Four Tips for Saving Money When Traveling Abroad

You’ve just planned a really exciting trip abroad, and you’re thinking about what you’ll take and what you’ll do and gearing up for a unique experience! But there’s probably a lot of things you haven’t begun to consider, especially if this is your first time going abroad. Here are a few tips that you should keep in mind when you go away:

Plan How You’re Going to Spend Before traveling abroad make yourself aware of what currency is used where you’re going and how much of it you might need based on the exchange rate. Plan ahead and find the best way to get the most for your dollar. If you wait until you’re at the airport you’ll end up paying a lot more than if you’d gone to a bank. If you’re planning to use your credit or debit card make sure that your card will work where you’re going. It’s also always worth checking to see how much your bank or credit card company will charge you per foreign transaction. If this is your plan make sure you tell your bank in advance that way they won’t freeze your card for suspicious activity. Even if you plan on mostly paying by card make sure you carry around a bit of the country’s cash just in case you go somewhere that doesn’t accept card.

Take Out Insurance It’s always a smart idea to take out some form of medical and travel insurance to cover you in case something unpredictable happens. There’s a high chance that you won’t use it, but it’s helpful to know that you won’t incur any large medical bills in a foreign country or that you won’t lose all your money in case you have to cancel your trip. Before you leave also make sure you have enough of your prescription medications so that you don’t have to make unnecessary trips to potentially more expensive doctors in another country.

Plan and Budget Your Itinerary Having a well-planned itinerary will help you cut down on some unnecessary spending. Planning a budget and sticking to it is very difficult to do while on vacation. Luckily for you there are apps available to download for free that can help you track your spending while you’re away and ensure that you stick to your daily budget.

Don’t Over-tip While tipping well is a normal part of American culture it’s very different in other countries. Do some research before you leave to see what normal tipping practices are in the country you’re visiting. You’ll probably find that while it’s nice of you to leave a tip it’s not essential for you to leave as much as you typically would in the United States. Service industry workers tend to make more in other countries than they do in the U.S., so don’t feel bad about saving your money to spend elsewhere.

Founded in 1992, Jackson Wealth Management is an independent, fee-only investment advisor. Founder George P. Jackson has been the CEO/CIO of the firm since its inception with the goal of delivering value to his clients and his associates. 

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