A bit of planning before you travel can save you time and money, leaving you with a few more pennies to spend while you’re there. Here are some things to consider.
Adventures. Relaxation. Soaking up the culture. Holidays are the best! But how do you manage your money while you’re abroad? A bit of planning before you travel can save you time and money, leaving you with a few more pennies to spend while you’re there. Here are some things to consider.
Explore exchange rates
A decent exchange rate means you get more bang for your buck on holiday and likewise, you’ll have less to spend if the country you’re travelling to has a poor exchange rate. So, if you’re flexible about holiday destinations, have a look at which countries’ currencies aren’t faring so well against the pound.
Croatia, for example, typically offers a good exchange rate for UK travellers. Although the pound has suffered badly against the euro and the dollar, it remains fairly strong against the Croatian kuna.
Do your research
Once you’ve decided on your destination, spend a little time before you travel researching restaurants, excursions and transport options.
That way, you’ll be able to buy tickets online in advance and benefit from cheaper deals. Checking out restaurants before you travel will not only save you from wandering aimlessly around trying to find somewhere decent, but if you’re on a budget, you can find the cheaper places to eat. Researching things in advance will also help you get a good idea of what things cost and how much money you’re likely to need.
Cash or card?
Cards are obviously more secure on holiday, because it’s just one thing to keep safe, rather than a bundle of cash. Credit cards are preferable to debit cards because they protect you against fraud and stolen purchases, whereas transactions from your debit card are taken straight out of your account, making it harder to get back.
Check out the foreign transaction fees on the card you intend to use before you travel. You may be surprised at how much your bank charges! Some credit cards don’t charge you any transaction fees for using it abroad, so investigate the best deals way before you travel to give you time to apply for a card. Or go for a pre-paid currency card.
When you use your card abroad and you’re asked if you’d like to pay in pounds or the local currency, go for the local currency. If you choose pounds, the retailer does the currency conversion, but these rates can often be poor.
Keeping your cash safe
Although cards are more secure, you will, of course, need to take some cash on holiday. Avoid taking a big sum; it’s more prudent to withdraw smaller amounts from an ATM every couple of days, if your card doesn’t charge you for this service.
Use the safe if your accommodation has one. If it doesn’t, then don’t keep all your valuables and secure documents together. Rather hide them in different places.
We could all benefit from a break every once in a while. And if you plan and carefully manage your finances, a holiday doesn’t have to be a dream, it can be a reality.
