Money Bite-Size Read:
- Travelling and seeing the world is a rite of passage.
- However, travel costs can quickly add up and push you into debt.
- Here’s the money do’s and don’ts of how to save money when travelling.
The MoneyBites Take:
How to spend less money on travel admin so that you have more money to spend on travel experiences you’ll remember for a lifetime.
Travelling has long been considered a rite of passage.
We better understand other cultures when we travel, which is partly why many young Europeans undertook a Grand Tour in the 1600s to 1800s. That’s what drives interest in travel when we’re young to continue to explore the world around us.
Unfortunately, we don’t all have the funds to make our travel dreams happen.
The cost barrier can push us into debt when we use credit to afford trips or need to cover unexpected expenses while travelling. A budget that works for you is essential to help plan out your travel costs and spending choices in advance. It’s worth exploring the different ways to save money on your travels to put less money towards admin and more on experiences you’ll remember.
Here’s how to save money when travelling:
DO travel off-season when possible
The advantage of off-season travel is that you’ll be jostling with fewer tourists at your travel destination. Also, with reduced demand to visit the city, you’ll likely pay less for accommodation.
DON’T forget currency conversions in your budget
If you’re going to a few different countries, look at the currency conversion rates and budget from there. You may get more for your money in some countries than others because your currency can buy more.
DO fly early in the week
Flights are one of your biggest travel expenses, so save money on travelling by flying early in the week. In practice, more people take travel breaks at the end of the week, so prices are generally lower on a Monday or Tuesday.
DON’T ignore the local knowledge
To avoid paying a tourist price premium, tap into local knowledge. We travel to experience foreign cultures, so jump online beforehand and learn how the locals live.
DO try a comparison website
For major expenses like transport and accommodation, it pays to shop around. Comparison websites can be great for saving you time in showing you different options and available prices.
DON’T forget to check your bank account T&Cs
One of the highest admin costs to avoid is unnecessary bank fees. Avoid this by looking for a bank account that won’t charge you international transaction fees or ATM withdrawal fees.
DO bring your reusable water bottle
We’re huge fans of reusable products because they help save money and save the planet. Match your values to your spending choices and save money by taking a water bottle with you to refill rather than repeatedly buying single-use plastic water bottles.
DON’T rent a car unless you have to
Car rental costs quickly add up because of added costs like insurance. Avoid these costs by looking at alternatives, including public transport when possible.
DO shop at local supermarkets
It can be expensive to eat in cafes and restaurants every day. So instead, try saving money by shopping at local supermarkets and self-catering for unique experiences like enjoying a picnic outdoors in a new city.
DON’T stop travelling when you couple up
Many people assume that travelling stops when you couple up and have other financial goals like buying a house. Instead, talk to your partner about the goals you’re working towards and how you can support each other to afford future trips.
Travelling provides the opportunity to learn more about the world around us.
Whether exploring a new country or sampling a city in your own country that you’ve never been to before, travel is something we should all experience. By showing you how you can save money when travelling, you can spend more of your hard-earned money on great experiences you’ll remember.