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When you organize a holiday, the main costs you consider are likely to be the cost of your flights, hotels and a daily budget for food and entertainment. But these aren’t the only costs you need to consider when you go traveling. You also need to think about the costs you are leaving at home.
If you are traveling for any length of time, you need to think about keeping up your costs at home. Rent and mortgage payments don’t stop just because you aren’t in! This means that budgeting for travel can be a little more complex but there’s no need to worry.
Keeping a healthy bank account while you travel is all about planning ahead.
Looking After Pets
Our pets are very forgiving but they won’t thank you for leaving them all alone while you go traveling. Pet boarding costs can influence how long you can travel for and you should definitely add this figure into your overall costing. The benefit of putting your pet into a kennel is that they will be safe and looked after for your whole trip.
But you might like to take your pet on holiday with you. Dogs are pack animals and as long as they are with you, they are normally happy. Cats are much more territorial so you should definitely take your cat’s temperament into account before bringing them along!
Use Your Home as an Asset
Your home might be sitting empty but you still need to think about the money it costs to keep running. If you are concerned about security, it could be worth asking a friend to house-sit for you. Indeed, if you do get someone to house sit, you could even ask them to pet sit while they are there and combine your costs.
Another alternative is to use your home as an asset. Letting your home while you are traveling is a bold move but it could help to offset some of your costs while ensuring that the property is occupied. There are all kinds of websites you could use but if you are traveling for longer than a year, a letting agent might be a good idea as they will be able to act on your behalf and take the pressure off you.
Remember: Exchange Rates Fluctuate
When you are costing your trip, you must remember that exchange rates do fluctuate. Though the fluctuations aren’t usually very big, if you are planning to spend a substantial sum, it is worth adding in a contingency fund just in case. You will also have to pay to change your money from one currency to another.
As a traveler, it is often a good idea to take less cash with you and to use a credit card instead. Though this means that you will be playing exchange rate roulette each day, it does reduce the risk of you losing a substantial amount of cash. Just make sure you tell your creditor and request a no foreign transaction fee credit card first.