UNITED STATES—Travelling abroad is a dream come true for many. Even after figuring everything out and booking all the tickets, one thing that remains to be sorted is how to manage your money while travelling abroad. Travelling abroad is an expensive affair; therefore, managing your money is extremely important to ensure that you do not regret the trip later. Here are a few ways to manage your money when you travel abroad.
1. Make a currency comparison
First, you need to make a currency comparison to determine whether you are travelling to a more expensive region. For instance, the British Pound is more expensive than the United States Dollar. A Lottery Sambad ticket that might cost $1 in your country, might have a value of $1.5 in the country that you are travelling to. Making a currency comparison will give you a better idea about what you can pursue while travelling abroad.
2. Create a travel budget
The second important thing is to create a travel budget. Creating a travel budget will be easier now, knowing about the currency difference. Make a list of all the items you will spend your money on. For instance, you might want to spend money on trying new food and exploring new places instead of buying Kerala State Lottery tickets in a foreign land.
To ensure that you stick to your travel budget, install a money managing app on your phone. Keep track of all your expenses on it to avoid overspending.
3. Have foreign cash before you land
When you are travelling abroad, undoubtedly, you will need some cash in the local currency. The local currency can be handy for paying cab fares or a meal bill. Looking for an ATM right after you land might put you in a tough spot. You do have an option to exchange the currency at the airport, but the rate of the same is high. To avoid such trouble, get some foreign cash before leaving your country.
4. Do not carry all the cash and cards in your wallet
One of the biggest mistakes you can make while travelling abroad is carrying all your money and cards in your wallet. Pickpockets are known for their notorious nature, especially in the region that supports many tourists. To avoid such a situation, only carry sufficient cash and one of your cards in your wallet. Leave the additional cash and cards tightly secured in a safe place back at your hotel to stay safe.
5. Choose your travel option wisely
When travelling abroad, your primary focus should be on exploring new places and dishes. Spending money on these aspects is a big yes. If you have a tight budget, we recommend you to choose your travel option wisely. Look out for the cheapest travel option which is available out there. For instance, are the buses cheap or the bikes? With a wise decision in the mode of travel, you can spend tons of money which you can spend on gaining further new experience in the new place. Having said that, do try all the modes of transportation just to have fun and gain a unique experience.
6. Opt for a travel insurance
Having travel insurance is a must when you are travelling abroad. Accidents can occur anywhere, even when you are travelling abroad. To avoid losses because of an accident, go for travel insurance. This insurance will be handy in situations such as stolen wallet, luggage or even a cancelled flight. The first thing that you should do after booking the tickets is to grab travel insurance.
7. Use your credit card to make purchases
If you own a credit card, use it to make the majority of your purchases. Using a credit card for making purchases avoids a lot of the hassle. This especially eliminates the need to exchange currency and lose money at the high exchange rate. Many credit card companies, in fact, offer plenty of discounts and services for using their card to make purchases. Also, before you leave to travel, inform the credit card companies about your travel plan too. It will ensure that they do not block your cards while travelling abroad.
With these tips, you can easily manage your money while travelling abroad.