Travel is something that almost everyone loves to do, but if you do it frequently, it can become quite an expensive hobby. That is unless you know how to cut corners, reduce costs, and otherwise pinch pennies to fuel your hunger to see the world. Here are a few ways to do just that.
It Makes Sense to Insure
While travel insurance is an extra that you pay for, it will save you money in the long run if something unfortunate happens while you are in another country. For instance, if you lose your luggage, are robbed while out and about, if your trip is canceled or is cut short for some reason, or if you suffer a medical emergency, you can recoup the money you are out by placing a claim with your travel insurance company. There are many other things you are covered for as well so make sure to read the fine print.
Combine Your Debts
If you plan on being out of the country for a longer than usual period of time, for instance, a few months, think about taking out a personal loan. Why would you borrow money if you already have the money to pay your bills? The last thing you want to be thinking about while you are on vacation is what bills are due when. By paying off things like credit cards and other miscellaneous debts with a personal loan, you are essentially combining all of those payments into one monthly payment with terms from 24-84 months, most likely with a smaller interest rate as well. This also saves you from the possibility of missed or late payments, which can cost you quite a bit in fees and penalties.
Talk to Your Bank
It is a definite must to tell your bank anytime that you leave the country. This is because most security systems that banks use will block your cards unless you have bank personnel place flags on your account notifying the security checks that you are, in fact, out of the country. They may also suggest that you use pre-paid debit cards offered directly from the bank just in case. If you lose your debit card, thieves may drain your bank account before you notice. While most banks would cover the losses, this could take a while, leaving you in a poor financial situation until it is resolved.
While roaming the Earth may be fun to do, acquiring roaming charges on your phone is not. Contact your phone company and ask if they have an international plan you can use while you are traveling. If they do not, or if it is too expensive, there are private services that you can purchase that offer unlimited data and voice plans that may be more financially realistic.
Pre-Book Where You Can
If you already know what you will be doing while on vacation, it makes sense to pre-book the packages. You can usually save money doing it this way because packages are cheaper when you purchase them in advance.