With one click of your mouse or tap of your device, you can have your next holiday booked in no time. You finally have secured that travel loan and have the opportunity to experience something other than your usual staycation. With the number of resources available to the modern traveller, you can easily find top accommodation, places to dine, and transportation that will get you to and from your destination affordably.
Whether going on holiday to a tropical island or visiting one of the world’s ancient cities, travellers can experience all of the awe of visiting a new place without succumbing to the numerous money traps. In fact, Australians, as a collective, spend a few billion on money traps while travelling. However, you do not have to let these money mistakes ruin a perfectly good trip.
Keep reading to learn some simple ways you can avoid eating up your travel loan with some of the most common travel traps.
Transportation, Meals, And Accommodation
A travel loan can cover most immediate expenses related to travel. For example, a travel loan from Latitude can cover transportation, meals and accommodation. However, by researching your destination you might find ways to save your money.
However, travellers can blow through a significant amount of their cash by spending too much on these items. To avoid spending extra on transportation, book your flight in the off-season, or even better, red-eye flights tend to be less popular and the rates are a little lower. When travelling around your destination, opt for public transport when possible as opposed to taxis, which can be quite expensive.
When reserving accommodation, research the various hotels, motels, and bed and breakfast spots to find places that offer you more for your money. Again, many discounts can be found during less popular travel seasons, which depend on the location. Moreover, as opposed to dining in pricier establishments in the resort or hotel, explore the various cafes, diners, and eateries in and around the area. Not only will this be more of an adventure but you can also experience a little culinary culture. Also, explore all-inclusive options because this can reduce, or even eliminate, the cost of dining while on your trip.
Travel With Cash
Another way to avoid overspending on the simpler parts of travel is to avoid making excessive withdrawals from ATMs in foreign locations. Banks typically charge fees for withdrawing cash from other cash-machines and depending on the type of financial institution, these fees can increase. To avoid this, bring a certain amount of cash that can be used for everyday purchases like dining out and shopping. While this might require a budget, in the long run, you save more money on not incurring bank fees and on not over-spending.
Exchange Your Cash At Home
Another way to prevent spending more than necessary is to exchange currency before you travel. While exchange rates can change during your trip, getting your currency exchanged before you travel can guarantee you do not spend more than you have to on changing your money to the country’s currency. Again, before you travel you will need to have a ballpark figure for your expenses, but it can ultimately save you money.
Shop Before You Travel
The easiest way to save money is to shop for your basic necessities before getting to your destination. Often, travellers will spend a little more for the convenience of purchasing items from the hotel shop or local stores around the resort. To prevent this, simply purchase extras of items you think you might run out of.
Splurge On Experience Not On Expenses
Your travel loan can give you the opportunity to experience a different culture, and that experience is priceless. However, these positive experiences do not have to be minimised by worrying about spending too much while on holiday. With a plan to carefully watch your expenses, you can avoid many of the travel traps which too many people experience.