Holidays and traveling the globe is one of life’s pleasures. Being able to explore the furthest corners and see sights that some people dream of takes a lot of planning. You’ll search the internet for the best flight options, the best hotel or accommodation options and often spend hours up hours daydreaming of the perfect vacation. You can be overwhelmed with choice: exploring the best white sugar beaches to the coldest climes of the tallest mountains. However, it’s always better to spoilt for location choice than have nowhere to go!
Before you go on an extended vacation or a global jaunt, you have to be as financially prepared as possible. It’s not just planning your currency or how much each portion of your journey is going to cost, but how you are going to keep your finances running while you are away. You may decide to be away for a lot longer than a couple of weeks, so there is a huge importance on ensuring that your ducks are in a row at home. Ideally, while you’re planning a trip you should be financially solvent enough to have seed money aside to cover your expenses at home. In the long term, you should consider debt consolidation so that your overall debt expenses (should you have them) are in one, affordable monthly repayment. This ensures you can still go and travel and live your worldly dream whilst keeping up with your financial commitments.
So, how can you ensure that you are making the most of your holiday and you won’t have any financial burdens to panic about while you go and explore the globe?
Always set up your bills as an automated payment. Hopefully you have had the foresight to save up enough money to cover your basic expenses for your home, bills and debt while you are away. Let’s say you are globetrotting for three months, you should have at least four months of expenses saved and ready in your account. By timing your payments with the bank as monthly repayments, you can ensure you can relax while away, knowing your commitments are taken care of and the roof over your head is secure. This small move will stop any late fees or suspended services.
Plan ahead for your expenses while you’re traveling. You may have already paid out for accommodation in each destination, and have a solid itinerary for flights, too. But you need to think about spending money for each destination, as well as an emergency budget to cover you in case of any theft or injury. You will likely have already purchased the right medical insurance as well as flight insurance in case things go wrong, but you should make sure you have a solid spending amount to keep you fed and happy while away.
When you’re planning your expenses, use preloaded credit or travel cards such as these where you can to keep your cash safe. No one wants to believe they will be the one to lose a wallet full of currency while they’re traveling, but it does happen. It’s always better to plan for the worst and expect the best than the opposite. Speak to your bank about the travel exchange options, as they can help you keep your money as secure as possible.
When you are deciding on how much you want to spend in each location, set up budgeting tools with your bank. There’s not much worse than finally making it home and feeling remorse over the money you have spent. If you stick to a budget – no matter how big – while you’re away, you won’t overspend and regret it later. There are some fantastic travel apps like these ones that can help you to budget your overseas expenses. Use them as much as possible so that you can feel secure in your spending.
Whichever way you plan to visit various destinations, you should always cover yourself with the right travel insurances. Pack as lightly as possible and consider using a backpack – especially if you plan to go from country to country, and always keep a backup travel or credit card in a secure place. Your safety is never more important than when you are visiting unfamiliar territory, but if you plan ahead and accordingly, you won’t find yourself in an insecure financial position. This will give you the confidence to keep exploring and be as worldly wise as you possibly can be!