Although travelling the world is a life-changing experience, it can also be a very expensive endeavour. Travellers are known for living life to the fullest and letting their free spirit run wild. However, budgeting is a vital part of the traveller lifestyle, and it’s important to stay on top of your finances when you are away. You need funding to travel the world – and a lot of it.
If you don’t have a budget while travelling, you may have to cut your trip short and return home early. Nobody wants that now do they! So you can avoid that happening to you, here are a few ways you can improve your money management skills when travelling abroad.
If you don’t have savings to fund your travels, you may need to work while you’re away. You could work as a waitress, bartender, cleaner or dog walker at your destination. Of course, this works better if you are travelling slowly and staying in one area for a long time.
You could also take up a remote side hustle and start your business online. Futures trading can provide you with surplus money or try out freelance writing and designing. A side hustle can help to build your portfolio, so you have a career to return to after travelling.
Stick to your Budget
Creating a budget is easy but sticking to it is the hard part. You need to crunch the numbers and create a strict budget that factors your essential costs and variable expenses. For example, essential costs include accommodation and visa fees, while variable expenses are likely to be food and activities. Assign a weekly budget for each category and keep reviewing it.
You can download an app, like Monzo or Emma, to monitor your spending against your planned budget. You can divide your cash into different categories and keep a close eye on where your money is going.
Look after your Money
Avoid scams, thefts and misplacing your money by looking after it. Avoid carrying huge chunks of cash around and opt for a card instead. Inform your bank that you are travelling abroad and make sure you have a plan in place if there is an issue with your card. Your bank may have some helpful money advice as well, so pay attention!
Stay with Friends
Accommodation can be a huge drain on your finances when you are travelling. It’s likely to be your biggest expenditure while you are away. You can split the cost of your accommodation by sharing a place with your friends for a while. You could rent an apartment for a month or so and immerse yourself in the local culture. If there is a group of you, this option can save you a lot of money.
Staying in one place for longer can cut down your spending too – especially if you can find a deal on accommodation. Another idea is to live with a host family and become an au pair for a few months to help with household tasks and childcare in exchange for somewhere to stay.
We hope these travel money tips have given you lots of ideas of how to budget while you are away. Enjoy your travelling adventure and remember to stay smart with your money.