With all the fun and lavishness of travelling comes the responsibility of budgeting. It’s important to relax and enjoy yourself while you’re on holiday, but not to the point when you end up broke and scrounging together coins to eat 2-minute noodles for the last week. To save you from completely running out of money on your trip, we’ve come up with 5 budgeting tips to make sure you can get the most out of your holiday without breaking the bank.
Research, Research, Research
Research where you want to go, and early. We’re blessed to live in the age of the internet, people, so use it accordingly: there’s all the information at the world at the tip of your fingertips. It can save you a lot of time and money when looking up the individual attractions you want to see. You can never plan too much, and can save you unexpected and expensive surprises like trekking it out to an attraction, only for it to be closed.
With a clear idea from your research and planning, you’ll have prioritised the activities you want to do- without being blindsided by the price. When planning what to spend your money on, don’t overlook great sites like CityPASS and Groupon, that allow you access to a range of sights and experiences for a cheaper price. They’ll help you see more for less all over the world, with experiences like wine tours, jet boating, or even a snazzy five-course meal to save you from eating pasta in the hostel kitchen for the fourth night in a row.
Sure, we all want to travel like your favourite Instagram girls with seemingly bottomless bank accounts, but some of us have to be a little more realistic on our expectations for the trips. That doesn’t mean you can’t treat yourself to great wine and a few shopping trips along the way, but it does mean making sure you’re not blindly paypass-ing your way through the country.
Booking your accomodation before your trip will save yourself a serious amount of stress, as well as avoiding a potential cold night’s sleep on a park bench somewhere. It’s a great way to to help you budget the rest of your money, as the bulk of it is always spent on a place to sleep. As for the rest of your finances, make rough estimations on the other expenses: travel, food, luxuries. A good rule of thumb is to round up, so you have at least a little breathing room.
Sort Out Your Finances
Before you leave, open a free Citibank Plus account. It lets you transfer money overseas for free, and won’t surprise you with those nasty international ATM fees. A little preparation of finances can save you a lot down the road. Another helpful tip is to make sure you’re not putting all your eggs in one basket, as the saying goes. Spread that money ouuuuuut. Have some of your finances in cash, some on cards. It’s always better to have more than one card, in case one gets eaten by an ATM (speaking from experience here). It’s all about preparation.
Keep Track of Your Expenses
Keeping a record of all your expenses may seem like a hassle at the time, but you’ll be grateful for a written transaction history once all your money Houdini’s a week and a half in. While you’re sitting for your morning coffee or afternoon beer, take the time to track your spending in a journal, or on your phone. Every day will be different. Some nights you’ll be spending money like it’s going out of fashion, and others you’ll be pinching pennies and doing free walking tours. As long as you’re keeping track of your spending, everything should be fine. Drink another Aperol Spritz for me.