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5 Tips And Tricks For Money Management During Traveling

Traveling has a tendency to become a lot more expensive than travelers anticipate it to be. As much as you think you know what you’re getting yourself into, it’s hard to be certain of all of the small variables. Did you assume a restaurant meal would be closer to $8, only to find out it’s closer to $12? It’s happened to all of us, and it upsets our plans. Managing money while you travel makes emergency situations less likely to happen, and removes a lot of stress from your trip.

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5 Money Management During Traveling Tips

1. Start By Being Too Prepared

Think about how much money you’ll need to have for your trip, and add 25% to that number. That padding will cover any variables, or things you didn’t expect would come up. It’s best to have a safety net to protect you, and budgeting down to the dime rarely works when you’re having fun. Give yourself a little wiggle room, but try not to use it. You’ll get a better outcome when you’re a little over prepared.

2. Budget the Same Way You Would At Home

You’re taking a vacation from your surroundings – not your financial responsibilities. You can still learn to trade, or if you’re already using a budget app, keep using it while you’re away. Make sure to input all of your expenses as they happen, while you already have your wallet out. You’ll be less likely to forget if you associate each transaction with an immediate update. You’ll be able to keep track of your spending and accurately make informed purchasing decisions on a day to day basis that stay in line with your budget.

3. Continue to Remotely Manage Your Assets

If you trade or have investments, make sure you’ll have mobile access to those while you’re away. Check in with them periodically via your smartphone to be sure you aren’t missing any valuable opportunities. These may also come to save you if you run into an unexpected situation and need a little more money. Maybe you’ll want to extend your trip another few days, and trading some stocks might help you afford to do so.

4. Choose Wisely

Accomodations and food are two of the biggest travel related expenses. Choosing alternatives to top dollar options will help your budget. Rather than relying on hotels, opt for a week long rental. You’ll have access to more amenities, and you’ll be able to prepare your own meals. Your cost of living will be similar to your cost of living at home, making it easier to keep an eye on your finances.

5. Create an Itinerary

When you’re planning your trip, create an itinerary. Of course you’re going to slightly deviate from your plan – that’s part of the fun and spontaneity of a vacation. If you know a few core things you might want to do while you’re gone, you might be able to get discounted admission or tickets by purchasing them ahead of time. You can also find a bunch of free things to do, like parks or natural attractions, that will keep children entertained.

Don’t forget to work remotely if you have that option available to you. It’s easier for freelancers, but some companies offer remote work options. If you’re flying solo, you’d be surprised how much downtime you’ll have to make a little cash while you’re enjoying yourself.