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Travel - How to Manage Money For Your Trip
October 13, 2018

Making the decision to adventure overseas is an exciting moment for any traveller. Choosing the destination, planning the excursions, finding accommodation... there’s so much involved with organizing the perfect trip!

One of the very first things a traveller will do when planning a trip is determine what their travel budget is - but what about all of the other financial considerations that come with travelling abroad?

Managing money well for your trip is vital - it’ll not only ensure that you stick within your allocated budget, but it’ll also help you prepare for many situations that a lot of travellers would never imagine themselves being in.

Let’s discuss the other financial situations that you need to consider when travelling overseas...

n Aussie Getting Ready to Travel Overseas

Get the best travel insurance

First and foremost, you need to arrange travel insurance for your trip - you know what they say; if you can’t afford travel insurance, you can’t afford to travel! No one likes to imagine the worst happening on their holiday, but it doesn’t mean that they shouldn’t prepare for it.

The cost of travel insurance can differ greatly, depending on a number of factors - such as where you’re traveling and how long you’re traveling for. If you’re not sure which provider has the best insurance for your needs, try using our free online travel insurance calculator, where you can compare providers, plans and cover.

Check the currency requirements

Once you know the destination/s you’re traveling to, go and do a quick Google search to find out what the official currency of that nation is. Some countries actually request official payments to be made in a different national currency, while other countries accept a foreign currency as well as their own. 

You’re likely to save yourself money by converting any currencies at your own bank before you travel. You may find plenty of currency exchange kiosks in the country you travel to, however they generally take a fee or commission.

Don’t forget vaccinations and medications

Depending on where you travel, you may need certain vaccinations before you leave. Combine this with basic medical and sanitation products - such as first aid items, panadol, anti-nausea and anti-diarrhea medication - and you could be looking at a few hundred dollars.

These are sometimes forgotten costs that can end up turning into expensive hospital bills once you’re overseas. Your health should never be compromised when travelling, so be sure to factor in these costs when planning your trip.

Always have an emergency fund

As much as we can try and plan for the “perfect” trip, any situation has the potential to flip on its head in a moment’s notice when travelling overseas. Freak weather conditions, health issues or even an emergency back home could have you panicking to get hold of funds urgently - so it’s important to have an emergency fund, just in case!

Store your money smartly

We’ve always been told not to store all our eggs in one basket - and the same goes for money… don’t store all your cash and cards in one wallet! It’s generally best practice to keep a primary card on you at all times, and then a secondary card in a separate location.

When out and about on excursions, only take as much as cash as you’ll need for that day. Keep the rest stored safely back at your hotel - most places provide a complimentary personal safe in your room that only you have access to.

Shop around for the best deals

There’s always the potential to save money when you shop around! When planning your trip, you should not only look for the best travel insurance deals, but also the best accommodation deals, the best flights and the best deals on excursions!

There are plenty of comparison websites available for you to find which company can offer you the best deals while travelling.

Want to gain access to free WiFi while you’re on holiday? Check out our handy blog post on Everything You Need to Know About Public WiFi Hotspots.