One of the biggest challenges you will face if you plan for travel is the savings and the effective management of the trip expenses. Traveling can be costly, but it doesn’t have to be! Let’s share some practical ways to save money while traveling on a budget full-time.
Easy Ways to Save Money While Traveling On A Budget
You can say goodbye to running out of money because it is the biggest challenge you will face if you want to travel the world on a budget. We’ve gathered a list of the easy ways to save money while traveling on a budget to help you enjoy a fantastic vacation without breaking the bank.
1.Avoid Banking and ATM Fees
No one loves paying the ATM or banking fees which can take your savings. When you are in a new country, you should expect the ATM fee to be higher between 5% to 10% fees on withdrawal money. Since it is not safe to take cash with you, let’s check some helpful tips to avoid banking and ATM fees.
Visit The Bank in Person
If your destination has a branch of your bank, you can avoid banking and ATM fees by visiting the bank in person. There are no limitations on withdrawal, so you can withdraw as much money as you want. However, you should remember to take your ID and documents with you.
If you are in a different country, you will suffer from a low exchange rate using traditional money transfer agencies. Here you should try TransferWise, which offers competitive exchange rates when you send or receive money.
2.Use A Cheap Accommodation Options
When traveling, you have to take care of accommodation as an important priority because it will take up a lot of your budget. If you are traveling alone with lightweight luggage, we advise you to stay in a motel or a hostel if your budget is limited. If you plan to vacation with your family or have no budget, you should consider other options.
The concept is pretty similar to babysitting. You have to take care of someone’s home while away in exchange for cash and free accommodation. So, what do you have to do for house-sitting? You may have to water someone’s plants, watch their pets or keep the house clean.
Instead of booking online, you should try local bookings, but it’s not practical because you should visit different hotels by yourself. You can get amazing deals with local bookings, especially if you are looking long term rental. But it is a time-consuming process and will suit only full-time travelers.
3.Find Cheap Transportation
To explore new places you have to move around a lot, so you will have to use transportation. Here are a few tips for finding cheap transportation options.
You will have to use a plane to get to new places, but plane tickets may cost a lot, especially during the season of vacations. In these difficult times, all airlines have raised ticket prices due to high demand and inflation, which has reached 7,9%, the highest rate in 40 years. This is where Skyscanner can jump in and save the day, which is one of the best flight search engines that will help you find the best tickets prices on the internet. It scans the entire internet to help you find cheap flight deals. Remember that booking in advance offers lower prices and will help you save money.
Public transportation is a cheaper alternative and more environment friendly, especially in modern countries that offer high-quality public services. If you are visiting a third-world country, you should go with private options that are more secure and comfortable.
Invest in Bikes
Biking everywhere helps with health benefits and is among the cheapest forms of transportation. Many major metropolitan hubs are becoming bike-friendly because It helps reduce the carbon footprint on the environment and helps save gas money. Another significant benefit is that you can get through traffic jams without issues or take it with you everywhere.
Ridesharing is another way to minimize your transportation expenses. If you feel uncomfortable traveling alone, it will help you meet new friends ready to give you a cheap and safe ride. As a quick note, check our guide to learn how you can plan a cross-country road trip on budget following our guidelines and advice to enjoy discovering the U.S without breaking
When traveling the world, you need a comfortable place to work remotely and keep managing your business online. Some people go to cafeterias or prefer to work from hotel rooms. However, if you want the best amenities, you must find professional working spaces. Most metropolitan hubs offer co-working spaces you can use on a budget. You only have to pay a daily or monthly fee to enjoy all the modern amenities, stable Wi-Fi speed, and meals in a single place. Another step is to invest in an affordable data plan to stay in touch with the world.
When you visit a new place, you can eat locally, which can help you save money. Moreover, you can explore local dishes and taste more items than before. You can visit local restaurants for food instead of going to five-star restaurants; you should eat locally. If you want to cook your food, you will have to visit local groceries to buy fresh food or your daily needs. Local markets offer cheaper alternatives better than online apps. Also, it’s an opportunity to compare the local prices to your country.
6.Exploring On A Budget
You travel to explore new countries and cultures, but it’s another expense you must handle since visiting museums, historical places, and local experiences are not cheap in most countries. Don’t worry; if you follow the steps below, you can explore any city on a budget:
- Explore the city by walking & public transport
- Ask locals for a cheap recommendation
- Join shared touristic tours
- Visit local bars for cheap beers
7.Make Your Own Coffee
If you love a good cup of coffee in the morning, learn to make your coffee. Buying your coffee beans or tea bags can help save up to $10 per day, which is $300 per month. This way, you will save a lot of money while traveling and have more control over your morning habits.
You should never exchange your currency at airports; they offer low exchange rates. You can go to local options for better rates or open a bank account that offers multiple currencies. Digital exchange markets provide reasonable rates, so in the airport, you must only exchange a little bit of cash that’s enough to get a drive to your hotel.
9.Local Sim Card
New Local sim card will come with a welcome package offering huge offers and free services so that you can lower your expenses that way. You can also enjoy free data and munites to stay in touch with the world when you visit a new place.
10.Stick to A Budget
Sticking to a budget offers more control over your financial status, so you will have to stick to one important rule: keeping track of your spending. Staying on top of your travel budget will help you track your current expenditures and lower your future expenses. However, it is one of the hardest things to do because you must control your emotions before your credit card. Moreover, if you live a lavish life, it can be more challenging. Let’s briefly look at some of the best tips for sticking to a budget.
Keep an Eye on Your Daily Expenses
New travelers never understand how much they need daily, which tends to overspend. Small changes in your daily expenses can have a massive impact in the long run. Keeping a close eye on your daily expenses is essential, and it can help shed light on areas where you can save money.
Make Use of Financial Apps
If you are not interested in doing everything yourself, you can benefit from technology. Financial apps can automate the process of reviewing your bank statement and receipts. Such apps can help you save money by informing you of your high-consumption bills to take care of these issues by yourself.
Set Realistic Goals
Lastly, you need to set realistic financial goals for yourself while traveling. We all want the best for ourselves, but the budget limits our choices. Professional accountants recommend setting realistic goals you can achieve without any issues by understanding your needs and costs.
11.Network Before You Leave
If you want to save more money, you can network before leaving. When you make friends in new places, you can stay at their home and say goodbye to hefty costs for accommodation. Also, your new friends can help you with food and help you understand the local area. However, it may look awkward, ask for their help directly, but you can offer your services in return. You can help them with house chores. This way, you both get something out of this.
A lot of websites offer volunteer opportunities in return for food and accommodation. I wouldn’t say I like this kind of work exchange, which explained in my review for the Workaway platform if you are interested. You can offer babysitting services or digital services to hostels in third-world countries. Also, you can help hotel owners with different chores for free food. This way, you can earn enough money for your food and accommodation.
13.Use Reward Points
The flyer miles and reward points are your best friend to save money while traveling the world. You must use a credit card or debit card to pay all bills to earn points and boost your credit score. Most banks offer travel rewards for loyal customers, so you can use the earned points to save money while booking flights and hotels. Another good feature is the zero foreign transaction fees.
The Final Word
The tips mentioned above will help you find affordable accommodation, lower your bills, and boost your productivity while traveling abroad. You can find other articles on our blog or below if you like this article.