5 Finance Tips on Planning your Next Trip

05 Oct 5 Finance Tips on Planning your Next Trip

Travel and finance are two complementary topics that few people like to deal with. First, because planning a trip is already a daunting task on its own, and second, staying within your budget is also proving to be a challenge.

5 Finance tips on planning your next trip

Based from experience, and I reckon a lot of people can relate, the most effective way of travelling cheap is planning your trip early. It means you have to do everything in advance—book flights, reserve accommodation, set your itinerary, etc…This had been a practice of seasoned travelers, couples, and/or families who desire to escape their busy lives every once in a while.

However, planning a trip can be a long process. You don’t want to risk missing too much and it’s always a good thing having something to look forward to! So as someone in the Finance industry and a self-confessed wanderlust myself, I am giving you 5 finance tips to make the most out of your getaway.

 Set a budget.

This budget can help you determine how much money you need for your entire trip and you can anticipate how much you need to save. This will all depend on your itinerary, the length of your trip, the activities you’re going to do, and you could also include here your accommodation and air fare. You can start a spreadsheet if you want to go the extra mile and be organised.

Create your itinerary.

After determining how much you are willing to spend for this trip, map out your activities and the places you’re going to visit in your stay. This will help you save money, time, and effort (hint: sore legs because of too much walking). It’s also a good way to excite yourself about your travel destination, the more reason to do Tip No. 5!

Research about your destination.

Check at the country or city you are traveling to and find out an average daily allowance for it. There are several helpful blogs online which you can use at your disposal. For instance, you may find out that the cost of living is relatively cheaper in countries in Asia compared to destinations like Europe or America.

Buy travel insurance.

Travel insurance is more than just a medical protection. It covers when your camera is stolen, your luggage is missing, your flight is cancelled, or a family member dies and you have to come home. you should always compare travel insurance policies and find one that suits your unique needs. The following link may assist you to learn more.

Save, save, save.

When the destination is determined, the budget is set, and the itinerary is created, you have one thing left to do—SAVE. Write down all your current expenses so you can determine where the majority of your money is going and you can decide how to cut back. Your small purchases, sometimes, add up which create a huge portion in your budget. Do you have a cut down on your morning coffee? Do you really need that pillow? Review your finances and rethink your priorities if you really are serious in saving the budget you set in the first step. Commit to setting aside a percentage of your allowance or income and label it as your Travel Fund. However, if you don’t have much time to save and you’ve exhausted all possible cutbacks on your budget, consider securing a travel finance. Consult your local broker today and see what deals are available for your situation.

Have a fun getaway! 😊

Disclaimer: This article provides general information only and has been prepared without taking into account your objectives, financial situation or needs. We recommend that you consider whether it is appropriate for your circumstances and your full financial situation will need to be reviewed prior to acceptance of any offer or product.

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