Travelling enriches us with unforgettable experiences and broadens our minds, but you need to be smart about your spending in order to stretch your funds and not burn a hole in your wallet. American Express sales director, Ian Barrable, shares tips on how you can make the most of your money while travelling.
Calculate
Know the exact amount of money you will need for your trip, taking into account flights, accommodation, meals, shopping and unexpected expenses. Then work out a conservative, yet flexible daily budget – and make sure you stick to it. If you spend more than you planned on one day of your trip, simply spend less the next day; this way you won’t be caught at the end of your holiday with no money.
Protect
Too many tourists fall victim to theft while adventuring. A currency card loaded with your travel savings is a good idea as it prevents someone else from using your funds, yet allows you easy access to your money. American Express offers a GlobalTravel Card that is able to be used in multiple destinations.
Avoid
Avoid converting currency at places notorious for high fees and exchange rates, such as airports and hotels. It all adds up, so make sure you shop around beforehand for the best rates.
Extend
Beware of currency conversion fees if you are travelling to multiple destinations, as these can eat away your funds. “Currency card providers generally charge between 3% and 6% when converting currencies between destinations, so make sure you have taken this into account.
And remember
While it is important to be sensible with your money and avoid debt, you will always be able to make more money – but a trip is a once-in-a-lifetime experience. Plan your finances wisely and you will realise that travelling is the best investment you can make.
