{"id":3061,"date":"2017-04-20T01:44:18","date_gmt":"2017-04-20T01:44:18","guid":{"rendered":"https:\/\/raizinvest.com.au\/investors\/7-top-tips-for-travel-budgeting\/"},"modified":"2024-04-21T05:12:55","modified_gmt":"2024-04-21T05:12:55","slug":"7-top-tips-for-travel-budgeting","status":"publish","type":"post","link":"https:\/\/raizinvest.com.au\/investors\/blog\/7-top-tips-for-travel-budgeting\/","title":{"rendered":"7 Top Tips for Travel Budgeting"},"content":{"rendered":"
\"image\"<\/figure>\n

By Craig Joslin, the founder of The Australian Expat Investor<\/a><\/i><\/p>\n

When
\ntravelling abroad, one of your key considerations will likely be costs and
\nbudgets. The smart traveler knows the best way to limit cash risks, make the
\nmost of money-saving opportunities, and most importantly how to make the right
\ndecisions on spending. Many \u201cold hands\u201d will offer country-specific advice, but
\nthere are some simple tips to save money when travelling abroad.<\/p>\n

You
\ncan divide your \u201cbattle-plan\u201d into three sections;\u00a0long range planning,
\nbefore you go, and hitting the ground running<\/i>. In this article we\u2019ll look
\nat the key tips to making your travel a success.<\/p>\n

1.
\nPurchasing Your Tickets<\/h3>\n

There
\nare certain times of the year when it is cheaper to travel, and there are
\nfigures available to give you a guide on exactly how far in advance you should
\nbe purchasing. Both\u00a0Cheapair<\/a>\u00a0and\u00a0CNtraveler<\/a>\u00a0provide great information. As a rough
\nrange, anywhere between 21 days and 50 days in advance is optimal, but don\u2019t
\nbook from Friday through Sunday. Studies suggest that if you follow this,
\nyou\u2019re likely to save up to 30% on average.<\/p>\n

 <\/p>\n

2.
\nSorting Out Accommodation<\/h3>\n

The
\ndays of staying in a run-down hotel near the airport just to save money are
\nlong gone. \u00a0 The sheer range of options available to the consummate
\ntraveler is now huge, and if you have the time you can compare options such as
\nhotel rooms, AirBnB, or short-term apartment rentals. \u00a0 Set a realistic
\naccommodation budget and start looking on sites like\u00a0booking.com\u00a0<\/a>or \u00a0Airbnb.com<\/a>\u00a0for a great comparative search engine.<\/p>\n

Figure
\nout your length of stay, estimated budget and most importantly, how far you\u2019re
\nwilling to travel on a daily basis. Add the data set to the search function and
\nsee how many good options are available.<\/p>\n

 <\/p>\n

3.
\nTravel Light<\/h3>\n

Depending
\non your choice of carrier and destination, you\u2019re likely to have between 20 and
\n40 kg of luggage allowance. Try to prioritise your luggage into \u201cmust haves\u201d
\nand \u201cnice to haves\u201d. \u00a0Consider what you will need when you land and what
\nthings you can either do without entirely or can do without for a few weeks.<\/p>\n

Should
\nyou be planning on taking heavier items such as a golf bag, surfboard, or a
\nmusical instrument, it can not only be cumbersome, but you are likely to be
\ncharged per kilo over your luggage allowance. Evaluate sending them separately
\nas unaccompanied air freight instead, and you might save a considerable amount
\nof money.<\/p>\n

4.
\nTravel Insurance<\/h3>\n

Although
\nthe cost of travel insurance can be high, it is guaranteed to give you peace of
\nmind and work out cheaper than running into any out-of-pocket expenses.
\nInsurance will in many cases also entitle you to a higher standard of care if
\nyou are not going to a less developed country.<\/p>\n

One
\nof the key considerations with insurance is to \u201cget only what you need\u201d. Many
\ncompanies that offer travel insurance begin consultations with a global package
\nwhich will include the United States. Because of the high medical costs in the
\nUS, if you also include America on your insurance, you\u2019ll pay a much higher
\npremium. Be specific about where you are going and what you\u2019re likely to be
\ndoing, this will get you a better quote. And don\u2019t be afraid to shop around,
\neither.<\/p>\n

