How to be Money Smart When you’re Abroad

When you are on vacation, you want to be able to relax and enjoy yourself completely. However, you also need to be money smart while you are abroad. Here are a few tips and tricks to help you manage your money efficiently while still being able to enjoy every part of your trip!

1.      Make a Budget

Before you leave for your vacation, make a budget for your trip. Doing this can set the whole tone for your vacation, ensuring you know how much you can spend, giving you a good idea of the fun things you can do and buy. Decide how much you can afford to spend on your trip as a whole and then price out the things that you want to do and see while abroad. Assess how much you can spend per day on food, travel, excursions, and souvenirs. Once you have your budget, make a copy to bring with you on your trip. You can simply email it to yourself or print out a hard copy. Reference your budget while you are traveling as well. If you stick to what you planned, your trip will be much more enjoyable (especially from a monetary standpoint!).

2.      Get Cash Ahead of Time

After you have made your budget, you probably have a good idea of how much foreign currency you will need to have on hand. While lots of places across the globe accept credit cards, you may need real money for thinks like street vendors, local travel or souvenirs. Consider exchanging your money for foreign currency before you leave on your trip. You can easily visit FX Compare, an online currency exchange website to find the best rates and get your money transferred directly into your bank account. Then, when you head off on your trip, you already have your set budget!

3.      Use a Money Card

Money cards are another very easy way to be smart about your money while abroad. A travel money card is a specially designed debit card that you can preload with foreign currency before you travel. You can add money to the card when the exchange rate is most favorable and then use it abroad as you would any other debit card. However, you will be avoiding paying currency conversion fees with every swipe. You can manage your balance online and even add more currency to the card anytime!

4.      Try a Currency Conversion App

When you are abroad, prices will likely be listed in a foreign currency. This can make it a little tricky to determine if you are getting a good deal or not. In order to help you assess prices, try downloading a currency exchange app that will instantly tell you how something costs in your native currency. This will make it easier to navigate the value of things as you shop in a foreign country.

 

Follow these simple tips to make your trip exciting, relaxing and also financially sound. Do as much as you can ahead of time to plan monetarily for your trip. Visit a currency exchange website and order cash, get a travel money card and make your budget!