Watching what you spend while travelling the world may sound like a drab, but it is a necessity for most of us. In fact, enjoying a cocktail on the beach or marvelling at ancient ruins is even better when you know where you stand financially.
So, what are the modern ways to monitor your spending while travelling?
What You Can Do with Your Current Bank
Most people have online banking, but if you haven’t already signed up with your bank to their online banking service, it is an absolute must before travelling. It will allow you to watch your spending anywhere with a WIFI connection and check your balances accurately.
Moreover, many of the big banks allow you to create alerts from your online banking account hat let you know when your account balance goes below a certain amount. Some people can even use these online services to declare their location to their bank to ensure their payments don’t get declined abroad.
Think About International Banks
But the biggest problem with the biggest banks is that these banks don’t usually offer generous exchange rates. They slap on added fees every time you use your card in exotic locations, putting a dark cloud over the most sun-drenched hotspots.
International and online banks may be a better option. For example, TransferWise allows cardholders to hold multiple currencies at once, so you practically have a bank account in every country you visit. And their exchange rates and fees are some of the lowest on the market.
Consider an Online Income
Funding travel is not always easy, but it can be easier if you can continue to do some work while you head to the Pyramids or look for the best pasta places in Rome. Some people freelance their creative talents on freelancing platforms while others have contracts to remote work.
One of the growing ways to earn money from anywhere is Forex trading, which is essentially trading different currencies to make a profit. You can learn more about Forex trading with these handy Forex guides for your travels.
Travel Where Your Money Goes Further
Although not really a way to monitor your spending, but rather to cut your spending while travelling, you might want to make an itinerary where your money goes further. Some locations are known to be expensive due to higher local wages or even currency rates at the time of travel.
For this reason, you could save some money by choosing destinations where your hard-earned cash stretches that little bit further.
Ways to Monitor Spending when Traveling Together
Solo travel has increased over the last decade, with more people not willing to wait for their friends to save up or become available. They grab their backpack and head out of an adventure for one. But solo travel can quickly turn into group travel when you meet likeminded people on the road.
It’s not uncommon to start booking hostels, hotels, meals and excursions together. But how do you keep count of all these purchases accurately? Of course, there’s an app for that!
Splitwise is an app where you can enter costs between as many people as you want in lots of different currencies. You’ll be able to work out who owes what and keep track of your own spending effortlessly.