Tips to Manage your Finances while Travelling

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One way of having a good travel is managing your finances.  It is like the glue that keeps your itinerary intact and at the same time your vehicle for a lot of transport and access. It can determine the extent of where you can go, the meals you are going to have, the place and duration of your stay, the good time you can enjoy, the extra stuff you are willing to spend, so on and so forth.

Managing your funds is important and keeping track of your expenses makes you a wise and happy traveler. We have prepared valuable tips you can use to organize and manage your money well while traveling.

Use Internet Banking

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For easy access, payment, transfers and other bank transactions, use internet banking. Internet banking services allow you to view and see your current savings, credit or allowances without going to the bank or filing extra paperwork. You can make your payments for reservations, accommodations etc. here to make things convenient and efficient.

It is a good thing to inform your bank beforehand that you will be traveling so that they will know remote bank transactions you’re making. This way, they will not be suspicious and mark your activities as fraud which may block you from accessing their service abroad.

Memorize your log-ins and passwords, keep them to yourself and refrain from changing it – next time you know you can’t log-in because you forgot the recent one you again changed. So stick to a reliable one unless required by the bank system.

Mighty cards

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Use prepaid cards. The use of prepaid cards is a convenient and ideal way in travelling.  It is easy to use as you can load them with the amount of money you will need and swipe it. Prepaid cards are not linked to a bank account and credit so it is protected from fraud. Travellers’ cheques are also safe and convenient to use. Limit the amount of money you are going to use based on budget and you can encash them to almost every country you visit.

Lastly, prepare your credit cards or debits for back – ups.  Prepare them in multiple and do not stick to one card only. Some can be eaten by ATM machines, service errors or it may be stolen. As much as possible though, make an effort not to use it since it should be allotted for emergencies only.  You might be tempted to spend a lot on your credit or debit power, but remember you are traveling and if you are not mindful, you are returning home welcomed by huge amounts of interest charges and debts – not a good way of managing your finances, right? Let’s avoid that.

Cut costs

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One way of cutting costs is choosing cheaper destinations. You can manage your finances by choosing affordable rates with incredible accommodations and offerings. Southeast Asian countries like Thailand, Indonesia or Philippines are must see destinations which have very cheap affordable rates but breathtaking landscapes. You can splurge money here but at the same time keep track of the budget.

Traveling off season can save you big time too. Search for other unique destinations aside from your itinerary particularly those that are not on their seasonal peak. Take advantage of it while you are there and make it as your cheap adventure. The change of scenery can invigorate you and makes use of the cheaper rates. Book online and call in advance so that you would not be confronted with overpricing if you just set off your foot at once.

Haggling

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Also, don’t be afraid to haggle. Sometimes, you might be afraid to ask if a certain store is up for a bargain so you shrug off the idea and go on purchase an item asap, only to realize they entertain the idea. See, some many countries can operate in this technique to lure potential buyers. Depending on how the item is presented, you can safely assume prices can be negotiated unless there is a clear fixed price that there is no way for such bend. Haggling is one way of cutting your cost especially on miscellaneous items you wish to buy like souvenirs or extra stuff that needs your ownership. Be sure to be polite, assertive and use that charm with grace.

Know the latest

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Before making any exchange rates, make sure you have looked upon a reliable source for the latest rate to compare from the one you are exchanging money with.  This can keep you abreast of your local currency rates and keeps you from being fooled just because you are unfamiliar with the area. Avoid being scammed by being aware and alert too. Be it from your fellow travelers in your solo visit or from the locals, just remain the safe gaps among fun, awareness and alertness.

Some can “turn” to the “best” version of them or look helpless to you that you can’t help but shell off some money. Be wary and know potential red flags. Red flags can include advance payment without a written or authorized contract, transactions where you are being persuaded to give money to someone, and people offering to get your purchase with your money in it. Anything that involves something fishy should alert you or if they may come as real persuasive, ask a lot of questions first, refuse and validate the information they are giving.

Track your Expenses

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Tracking your expenses is very important while you travel. Aside from giving you an explanation of where your expenses go, it will give you an idea how to budget on your next trip. You can download apps like Trail Wallet App, TrabeePocket: Travel Expense and Concur among three best tool apps to monitor your budget.

Your budget should be a realistic one based on what you expect to spend on the country you visit. This shall include the maximum amount you are going to need in case of contingencies and unexpected extras. 

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You do not have to burn all your hard – earned savings for your trip. In fact, you can save it twice, thrice cut down costs, and still obtain a fulfilling travel if you know how to operate your money. Travelling does not entail being mindless and having a no care attitude on what you spend as long as you experience the sheer fun of it. Being mindful and keeping an eye on your expenses gives you a sense of control, awareness and useful information on your budget and the places you visit. It saves you the worry and regret later too. So that the next time you want to go on a trip, you are better equipped and much satisfied for the journey.

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