In this article I would like to share with you the following 5 tips on how to better manage your money while travelling.
Never exchange money at the airport
Exchange bureaus at the airport tend to offer the worst prices for currency conversion. The reason for that is that most people tend to exchange their cash at airports, simply because it’s convenient. This is why airport-based exchange bureaus are able get away with charging sub-optimal exchange rates. The best thing to do is to use a currency exchange provider at home that allows you to exchange your domestic currency into the foreign currency at the cheapest rate possible. Alternatively, you could use ATMs once you have reached your travel destination. Ideally though, you want to use ATMs that are within your bank’s network, so the withdrawals are for free.
Use a budgeting app
If you are a long-term traveller on a budget the best way to ensure that you will stay within your travel budget is by using a smartphone budgeting app. There are many different apps to choose from, such as Trail Wallet, Travel Budget Tracker or Trip Budget. Pick one that you find the most user-friendly and record all your daily expenses to get a feel for how much you are actually spending. That way you can ensure that you don’t end up overspending while on the road.
Use prepaid cards
Prepaid cards are effectively the same as credit cards. They allow you to make cashless payments at retailers, restaurants and online. However, when using a prepaid card you load money on to your card as opposed to having a credit limit. Prepaid cards are great for travelling as you don’t need to carry cash and you won’t end up overspending, as you can only spend as much as you have put onto the prepaid card. This also means you will not incur any interest expenses, which you would if you were using a credit card while travelling. Furthermore, prepaid card tend to come with low fees. Using a prepaid card backed by gold, such as the prepaid card issued by BitGold, incurs no fees or set up costs, and would therefore be a great option for budget travellers. Also, prepaid cards don’t require a credit check, as they are not a new line of credit. Hence, the process of obtaining them is much faster and much more convenient than when you are applying for a new credit card.
Always compare prices
Whether you are looking for affordable accommodation, the cheapest flights, the best excursions or the most exotic travel destination, make sure you always compare prices. Whether it is using price comparison sites or asking around when you are on the road. You will be surprised by some of the price differences, so always have a look at the available options before you buy.
Negotiate everywhere you can
When you are making purchases, while visiting foreign countries, try to negotiate prices wherever appropriate. Small hotels or hostels, anything you buy at markets, taxi rides, etc. all have negotiable prices. So, make sure you ask for a discount. In almost all circumstances you will receive a discount, as the price you are being quoted is usually the higher price for tourists anyway. Never be afraid to negotiate. It will save you a lot of money throughout your travels.
