Financial preparation is never going to be the most fun part of a holiday (unless you’re an aspiring accountant), but it’s a short-term sacrifice for a long-term payoff.
Money changing at the border / Flickr photo by amalthya
Sure, there are some people who can throw everything in a bag and just rock up at the airport, but for most of us taking the time to choose the best savings account for your needs is going to make the difference between being able to really cut loose and spending your entire trip worrying about your cashflow.
No-one’s suggesting that you plan to the last penny, we all know travelling doesn’t really work that way, but the less likely you are to be caught out, the more likely you are to have the time of your life. Here are a few points to consider when it comes to money and travelling:
Access to cash
Even in the days of easy cash from ATMs worldwide, you need to consider how readily available money is going to be in your destination. You need to balance this with how much currency you’re comfortable taking with you and with how much you’re going to be moving about.
Some currencies – such as US Dollars and Euros – are accepted in many destinations. Others aren’t. Don’t be tempted to convert all your funds into a single currency if you’re planning on crossing borders. You’re likely to get burned on any exchanges.
Expenses
The plane ticket is daunting, but the small stuff adds up too. Accommodation may be cheap, depending on where you’re heading, but you shouldn’t budget for the absolute bottom end unless you’re sure you know what you’re doing.
Roughing it is part of the experience for many, but be careful when it comes to sleeping rough – even on beaches – unless you’re confident of its legality.
Medic!
You should have decent travel insurance, no two ways about it. But even if you’ve got the gold standard, don’t assume that you won’t encounter extra expense. You shouldn’t scrimp when it comes to your health. If you need to buy a particular medicine or get some fast treatment, you’re going to need accessible cash.
Have a reserve for medical requirements. You should always have an emergency fund that you can draw on in a pinch.
Keeping tabs
Checking your bank info is difficult when you’re on the move. Make sure you know what your balance is before you go and try to keep track of what you’re spending. If you need to rein it in, do so. Better safe than sorry.
Security
Make sure you let your bank know that you’re going abroad. Be cautious when it comes to using ATMs and if you aren’t comfortable, just find another one. You also shouldn’t use internet banking when you’re on the move unless you’re totally sure that the machine you’re using is secure.
A lot of this seems like common sense, but it’s easy to lose your awareness when you’re in a completely new environment. The bottom line is: plan in advance and make sure you’re prepared. Sensible precautions and decent organisation can make the difference between a dream and a nightmare.
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Planning your finances when travelling
Financial preparation is never going to be the most fun part of a holiday (unless you’re an aspiring accountant), but it’s a short-term sacrifice for a long-term payoff.
Money changing at the border / Flickr photo by amalthya
Sure, there are some people who can throw everything in a bag and just rock up at the airport, but for most of us taking the time to choose the best savings account for your needs is going to make the difference between being able to really cut loose and spending your entire trip worrying about your cashflow.
No-one’s suggesting that you plan to the last penny, we all know travelling doesn’t really work that way, but the less likely you are to be caught out, the more likely you are to have the time of your life. Here are a few points to consider when it comes to money and travelling:
Access to cash
Even in the days of easy cash from ATMs worldwide, you need to consider how readily available money is going to be in your destination. You need to balance this with how much currency you’re comfortable taking with you and with how much you’re going to be moving about.
Some currencies – such as US Dollars and Euros – are accepted in many destinations. Others aren’t. Don’t be tempted to convert all your funds into a single currency if you’re planning on crossing borders. You’re likely to get burned on any exchanges.
Expenses
The plane ticket is daunting, but the small stuff adds up too. Accommodation may be cheap, depending on where you’re heading, but you shouldn’t budget for the absolute bottom end unless you’re sure you know what you’re doing.
Roughing it is part of the experience for many, but be careful when it comes to sleeping rough – even on beaches – unless you’re confident of its legality.
Medic!
You should have decent travel insurance, no two ways about it. But even if you’ve got the gold standard, don’t assume that you won’t encounter extra expense. You shouldn’t scrimp when it comes to your health. If you need to buy a particular medicine or get some fast treatment, you’re going to need accessible cash.
Have a reserve for medical requirements. You should always have an emergency fund that you can draw on in a pinch.
Keeping tabs
Checking your bank info is difficult when you’re on the move. Make sure you know what your balance is before you go and try to keep track of what you’re spending. If you need to rein it in, do so. Better safe than sorry.
Security
Make sure you let your bank know that you’re going abroad. Be cautious when it comes to using ATMs and if you aren’t comfortable, just find another one. You also shouldn’t use internet banking when you’re on the move unless you’re totally sure that the machine you’re using is secure.
A lot of this seems like common sense, but it’s easy to lose your awareness when you’re in a completely new environment. The bottom line is: plan in advance and make sure you’re prepared. Sensible precautions and decent organisation can make the difference between a dream and a nightmare.
Copyright © 2012 Make Travel Fair UK