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Money Smart Travel Tips for First Time Travelers

November 30, 2012
sevastopol
Sevastopol

Visiting a different country is a very exciting venture for a green horn traveler but one must not let such excitement lead to a travel frenzy that can compromise budget and safety. A little research can help them plan their travel itineraries and budget to ensure that they won’t find themselves short on cash in a foreign land. Here are some cash savvy tips for those who are new to foreign travel.

1. Set a travel budget that includes emergency cash allowance. Create a financial travel plan by setting a budget for all types of travel expenses. One can list down all the basic travel expenses like airfare, room and board, meals, transportation, travel fees, etc. and deduct it in their travel fund. The excess funds can be allotted for pocket money which can be used for souvenirs, shopping, tips and anything else that they please.

2. Know the foreign exchange rates in the country. Finding out the value of one’s money against a different currency can protect travelers from being taken advantaged on by money changers that charge exorbitant fees or foreign exchange stations with pricey exchange rates. New travelers can easily find currency rates from the daily news which they can use as a guide in finding the best currency conversion rates available.

3. Exchange at least $100 worth of home currency into the local currency of one’s destination country before leaving. There are some expenses at the airport that may require the use of local currencies. Having some readily available is both convenient and practical for travelers as they don’t have to scramble for money changers in the airport and be forced to accept pricey currency rates. Foreign exchange service providers like Travelex can help travelers with their currency exchange needs even before they board the plane. They also have other products like pre-paid currency cards and international payment services available for those who don’t want to carry too much bills during their travel.

With the budget set and financial tools like cash, traveler’s or manager’s cheque, debit cards, etc. ready, travelers are good to go. Along with these tools, financially smart travelers should always bring along with them the reminder to stick with their budget. People who spend more than what they have usually end up in trouble, and one of the worst things that a traveler can experience is to get in trouble while in a foreign land. The best way to protect one’s self is to stick with the budget.

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