 <\/p>\n

5.
\nHow Do You Intend To Spend?<\/h3>\n

Undoubtedly,
\nthe easiest option for spending money overseas is to use your credit or debit
\ncard; you can do big purchases on the card, or get cash from a range of ATMs.
\nBut just because it is the easiest way, this doesn\u2019t mean it\u2019s the cheapest.
\nBank charges (in particular foreign currency transaction fees) can be
\nextremely high. There are several alternatives worth considering:<\/p>\n

Travel
\nCards: They work almost exactly like credit\/debit cards but are set-up for
\ninternational use. They have the added advantage of not ruining your life if it
\nbecomes lost or stolen. Check out the reviews at\u00a0choice.com.au<\/a>.<\/p>\n

Get
\nCurrency in advance: When most people land, the first thing they do is go to
\nthe airport ATM or Money Exchange desk. The rates are based on the idea of a
\ncaptive crowd that needs local currency before they can catch a taxi or a bus,
\nso the exchange rate is not as good as you could otherwise receive. Having
\nlocal cash already in your hand will save time, effort and money. Try buying
\nyour currency in advance. Places like Travelex.com or Travel Money Oz can get
\nyou better rates as they are seeking out customers as opposed to relying on
\ndesperate need. For more information on advance currency buying, check
\nout\u00a0this article<\/a>.<\/p>\n

If
\nyou\u2019ve ever gotten off a plane and seen other people \u201cfloating around\u201d the
\nairport, it\u2019s because they don\u2019t have a plan. And those that don\u2019t have a plan
\nare likely to end up spending a lot of money for no good reason. If you know
\nexactly what you\u2019re going to do and where you\u2019re heading, you can ensure that
\nthe cheapest\/best options are available to you. Here\u2019re a couple of tips to be
\nthe \u201cbest-prepared on arrival\u201d.<\/p>\n

 <\/p>\n

6.
\nGet a Local SIM<\/h3>\n

Most
\nphones today come with International capabilities; which is great, but
\nexpensive. Ask around the airport for a place to buy a local SIM card. It
\ndoesn\u2019t have to be your main\/permanent SIM, but it will cut costs on calls and
\nespecially internet usage whilst you are travelling abroad.<\/p>\n

If
\nyou don\u2019t buy a local SIM card and just want to rely on free local wifi
\nnetworks, at least don\u2019t forget to switch off mobile data on your smart phone.
\nYou don\u2019t want to return home to get the nasty surprise of the high cost
\nof international data downloads whilst you have been on holiday.<\/p>\n

 <\/p>\n

7.
\nImmediate Transport<\/h3>\n

There
\nwill be several counters in the arrival hall offering various modes of
\ntransport either into the city or to your hotel. There will also be a lot of
\npeople offering taxi services. Don\u2019t feel pressured into choosing one straight
\naway. \u201cInformal taxis\u201d or \u201cprivate cars\u201d can end up costing you a lot more (and
\nmay be a lot less safe) than what you need to spend (depending on the location)<\/p>\n

Wherever
\nyou\u2019re going and whatever you intend to do when you get there, being prepared
\nis never a bad idea. Proper research will allow you to set a realistic budget
\nand stick to your spending goals. The more cash you save on unnecessary
\nexpenditure, the more money you\u2019ll have for fun.<\/span><\/p>\n

By Craig Joslin, the founder of The Australian Expat Investor<\/a><\/i><\/p>\n

 <\/p>\n

\n

 <\/p>\n

Don\u2019t have the Raiz App?<\/h3>\n

Download it for free in the App store or the Webapp below:<\/p>\n

\n
\"download-raiz-app\"<\/a>
Click to download the Raiz app<\/a><\/figcaption><\/figure>\n

 <\/figure>\n

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The information on this website is general advice only. This means it does not take into account any person\u2019s particular investment objectives, financial situation or investment needs. If you are an investor, you should consult your licensed adviser before acting on any information contained in this article to fully understand the benefits and risk associated with the product.<\/em><\/p>\n

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Under no circumstances is the information to be used by, or presented to, a person for the purposes of deciding about investing in Raiz Invest or Raiz Invest Super.<\/em><\/p>\n

Past return performance of the Raiz products should not be relied on for making a decision to invest in a Raiz product and is not a good predictor of future performance.<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"

By Craig Joslin, the founder of The Australian Expat Investor When travelling abroad, one of your key considerations will likely be costs and budgets. The smart traveler knows the best way to limit cash risks, make the most of money-saving opportunities, and most importantly how to make the right decisions on spending. Many \u201cold hands\u201d […]<\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_mi_skip_tracking":false},"categories":[1],"tags":[],"yst_prominent_words":[]}