Managing your money on the road can be tricky, especially when you’re in a vacation mindset that pushes you to spend freely without thinking. While this may be fun while you’re traveling, you won’t be smiling when you come home and realize you’ve blown more than you could afford. On your next trip, become a wise spender using these tips.
Make Use Of Coupons And Deals
There are so many resources that exist nowadays to help people save money on experiences. Apps like Groupon and Living Social can help you save money on hotels, travel packages, restaurants and experiences in the place you’re going. Restaurant.com is also a good site for getting big discounts at great dining venues. Moreover, the check-in app Foursquare often gives you free drinks and discounts at places you check in to. Doing a basic Google search for discounts and coupons as well as checking flash sale sites can also bring up some worthwhile findings that can help you save and manage spending while traveling.
Create A Separate Bank Account For Travel Funds
Creating separate bank accounts for travel funds, bills and personal enjoyment can help you better manage your money while traveling. By doing this, you’ll be less likely to overspend when money that is technically off-limits isn’t combined with your set travel money. Moreover, this makes your budget more clear so you can plan accordingly.
Create A Budget Before You Go
Before leaving for your destination, sit down and create a set budget. Set aside money for upcoming bills and monetary commitments and then think about how much you can realistically spend on your trip. Having a small budget doesn’t mean you can’t travel. It just may mean you’ll need to pick a destination where your dollar travels farther like Thailand, China, Ghana, Peru or Ecuador. Moreover, if you follow the tip about creating a separate travel fund you’ll be able to easily compare bank accounts to get an idea of how much you have in each and if you should shift some money around.
Keep A Spending Journal
It can be easy to lose track of your spending when you’re just grabbing a quick coffee here and a little ice cream there. Especially when you need to convert money in your head, you may not realize just how much these small purchases are adding up. Keep track of what you’re spending by keeping a written journal of everything you purchase, including receipts to help keep your records more accurate. Moreover, if you’re traveling with someone ask them to hold you accountable for your spending and to make sure you record everything accurately.
Join A Rewards Program
There are all kinds of rewards programs that can help travelers spend less when traveling. Most hotel chains have a rewards program that is free to sign up for and can help you earn points for free hotel stays and perks. If there’s an airline you fly with often think about signing up for their credit card or at least their rewards program. Additionally, signing up for a great travel credit card can help you earn points on everyday purchases as well as include travel perks like no foreign transaction fees, limited trip insurance and double miles per $1.
Jessica Festa
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