort). It’s a great way to set a realistic budget whilst you’re away and to make sure you don’t fall foul to unofficial tourist taxes levied by people looking to make extra money.
Track Currency Exchange Rates
Once you know how much of your holiday money you want to take as cash it’s time to start tracking the currency exchange rate. Rates fluctuate on a day to day basis with incentives sometimes offered if you change up a certain amount. Remember when looking at currency exchange rates online that many companies charge for delivery, so factor that in to your comparison. Like pretty much everything in life, it really does pay to shop around.
Carry Some Plastic
I’m not talking about bottles – credit cards are one of the savvy pieces of kit you can take away with you. Duty free electrical purchases come with added protection when you pay with your credit card and that even before you’ve jetted off. Credit cards come in all shapes and sizes and as with all financial decisions that involve credit, it’s one you shouldn’t take lightly and I would recommend you seek independent financial advice if needed. There are so many credit card companies, one being Vanquis – that can offer a credit limit that is sensible and tailored to your circumstances. Credit cards are a great back up while away.
Money On Holiday is Still Money
Would you ordinarily spend £500 (or equivalent) on art? If the answer is no, then what suddenly possess you to not think twice about spending that amount while on holiday. I’m amazed at how many people seem to leave their financial know how at the departure gate; yes holidays are about treating yourself, I love a little splurge as part of my travels but you still need to keep a handle on your spending.
What are your top money tips when travelling? Let me know in the comments below!
Disclosure: A fee was received for this post.
