Money Management Tips for Frequent Travelers

Being a frequent traveler can be fun and rewarding, but it can also be challenging. If you frequently travel for work, for pleasure, or any other reason, then you may be in search of money management tips to help you. Even if you frequently travel, you should still be able to save, invest, and cover day-to-day expenses comfortably. Following these money management tips can help any traveler to make the best of their trips.

Learn More About Money Management

There are a variety of different ways that you can learn about money management. You can attend a seminar in person. Often these seminars are presented for free by credit unions and charitable organizations. You also can take a money management class online or in-person at a local community college or adult learning center. These courses can help you learn more about your debt to income ratio and other important financial factors. Having the debt to income ratio explained will open your eyes to the importance of money management.

Avoid Getting into Debt to Take Trips You Cannot Afford

You can still travel and have adventures if you’re on a tight budget, but you may want to avoid certain kinds of trips. For example, you may want to avoid trips to luxury resort destinations or exotic, faraway, international locales. You can save money by enjoying weekend getaways closer to home instead. Just remember that it can take a long time to pay off debt associated with extravagant trips. Save yourself the trouble by traveling more responsibly. Instead of going into debt to take a trip, take the time to save up for the trip.

Have a Contingency Plan

That being said, what if something happens while you’re on your trip, either abroad or back home? That’s right – you don’t want to forget that expenses may come up back home. A pet that a friend is taking care of may need a trip to the vet, or a pipe could burst in your apartment or house. While you’re traveling, you could become sick and need medical care, or you could lose your luggage. 

Fortunately, there are ways to be prepared for these contingencies. Make sure your homeowners or renters insurance policy is up to date. Purchase vet insurance or keep money set aside for unexpected veterinarian visits. Buy travel insurance for your trip. And remember – no matter what happens, there’s always an option. Don’t overlook companies like Western Shamrock, who provide personal loan services for people in just these scenarios. In other words, don’t let worry or anxiety prevent you from having a good time on your trip.

Take Shorter, Busier Trips

Hotel stays can add up night by night. Food and drink expenses add up over the course of trips as well. Taking a shorter, busier trip can help you save money on hotel, food, and drink expenses. Try taking a weekend trip more packed with activities. Wake up early and photograph the sunrise with a cup of coffee or tea in hand. Spend the day sightseeing and look for live entertainment and dining opportunities late into the night. Try to avoid napping in your hotel room during jam-packed weekend vacations. You can always catch up on sleep while traveling home.

Travel by Bus or Train

Plane tickets can be expensive, even if you use money-saving apps and discount codes. Discount airlines exist, but they charge passengers for carry-on bags and seating assignments. Sometimes, the best way to save money while traveling is to avoid plane travel altogether. Bus or train fare can be far less expensive than the cost of a plane ticket. You can relax and enjoy a scenic ride looking out the bus or train window while reading or listening to music. It’s essential to keep in mind that traveling by bus or train can take more time than traveling by plane. Be sure to plan accordingly and account for your increased travel time.

Eat Local Street Foods While Traveling

Eating three meals per day, plus snacks, each day while traveling can add up if you are not smart about your eating habits. You do not have to starve yourself or eat fast food while traveling to save money. Challenge yourself to stick to a budget on vacation while still avoiding chain restaurants and fast food joints.

One way to save money while traveling is to look up favorite local restaurants. Finding restaurants well-loved by local, working-class people will help you save money and have a more authentic experience in the city. Street food vendors and food trucks both offer cost-effective options for meals that will still be delicious and interesting. Avoid tourist traps and airport restaurants while traveling. These restaurants are more likely to serve overpriced, inauthentic food.