6 ways to make your travel budget go further

Travel budget - vacation money savings in a glass jar on world map

What if you could save a little less to travel a little more? Luckily, Credit Cards editor from finder.com.auSally McMullen,  has you covered with these tips and tricks on how to make your money go further.

Do you have plans to escape the Australian winter with an overseas trip?

If you don’t want your next holiday to break the bank, here are six simple tips to help you squeeze every penny on your next overseas adventure.

  1. Use a flight comparison website

Booking your flights is often one of the most expensive parts of organising an overseas holiday. If you’re not particularly fussed about the carrier you fly with, you can use a flight comparison website to find the cheapest possible flights.

Not only is it easier to weigh up your options when they’re laid out side by side, but these kinds of websites will often highlight flight sales as well.

If you’re not adamant about flying at a particular time or day of the week, being flexible with your schedule can also help you save some coin. For example, mid-week flights are usually cheaper than weekend flights.

  1. Lock in your exchange rates and avoid currency conversion fees with a travel money card

Unpredictable exchange rates are an unfortunate part of travelling overseas. However, if you plan on sticking to a budget, using a travel money card can help you manage your funds.

When you load funds onto the card and transfer them to a supported foreign currency, they will be locked in at the current exchange rate. This means that your balance won’t fluctuate as the exchange rate does, which will make it easier for you to keep track of your spending.

If you use an Australian debit or credit card to pay overseas, it’s also likely that you’ll be stung by currency conversion fees. However, when you transfer your Australian dollars to a supported foreign currency on your travel money card, you won’t be charged any currency conversion fees when spending in the local currency.

The supported currencies will vary from card to card, but most travel money cards support USD, EUR, GBP, CAD, NZD, SGD, JPY, THB and HKD.

  1. Organise more than one travel money option

Speaking of travel money, it’s best not to put all of your eggs in one basket. Instead, make sure to organise a few different ways to carry your cash overseas. You might want to use a combination of cash, a travel money card and a credit card for spending overseas.

Not only will this ensure that you have a backup if your cash or one of your cards is lost, stolen or damaged, but it could help you cut costs in certain situations.

For example, you might want to use your credit card for hotel deposits, as it can often take weeks for your money to be refunded if you use a travel money card. Or, if a merchant charges credit card surcharge fees, you could avoid this by paying with cash.

Whether you’re considering taking a credit card, a travel money card or cash (or a combination of all three), use finder’s travel money guide to compare your options.

  1. Use a credit card with complimentary travel insurance

Travel insurance is a must if you’re travelling overseas, but it can often be time-consuming and expensive to organise. If you’re already planning on using a credit card, try looking for one that offers complimentary international travel insurance.

Before you apply for the card, make sure that you meet the eligibility requirements and understand what’s covered (including whether your spouse or dependent children are also eligible for cover).

Some cards also require you to activate the insurance offer by using your card to cover a certain amount of prepaid costs. Make sure you understand what these terms and conditions are and ensure that they fit with your budget before you apply for the card.

Check out MoneySmart’s infographic for more information on what you should consider before purchasing travel insurance.

  1. Book accommodation with Airbnb

If you don’t want to blow your travel budget on a fancy hotel room but you aren’t quite prepared to rough it in a hostel, trying booking your accommodation through Airbnb.

Airbnb can provide a cheaper alternative to regular accommodation options, depending on the type of place you choose to stay. If you’re travelling solo or as a couple, renting just a room (rather than a whole house or apartment) is an even cheaper option

Plus, Qantas Frequent Flyers can be rewarded by earning Qantas Points for every $1 they spend with Airbnb.

  1. Organise tours and activities before you travel

Some tourism companies offer early-bird discounts, so get more bang for your buck by booking your tours or activity packages weeks or months in advance.

There are plenty of tips and tricks that you can use to save money on your next overseas trip. Use the above strategies to stretch your budget before you’ve even left.

Happy travelling!

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