Traveling is a great experience, especially for students, but it is also a bit of a money drainer if you’re not careful with your expenses. So, if you plan on becoming a traveler as soon as the world is back to normal, you should also have a few money management tips up your sleeve.
1. Have a Travel Budget
We know you are excited about the idea of visiting different countries and exploring new cultures – who wouldn’t be? However, you should also plan your expenses and set a budget for each location you want to visit.
For this, use Google to find travel sites (TripAdvisor is a great resource) and blogs that speak about accommodation costs, food expenses, and more. Make sure to also read other travelers’ reviews to get an idea about expenses around the city or village, like local foods, visiting points of interest, sportive activities, and so on.
This way, it will be easy to set money aside for the things you want to try and keep track of your expenses. Otherwise, you may end up blowing your entire budget in one go.
2. Have Several Money Sources
Credit cards seem like the safest method to use for payments or to receive money while traveling, right? Well, they are until something happens and you can’t use them. For instance, in some areas, you can only use cash to pay for food, accommodation, and other expenses. In addition, there is also the risk of running out of cash or getting your credit card stolen.
Therefore, it’s a good idea to have several sources of money. Luckily, it’s quite easy to find a money order near me in most locations on the globe. This way, even if something happens and you run out of money or payment methods, you can still make payments and continue your travel.
3. Set Automatic Payments
Unless you have someone to take care of your home/rental while you’re away, you will still have bills to pay at home. So, to avoid the possibility that you’ll return to an eviction notice, it’s important to set automatic payments on your bank account (nowadays it’s enough to use an app that does the job without having to go to the bank).
It would also help if this was set on a separate account as the one you’re using for travel. This way, you won’t run out of money because of the automatic payments and you don’t run the risk of draining the account before the payments start rolling.
4. Stay Safe
A lot can happen while you’re away from home, so make sure to take safety precautions. First, get proper travel insurance that has you covered for both health and financial issues. It may be a bit expensive, but it will be extremely helpful in a pinch.
In addition, if you want to use your credit card for payments, make sure to notify your bank of your departure. Otherwise, you risk having your account blocked on suspicion of fraud. Also, ask your bank about any fees that apply when making payments abroad.
Lastly, if you have cash on you, don’t keep it all in one place and don’t count large amounts in public spaces. Cash is the easiest to steal and it will catch the eyes of anyone with ill intentions. It also helps to put some money aside in a hidden pocket for emergencies.
Wrap Up
At the end of the day, it’s important to make the most of your money when traveling, but it’s equally important to enjoy the experience. Therefore, it’s best to find a way to balance these two aspects for an enjoyable and fun trip.