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Travel money

Information on budgeting and travel finances before, during and after your travel adventure.

Article by : SpunOut.ie

Before you go abroad:

  • Whether you're working abroad, on a two week sun holiday or back-packing across Asia, knowing how to budget and keep an eye on your finances is a must.
  • Save, save, save! Make sure you have enough money for the trip - the last thing you want is to get stranded a continent away from home with no money in your pocket.
  • How much you're going to need depends on how well you can budget while travelling and what you want to do (partying every night or taking a lot of tours can work out expensive). If possible, talk to people that have travelled to the area before.
  • Register for online banking before you leave home (a few weeks before as some banks will send you a letter with your password details). Online banking means you can check up on your finances from Internet cafes all over the world!
  • Find out what the credit card help line number is and memorise it (write it down somewhere safe also). This means you'll be able to call and cancel your card if it's lost of stolen.
  • Ask someone at home (that you trust) to mind a copy of your credit card details: again this is useful if you're unlucky enough to have it stolen.
  • If you're carrying foreign currency with you, don't leave it to the last minute! The bank might need some time to order the currency for you. Try not to change money at the airport; usually commission rates are much higher there.
  • Travellers cheques are a safe way to carry money abroad. However they can work out more expensive and are more of a nuisance when it comes to changing them abroad. Take note of the number on each traveller's cheque (and keep the numbers separate from the cheques), in case they get lost or stolen. Many people use their credit and debit cards abroad nowadays. The main advantage of using travellers cheques is that they can be replaced if lost or stolen.
  • If you're a student and planning to work abroad, most banks will offer you a student loan (ask to talk with the bank's student officer).

Spending while abroad:

  • You can use ATM cards (bank link cards) in loads of different countries now. However before you go, check with your bank whether YOUR card can be used in the country/countries you plan to visit. Also check with your bank how much you will be charged every time you take money out of your account abroad (there are different charges for different countries).
  • If you have a VISA card and an ATM card, keep them separate. That way, if one is stolen or lost, you can always use the other to get money.

 

How to save money while abroad

  • See if there are family or friends you can stay with. Even if it’s a distant second cousin it may be worth an email or phone call.
  • Try to eat at the local restaurants. These tend to be cheaper than going to the larger international chain restaurants.
  • Youth hostels often offer the cheapest beds around.

When you get home:

  • Pay off any loans/ overdrafts or credit card debts as quickly as possible: don't let interest build up on money you owe!
  • If you are worried about debt, contact MABS or the National Debtline (0808 8084000) for advice and information.
  • Students can find lots of useful information at www.StudentFinance.ie.
  • If you are in Northern Ireland then visit your local Citizens Advice Bureau (CAB) - they provide financial advice.
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