How many times have you been on a vacation and suddenly realized that you're spending money faster than it comes in, and suddenly you're out of cash?
Have you ever gone to a new place planning to stay for a few weeks or months, only to find yourself back home after a week or two because living there is too expensive?
Budgeting when you're traveling is a must.
It's very easy to get carried away if you don't keep track of your spending and stay on top of things, especially if its to mark a celebratory event and/or with a special someone you want to spend money one.
Budgeting will not only improve your trips so far as cost goes, but you will be able to plan your travel with more ease.
Budgeting is also the first step to becoming financially stable, especially for anyone just starting out on their own or looking to improve their current money management skills.
Here are five tips from Debt Relief Canada that will help you manage your money as you travel:
Tip #1 Budget Yourself
First off, create a budget for yourself.
Budgeting means to plan your finances in advance according to what you will be spending money on over the period of time that you're traveling.
This is both for how much money you can save and spend.
You can easily create a budget spreadsheet on software such as Google docs, which would include all the information that you need during your trip (i.e. the amount of money you have, what your expenses are, and how much you're making by way of income).
Tip #2 Don't Call Home as Much as Possible
It's understandable that you want to keep in touch with friends and family while on trip.
But try to keep those phone calls and emails to a minimum so as to keep expenses low.
Tip #3 Use Budget Accommodations
When you're on a budget, every penny counts. Another great way to save money is to book into hostels or other cheap accommodation options that are available during your trip.
If it's possible to camp when you travel, this would be the cheapest option out there for accommodations.
When it comes to traveling, transportation costs can add up quickly. A great way to save money is to pack your stuff and walk where you need to go.
This will cut down on how much public transport or taxi fare you'll be spending when trying to get from Point A to Point B during your trip.
Don't be afraid to get creative when it comes to transportation either.
You can find ways to go where you want without breaking the bank, such as hitchhiking, riding a bike, or finding your way around using public buses and trains.
If you really have no choice but to take taxis during your trip, try splitting fares with fellow travelers so as to save some extra money.
Tip #5 Budget for Your Food
You might not be able to cook every night while you're traveling, but eating out can quickly turn your budget upside down very quickly if you don't want it to.
There are a number of ways that you can save money on food during your trip:
- Eat fast food or snacks instead of going to full-service restaurants.
- Pack a lunch so you can take it with you when you go out for the day.
- Eat from family style or buffet-style restaurants, which have fixed prices for all customers and will give you more food than if you ordered from individual menu items.
- Search online for coupons to print out or use while you're eating out.
If none of these tips work for you, try doing your research online before your trip so you'll know which places are the best to eat at while traveling on a budget.
While it may not always be possible to stick with all of these tips, they will do wonders when trying to manage your money while you're traveling.