In this blog we’ll look at a few of the common mistakes people make while organising a holiday and travelling overseas. We’ll discuss some solutions to these common money mistakes to make your travel plans easy and hassle free.
Mistake 1: Waiting until you arrive at your destination to work out a spending budget
Not having a holiday spending budget pre-planned before you leave is a mistake you can avoid with some careful pre-planning. The last thing you want to do is to be spending your first day at your destination working out how much money you have to spend each day.
Planning your spending budget should start before you plan your trip. This is a great money travel tip as it will give you enough time to save and keep an eye on foreign exchange rates.
The best thing to do is to set yourself an amount for each day of your trip, allowing for meals, transport, entertainment, tours and souvenirs.
Mistake 2: Not planning for the type of money option you will use while travelling
Arriving at your destination and not knowing what s accepted or used will make it difficult to eat out, buy tickets and get around. Do your holiday money research ahead of time by asking your travel agent what form of payment is most widely accepted in the country you’re visiting. You can also send an enquiry to the hotel you’re staying at. The staff there are locals who can help with your query. It’s always best to have two types of money options on you. For example, you may opt to have a certain amount in foreign cash and the rest on a travel money card.
Mistake 3: Researching your destination when you arrive
Visiting a different country is an exciting new experience. To get the most out of your trip, you should research the destination well in advance. Understanding local customs will not only help you deep dive into a new culture, but it will also mean you won’t offend anyone. For example, providing a tip at restaurants, cafes and to service people is expected in some countries. Researching this ahead of time is a good idea, as you will know how much is appropriate and you can account for it in your holiday money spending budget.
Another great travel money tip is to understand what the right price is for common items such as bottled water, small meals, transport and souvenirs. Do your research before you go by reading online blogs or asking people who’ve been to the country you’re visiting before. This way, you’ll be well informed about the right price for things, and won’t feel like you’ve paid more for something you shouldn’t have.
Mistake 4: Forgetting About Travel Insurance
Don’t forget to organise travel insurance with the appropriate level of cover well before you take off. Don’t let lost luggage or cancelled flights ruin your holiday! Getting a quote online or over the phone from us is easy and only takes a few minutes. There may be different levels of cover to choose from ranging from the experienced multi-trip traveler to a basic level of cover covering unexpected overseas hospital and medical costs.
Are you planning on travelling overseas and need some extra help with getting your trip organised? Get in touch with the friendly team at Horizon today and let us help you with your travel insurance and foreign cash.
Horizon Bank has a branch network spanning the NSW South Coast and Illawarra. Horizon Bank branch locations: Albion Park, Bega, Bermagui, Berry, Merimbula, Moruya, Nowra, Thirroul, Ulladulla & Wollongong.
The content in this article has been prepared by Horizon Bank for general information only and it is not intended to be professional advice. It does not take into account your objectives, financial situation or needs. You should seek your own legal, accounting, financial or other professional advice where appropriate, and consider the relevant General Terms and Conditions before deciding whether to acquire any products or services offered by Horizon Bank and/or its affiliated partners. We do not recommend any third party products or services referred to in this article unless otherwise stated and we are not liable in relation to them. Any links to third party websites are for your information and we do not endorse any content on those sites. Horizon Credit Union Ltd ABN 66 087 650 173 AFSL and Australian Credit Licence Number 240573 trading as Horizon Bank.
