From Currency To Cultures: A Guide To Financially-Savvy Travel

Traveling to new places is one of the most exciting things imaginable, but it often doesn’t come cheap. That being said, it is possible to have a more financially prudent experience without compromising on having a good time. In this article, we’ll share some tips to help you have a great time abroad without spending a lot.

Research Currency Exchange Rates

If you want to have a trip to remember, knowing how the local currency works is essential and could save you a lot of money for the duration of your stay. Exchange rates can change daily, so keeping an eye out before you fly can help ensure that you get the best possible price, while it may also be worth waiting and exchanging once you land, depending on your destination.

Learning about how currency exchange rates work can help you get the best possible rate, giving you more spending money for activities. If you’re a trader, you may know the tools you can use to better understand exchange rates — such as Tradingview.

Notify Your Bank and Credit Card Companies

It’s imperative that you notify your bank before you travel, as a flurry of overseas payments could result in your bank blocking your card and freezing your account. Banks do this when they suspect that somebody else may have hijacked your account and will take proactive steps to reduce any potential losses. As well as letting them know for security reasons, you should also check to see if there are any additional fees you may incur by using your card abroad or whether there are any spending limits in place.

Budget Wisely

The best thing you can do before traveling is to set a clear budget and ensure that you keep any extravagant purchases to a minimum, or this could result in you not having much money left for the rest of your trip. There’s nothing worse than running out of money when you’re on vacation, as this will seriously limit what you’re able to do and result in you not having as much fun. To prevent this, plan your trip wisely and allocate money for each day, making sure to have some left for emergencies.

Embrace Local Cuisine

Knowing where to eat is a crucial thing you should be aware of when traveling, as it’s easy to spend a lot of money and get little in return. While it might be tempting to go to a restaurant that looks familiar, these places may be tourist traps and have prices that are a lot more expensive than what you would typically pay back home. Instead, try to eat from local spots to get an authentic taste of a country’s cuisine, providing a more unique experience that will surely leave a lasting impression.

Use Public Transportation

Traveling by train or bus will give you a real inside look at how a country works and result in a much more authentic trip, instead of traveling by private car or taxi. While it may be more convenient to pay a little extra and travel in luxury and seclusion, you could miss out on some great experiences you would have otherwise not been aware of — not to mention public transport is often a lot cheaper, with tickets often available well in advance for much lower rates.

Haggle With Respect

While it may be acceptable to haggle in certain countries and is actually seen as a sign of respect and attention, knowing when to do this is something you should be aware of beforehand. You can save money as the price displayed is often not the true price, but you should be careful not to insult them — this is a difficult one to get right. While you may only be haggling over a few dollars to try and get a better deal, this could be a huge amount of money locally that would mean a lot more to them than yourself.

Avoid Peak Season Travel

As you may be aware, traveling during the peak seasons often costs a lot more money than going during the quieter months, which is why many decide to go for off-peak vacations instead. Traveling during off-peak seasons doesn’t necessarily mean it’ll be quiet when you get there, or you won’t have anything to do. Still, you may have a slightly different experience as there could be fewer local events taking place. The trade-off is that you’ll be able to save a lot more money that could have otherwise made the trip unaffordable.

Conclusion

Overall, there are numerous things you can do to save money when planning your next trip. From getting the best deal when buying currency to knowing when to haggle, you can have a great time without spending a small fortune from the offset.