Managing Your Money Whilst Travelling Abroad

When we head off into a distant land on either a holiday or a travelling adventure, we always have to be aware how much money we have in our budget.

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It’s very important to know this, as it can lead to some problems down the line if we are spending without thinking.

Every traveller who sets off with their backpack is constantly looking for ways to save money. Before you even start travelling, you will have spent a considerable amount of money. Flights, travel insurance, employer withholding (if employed, that is), some new clothes, gadgets and other travel accessories will already have been paid for.

So what you’re left with has to do you for accommodation, food, drink, tours and other things.

One tip that not many travellers plan for is emergencies. It’s important to have an emergency fund tucked away in a bank account somewhere. It’s also important to choose the best bank account to secure your money while you are travelling.

Having easy, quick access to your money when in foreign countries is vital. This is especially true in countries where they don’t speak English. This can be very tricky.

If you are on a tight budget for the trip then it’s best to sit down beforehand and give yourself a daily budget.

You can start off by dividing your total budget(minus flights, insurance and other expenses prior to leaving) by the number of days you intend to travel for.

So for example, say you have €5,000, and you are going to be away for 90 days in total.

This works out as €55 per day that you have to spend on accommodation, food, drink and other day to day activities.

In most Asian and African countries, this budget is more than sustainable.

Halifax offers some fantastic deals for those of you looking at opening up a bank account specifically for your travel budget.

When you have your daily budget estimated, then you are in a better position to plan your expenses day by day. It’s very easy to keep track of your spending as well, as having a small notebook and jotting down what you spend each day will quickly keep you on track.

Also, it’s worth brining a few extra ATM and credit cards with you as a backup. The last thing you want is to find yourself in a position where either your bank card was stolen or you lost it.

Having a plan of attack for your trip will ensure that you have a better experience at the end of it.