Tips on managing money while travelling

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As Lou Tzu rightly said, “A journey of a thousand miles begin with a single step”. And the same is applicable to your travel plans. Whatever the purpose of your trip, it all starts with the first step of creating a travel plan.

Travelling is not just going somewhere; it is therapeutic. At the same time, you need to take care of multiple things at once. Money is a vital factor and determines how your trip will turn out. 

The topic of “travel and money management” has been a skeptical one. Recently, one of our friends returned from a European trip and shared his insights on how to manage your finances while traveling. And we are more than happy to share it with you guys.

Create a budget and save for your trip


You know what makes your trip a success? A good budget plan. Once you have finalized your destination, it is time to put pen to paper and make a list of expenses. So, you can avoid overspending. 

The length of your trip will determine how much you spend every day. Keep that in mind when you work on the expenses list, and don’t forget to include food costs, lodging, travel, daily commute expenses, shopping, sightseeing, and miscellaneous. This way, it will be clear into which bucket you should put more money and where you can cut back. 

It is also essential to save for your trip and avoid a large travel loan. Let’s face it, debt is not what we desire. A good way to save is to bank with Kotak811 Zero Balance Account. The Kotak811 zero balance savings account allows you to save without paying any maintenance fees. It is a digital bank account and can be opened in minutes from the comfort of your home. 

Get some foreign currency


Carrying local currency with you is always helpful once you reach your destination. You could use it to pay for cab fare, snacks, and coffee before you get a chance to withdraw money from an ATM. Exchanging currency at the airport is not so favorable, and the rate of exchange is surely more convenient at your local bank.

Use local travel options
“When in Rome, do as the Romans do”. This is true when you are looking for transport options abroad. Always look for local transport options. Not only will you enjoy the place more, but you can save a considerate amount of money too. Go for a local bus or train travel passes for sightseeing and commute purposes and avoid private rental services. Small steps like these will help you to save money while travelling. 

Get travel insurance
Accidents, lost luggage, or stolen wallet incidents are part and parcel of every trip. Don’t let any of them shun your trip; rather be ready to deal with them. Travel insurance will come in handy. 

Apply for a forex card
A forex card is a globally accepted prepaid card where you load money. You can use the card to pay for your expenses abroad or withdraw foreign currency from ATMs by paying a small transaction fee.

There are two types of forex cards: single currency and multicurrency. 
When you load your forex card with a single currency, it is called a single currency forex card, and it is useful if you are travelling to a single country. If you need to visit multiple countries during your visit, it is better to avail a multicurrency card. You can load multiple currencies on this card and use it wherever you go. 

Get an international credit card

You can always carry an international credit card while you roam the world. Just don’t forget to check the limit of international transactions available on the card. The Kotak811 credit card might come in handy. You can effortlessly apply for one while you open a Kotak811 zero balance savings account.

If you already have a credit card, check if it can be used internationally and if there is any foreign currency transaction fee.

Final thoughts

Learn more about how to save money while travelling. The world is waiting for you, so save money and travel more. We wish you remarkable and safe trips. Adios!

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