Topics, Tips & Tools / Personal Finance

How to Save Money When You Travel

12 March 2015

Taking international vacations is incredibly costly. Most people would agree that they would travel more often, if it didn’t mean being overdrawn after each trip. If you’re an avid traveller, or would like to be, then the good news is that you can get really good deals on destinations around the world, if you know where to look and how to make your budget go further.  Whether you’re going away for a weekend or a 3-week odyssey, we’ve compiled some tips for saving money while you travel. 

Be Prepared

If you’re still in the planning stages of a holiday trip, then consider your destination carefully. This is especially relevant when comparing currency exchange and the cost of air flights to and from the location. Use the Internet to price compare and find the best possible deals.  

Find Frugal Travel Companions

When choosing to travel with friends, try to identify who is the most frugal on trips. Just as peers can influence your spending while at home, someone who is a conservative and patient spender will help you to find cheaper ways around exorbitant entertainment and shopping. 

Curb Your Impulses

If you know where you tend to overspend while travelling, then you can focus on avoiding these situations. Examine past trips and figure out where you went off track from your budget. Then try to think of cheaper alternatives that could do just as well. For example, if you like to buy ornaments from your trips as souvenirs, rather opt for taking a lot of photographs with a digital camera or your phone instead. You can compile an online scrap book of your travels instead of buying unnecessary trinkets. 

Challenge Yourself

See how low you can keep to your daily travel budget by setting challenges for yourself. Can you get through a whole day in a foreign country without spending a cent? Can you find discounts or barter, in a language you barely speak, to make a saving? 

Have a Prize in Mind

Identify how saving on your travels would benefit your next financial goal, whether it’s paying off a car or investing to increase your net worth. Then when you challenge yourself to beat your set daily budget, you can keep in mind what you will be spending the saved money on when you return. This is a good motivation for finding inventive ways to save every day that you’re on holiday.  

For more information on money-saving tips, read our article on “How to Keep a Money Diary for Saving”.