2020 was a bad year for travel enthusiasts due to the coronavirus pandemic.
According to S&P, global air travel declined by between 60% and 70% in 2020, the worst performance on record.
However, there are signs that this trajectory will change in 2021 and the years to come.
For one, scientists have come up with vaccines that are already being used.
In this article, we will explore some of the best budgeting tips and how to top-up your budget when traveling internationally.
Check out your travel points
Many banks and credit card companies offer points that you can redeem whenever you travel.
In the United States, some of the best-known cards are from companies like JP Morgan, Bank of America, and American Express.
Some international hotel chains like Hilton, Wyndham, and Marriott International have their cards as well.
For example, Marriott has partnered with Chase to offer customers whenever they shop.
If you have a travel credit card, we recommend that you check out your existing points to see whether they can make you enough savings.
Also, some card points will give you a free stay at specific hotels. Use such offers to lower your overall budget.
It should be noted that a bank might not always be the best option for topping up your budget, due to fees and exchange rates, so other options would be of use.
Create your budget early
Another option that will save you money when traveling is having a budget.
In it, you should list everything that you want to do on your trip. To do this, we recommend that you use a top-down approach.
At the top, you should list the big-ticket items like air tickets, accommodation, meals, and other items.
Fortunately, while things will always change, you can use the information available online to come up with the budget.
For example, you can use websites like Booking, TripAdvisor, and Priceline to estimate the hotel and flight costs.
Also, you can always get in touch with local traveling experts for an estimation of costs.
At the bottom of your budget, you should have the smaller items that you will require like park charges and tips.
Use budgeting apps
While writing a budget on a piece of paper is a good thing, using the internet is even better.
Fortunately, there are many free Android and iOS budgeting apps that you can use to do this.
You can also use one of the many free online note-taking apps like Evernote, Keep, and OneNote.
Further, you can use budgeting apps that are linked directly to your bank account.
The benefit of using digital applications over a piece of paper is that you can easily synchronize them across devices.
Also, it is almost impossible to lose them since they are stored in the cloud.
How to top up your budget whilst traveling
Most people tend to overspend during their travels.
That’s because they don’t factor in some of the extra expenses in their budgets. So, if you are in such a situation, what should you do?
Fortunately, many banks allow you to access your funds from across the world.
They achieve this through their digital platforms and their partnerships with companies like Visa and Mastercard.
Also, there are many other ways of topping up your budget when you are overseas.
For example, you can request money from your family members or friends.
To do this, we recommend that you use money transfer comparison websites to find the best companies to use.
This process will save you money and help you find the fastest firm.
An extensive list can be found here.
Final thoughts
Many people are planning to travel the world when the coronavirus pandemic ends.
In this article, we’ve looked at some of the best approaches to budgeting and ways of topping up your accounts when you are abroad.